AngelLoan App Review: A new Nigerian loan app
AngelLoan is a new loan app available exclusively on Google play store that gives Nigerians short term cash loans to meet daily emergencies. It gives a decent loan amount, up to a maximum of N500,000.
The app uses Artificial Intelligence AI to analyze prospective customers financial records, including the bank transaction SMS on their phones and their credit worthiness from other lenders. Do to qualify for a loan and get a high loan amount always keep your bank transaction records on your phone.
The hassle-free loan application process is quick and easy online loans with no paperwork! And no collateral required. You get a revolving loan with higher amount every time you repay your previous loans.
If you need quick loans, maybe it’s for that purchase you just can’t wait for, or to take advantage of a great deal before you miss the opportunity. Or, perhaps an unexpected expense has come up and you don’t want to compromise your lifestyle.
How to Download and Apply for AngelLoan app loan?
- Download and install the AngelLoan App from Google play store
- Register for an account using your 11 digit BVN number and your phone number
- Provide some information about yourself.
- Verify your identity and that the information you’ve entered is correct.
- You will be required to take a selfie to prove your identity, so get ready for that
- The app will go through your contacts and keep a record of your frequently called contacts in the background
- Get money sent directly to your bank account, tho this can take between 5 to 24 hours if you are qualified.
What are the requirements for a customer to get an AngelLoan?
- Be a Nigerian citizen or legal Resident.
- Be between the ages of 18-55 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
AngelLoan app interest rate?
Loan period: 91 days to 365 days as advertised on the app tho first time borrowers get less than 7 days loan tenure.
Loan amount: from NGN 20,000 to NGN 500,000.
Loan interest: ranges from 4.5% – 34% with an equivalent monthly interest of 3% – 29% and APR of 29% – 365%.
Example:
if you choose a 6-month loan and borrow NGN 1,000, AngelLoan charges an interest rate of 4.4% per month. And the interest rate is 26.4%, we would charge you GNN 263 as interest of 6-month repayment period. Total amount of repayment is NGN 1,263.
Is AngelLoan app legit?
Yes AngelLoan app does give out loans to customers but with extremely high interest rates most especially for first time borrowers. Read other customer’s reviews on play store before you apply for a loan.
What AngelLoan app can improve?
There is a lot to be improved on this loan app.
First, the loan interest rate on the app is extremely high especially for first time borrowers. The app can also trick borrowers into taking the extremely high interest. for example, when you apply for a loan the app will calculate how much you qualify for and make you a loan offer.
But your loan offer already contains the interest. You might qualify for N11,000 but only N7,000 will be disbursed to your account for a seven day tenure and the remaining N4,000 calculated as interest. Some customers have also complained of hidden charges in addition to all these.
AngelLoan app also has a frustrating waiting period. Tho registration is usually smooth, the waiting period before disbursement of funds is supposed to be 5-24 hours but most customers don’t receive any response even after 24 hours. Then there is the high rate of rejections. You can go through all the process and the app will simply tell you you are not qualified for a loan.
To improve your chances of getting a loan try to keep good records of your bank transaction SMS on your phone, the app will analyze it and the more transactions you have, the higher your chances of getting a loan.
Loan amount for first time borrowers is extremely small, starting from N2,000 which doesn’t seem to improve much for repeat borrowers.
AngelLoan app customer service number
If you have any issues or enquiry
Working hours:Monday to Friday 8am to 5pm.
Customer Service contact:09095004120
Website:https://www.Angelloan.ng
Email:[email protected]
Company Address:2nd Floor, 13, King George V Road, lagos,Nigeria
