Arvo Finance Loan App Review – Instant loan in Nigeria
Arvo finance is a Lagos-based fintech solution that provides fast secured loans with a simple application process to Nigerians; Arvo aims to bridge the gap between commercial banks and underbanked Nigerians by offering inclusive consumer finance. The company uses AI which enables it to guarantee a 24 hour loan disbursement service to customers.
Arvo finance loan app offers loans starting from the range of N1,000 to N1,000,000, with Monthly interest rate between 2.7-30%.
How to apply for a loan from Arvo finance?
Getting an Arvo finance loan can be done easily online by:
- Download and install the Arvo finance loan app from Google play store or Apple store if you’re on iOS.
- Login to your dashboard to share some information about yourself, including your employment, ID card, BVN number etc
- Verify the information you have provided
- Get money in your bank account once you’re approved. The whole process should not take more than 10 minutes.
Arvo finance Loan App interest rate
Expect The interest rate offered on your loan to be between 2.7-30% monthly, with Processing fee of between 0-2% as advertised.
Arvofinance Example Calculation:
Loan amount: ₦50,000
Tenor: 3 months
Interest rate: 6%
Processing fee: 2% x ₦50,000 = ₦1,000 (For FastCash users processing fees is 0%)
Credit amount: ₦50,000 – ₦1,000 = ₦4,9000
Interest Repayment: 6% x ₦50000 = ₦3000
Capital Repayment: ₦50000/ 3 months = ₦8333.33
Monthly Repayment: ₦8,333.33 + ₦3000 = ₦11,333.33
Total Repayment: ₦11,333.33 x 3 months = ₦67,999.98
Note: expect both your loan amount and loan tenure to be significantly lower as individual interest rate, loan amount and loan tenure are calculated based on the applicant’s credit score and credit worthiness. Keep a good credit score and repay your loan on time to qualify for higher amounts. See why loan apps limit funds for first time borrowers and how to increase your loan limit.
Advantages of using Arvo finance loan app?
- No hidden charges; - No collateral needed; - You can borrow up to 1,000,000; - You can choose your payment tenure; - It is fast, secure, reliable and easy to use; - they use artificial intelligence algorithms to run credit scoring; - they provide an instant credit decision; - they are available 24 hours, every day of the week.
Is Arvo finance legit or a scam?
Arvo finance loan is legit. A lot of customers have testified to receiving a loan from them. Read other customer’s review on Google Play. However, this app will call your contacts and embarrass you if you default on your loan. Arvofinance needs permission to access your camera, location, storage, and phone contact list. The requested content is meant to provide KYC information (part of which is needed to determine your creditworthiness), due to a lack of a centralized address verification database in Nigeria.
What will happen if I can’t repay my Arvo loan?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, they report to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
- The loan is exclusively for Nigerian citizens or legal Nigerian Residents.
- You should be aged between 20-60 years old.
- You should have a verifiable Monthly income source.
Arvo finance customer care number
If you have the need to contact customer care service call:
office address: Bethel House, 1A, Akin Osiyemi Srtreet, off Allen Avenue, Ikeja, Lagos