Many Nigerians face challenges when it comes to international transactions. But fear not! You’re not alone.

Whether you’re a student, a business owner, or simply an individual looking to make international payments, this post will guide you.

Let’s get started.

Ways To Pay USD in Nigeria

Depending on the product or services (this is very important) you are paying for, below are proven ways you can easily pay in USD from the comfort of your room.

1. Virtual Cards

Virtual cards look like your physical credit and debit cards with a 16-digit card number, expiry date, and CVV code. 

Grey, Geegpay, Chipper Cash, ALAT by Wema, Bitnob, Eversend, Changera, Fundall, Payday, Barter by Flutterwave, Gomoney, PSTNET, Bitsika, Cardtonic, Klasha, Kuda bank card, etc.

NOTE: Those are popular virtual cards that Nigerians ‘used’ or are ‘still using’ to pay for international payments (USD, GBP, etc.), and some in one time or another worked but stopped working due to policy changes in Nigeria.

However, there’s a virtual card you can use, which I’ve personally used multiple times recently and can vouch for. (NOTE: This is NOT a paid post or advertisement, just a personal review.)

It is called Africard (formerly called Social Cash)

Africard-Banking Africa by TecheraX

They (Africard) are the Mastercard/Visa Card Issuer for Africa. Offering global payments with virtual and physical cards, uniting Africa with seamless financial solutions.

Make payments in USD, NGN, GBP, and EUR with virtual cards. Convert, transfer, and spend globally from Africa. (According to their Playstore’s Description)

Types of Virtual Cards by Africard

• Black Card

You can use their BLACK CARD on crypto platforms, wise, Stripe, PayPal Neteller, Skrill, Aliexpress, Alibaba, Facebook, X (formerly Twitter), Digital Ocean, AWS, Google, Namecheap, Buymecoffee.com (I used last on this particular website), and many more other international platforms.

• Classic Dollar Card

The Classic dollar card allows you to make international payments on a wide range of platforms, including Aliexpress, Alibaba, ASOS, Facebook, DigitalOcean, AWS, Google, Namecheap, and many others.

NOTE:

1. Ensure to calculate the total money you want to pay properly before adding money to your virtual card because you will pay a service charge (small fee though) for every Dollar Wallet Credited (to your virtual Card). (Example: Don’t you think you are paying for a 5,000 naira product and you added only 5,000 naira then you will need to add extra because that service will be paid on the 5,000 naira, making it not to be 5,000 naira again.)
2. You will pay a service charge for every payment made on your virtual card. So, if you need to make a payment of like 200 USD, ensure you have over 200 USD on the card (maybe 210 USD) to avoid failed payment.

If there is other virtual card(s) you have also used of recent, kindly chare them in the commmet section.

Let’s move on to the second Proven Ways To Pay USD in Nigeria

2. Cryptocurrency

Yes, you can use any cryptocurrency of your choice to pay (as long as it’s accepted by the platform). That was why I said earlier that “depending on the product or service.”

Platforms That Accept Cryptocurrencies From Nigerians

There are platforms that accept cryptocurrencies from Nigerians. Platforms like Namecheap Inc., where you can purchase domains, hosting, VPNs, etc., accept Bitcoin payments through BitPay and BTCPay.

Bitcoin is a peer to peer decentralized currency that enables instant payments to anyone located anywhere in the world. It has no central authority, so managing transactions and issuing money are carried out collectively by the P2P network. For more information on Bitcoin, you can visit Bitcoin.org.

Is crypto allowed in Nigeria?

There is no legislation in Nigeria that expressly bans the usage of cryptocurrencies. So, yes, crypto is allowed in Nigeria. The government lifted its ban on crypto in December 2023. In January 2024, the Nigerian Securities and Exchange Commission (SEC) reversed its earlier harder line stance, prompting the Central Bank to release guidelines for banks opening cryptocurrency accounts.

Popular cryptocurrency exchanges

Apart from using online-based platforms directly, you can purchase goods and ask the seller if he or she accepts crypto. That can be done via many of these crypto platforms, like:

• Bitget
• Bybit
• Kraken
• KuCoin
• Busha, etc.

NOTE: Ensure to be extra careful when sending cash to the seller.

3a. Domiciliary Accounts

Domiciliary Account: A domiciliary account is a type of foreign currency bank account, typically used by individuals or businesses to hold and transact in foreign currencies (such as USD, EUR, GBP). It is common in countries with their own local currency but where customers also need to transact in foreign currencies.

Example: In Nigeria, people may open a domiciliary account to receive and send money in dollars or euros.

Key Purpose: Hold and transact in a foreign currency within your local bank.

3b. Multi-Currency Bank Accounts

Multi-Currency Bank Account: A multi-currency bank account allows you to hold and manage multiple currencies within a single account. Instead of having separate accounts for each currency, all currencies are managed under one account.

It’s useful for international business owners, frequent travelers, or anyone needing to transact in multiple currencies without converting back and forth.

Example: A UK-based freelancer working with clients from the U.S., Europe, and Australia can receive payments in USD, EUR, and AUD under the same account.

Key Purpose: Hold, manage, and switch between multiple currencies within one account.

3c. Remittance Services

Remittance Services: Remittance services refer to the process of sending money, typically by migrants, from one country to another. This is usually done through specific companies or platforms designed for international money transfers (e.g., Western Union, MoneyGram, Ria, WorldRemit, SmallWorld, Wari, etc.).

Example: A parent needs to pay child’s school fees in the U.S. uses a remittance service to send money to his or her child.

Key Purpose: Send money internationally, often person-to-person.

3d. Bank Transfers & International Wire

Bank Transfers & International Wire: Bank transfers (or domestic transfers) refer to transferring money between accounts within the same country. International wire transfers, on the other hand, are bank transfers between accounts in different countries, involving cross-border transfers of funds.
International wire transfers are typically conducted through systems like SWIFT, and may involve higher fees and longer processing times compared to domestic transfers.

Example: A business in Nigeria wires money to a supplier’s bank account in US.

Key Purpose: Transfer money directly between bank accounts, either domestically or internationally.

Summary of Differences:
Domiciliary account: For holding and transacting in a foreign currency in a local bank.
Multi-currency account: For holding and managing multiple currencies in one account.
Remittance services: For sending money abroad, often between individuals.
Bank transfers & international wire: Moving money between bank accounts, with “international wire” specifically referring to cross-border transfers.

4. Gift Cards

One other way to pay USD while in Nigeia is using Giftcards platforms. Platforms like Innixx, Kuda, Cardtonic, GiftCardsToNaira, etc. With Giftcard you can easily pay:

App Store: Google Play, iTunes

Apple Gift Card: Apple

Beauty: BNatural MedSpa, Hairitage Hub, HealthPlus, OneandKo, Oriki, Sephora

Electronics: Best Buy, Currys, Emax, MediaMarkt, Samsung

Fashion: Adidas, American Eagle Outfitters, Ardene, Asos, Banana Republic, Clarks, David Wej, DSW, Forever 21, Gap, H&M, New Look, Nike, Nordstrom, Primark, Swarovski, The5kShop, Twice As Nice, Zalando, Zappos

Film & TV: Filmhouse Cinemas, Hulu Plus, Netflix

Food Delivery: DoorDash, GrubHub, Uber Eats

Gaming: Blizzard Balance, Fortnite, FreeFire, Gamestop, IMVU, Jagex RuneScape, Nintendo, PlayStation, PUBG, Razer Gold, RuneScape, Steam, Xbox, Xbox Live

Home Decor: Adam N Eve, Crate & Barrel, Home Depot, IKEA

Hotels: Hotelgift, Hotels.com

Music: Spotify

Restaurant: Buffalo Wild Wings, Burger King, Casper & Gambini’s, Chipotle, Domino’s, Dunkin’ Donuts, Pizza Hut Restaurants, Red Lobster, Starbucks

Shopping: Amazon, Argos, Carrefour, Grocery Bazaar, Harvey Nicols, Macys, Marks and Spencer, Noon, Ruff n’ Tumble, Sainsburys, Selfridges, Suregifts Generic, T.J. Maxx, TK Maxx, Typo, Ubuy, Walmart

Transport: Uber

NOTE: Before you buy gift cards on Kuda or any other Giftcard platforms available to Nigerians, ensure you read their disclaimer carefully before purchasing.

AliExpress + Opay

Make Payments on AliExpress from Nigeria: One way to do that is to make sure your AliExpress app is up-to-date. After updating you should be able to use your Opay account to pay directly for every goods you buy on AliExpress.

Just click on the Opay option, confirm your password and OTP and viola, payment made.

Sounds untrue, right?

That last one was a bonus anyway, especially for e-commerce business owners.

Thanks for reading. I hope it solves your problem of paying for USD in Nigeria.

The post Top Proven Ways To Pay USD in Nigeria appeared first on AFRICA EXPLAINED.

What exactly is the Nigerian Government Student Loan?

The Student Loan Initiative is a program established by the Federal Government of Nigeria to break financial barriers in higher education through the provision of interest-free loans to students.

With that being said, it is good to know what exactly it is all about before deepening your legs in it. You might start wondering if it is not another PalmPay loan or loan shark. You might even have fear for the Nigerian government (fear of being lied to). All those fears will be sorted out in this guide; just read and share.

What is Nigerian Government Student Loan?

The Nigerian government’s student loan is your key to unlocking your educational dreams. This program provides financial support for public universities, polytechnics, colleges of education, and even technical or vocational training! It covers tuition, fees, and living expenses; all you need to focus on is acing those courses of yours. Go for NYSC and get a better paying job.

Under the newly revised Student Loan Act, the Nigeria Education Loan Fund (NELFUND), a corporate body setup by the Federal Government, will be responsible for the disbursement and management of the student loan (with some other government bodies like the FIRS).

Under the same revised student loan act, you will NOT need to provide two guarantors, which include civil servants with at least 12 years of experience, lawyers with at least 10 years of experience after qualifying, judicial officers, and justices of the peace.

Also, under the same revised student loan act of 2024, family income will no longer be a prerequisite for eligibility for the student loan. 

Below is the full revised Student Loan Act of 2024.

10 Key Points About the Revised 2024 Student Loan Act in Nigeria:

1. NELFUND Established: A dedicated Nigerian Education Loan Fund is created to manage student loans. NELFUND is headed by Mr. Akintunde Sawyerr as Managing Director/CEO, Mr. Frederick Oluwafemi Akinfala as Executive Director, Finance and Administration, and Mr. Mustapha Iyal as Executive Director, Operations
2. Loan Coverage Expanded: Financial support goes beyond tuition to include fees, charges, and living expenses.
3. NELFUND Funding Secured: A dedicated source of funding is established from federal tax collections. The student loan program will be financed by allocating 1% of all taxes, levies, and duties that the Federal Inland Revenue Service (FIRS) collects and that go to the Federal Government, directing these funds to a General Reserve Fund. 
4. Family Income No Longer a Barrier: Students from all income backgrounds can now apply.
5. Guarantor Requirement Removed: There is no need for guarantors to qualify for a loan.
6. Skills Training Included: Funding is available for vocational and technical training programs.
7. Parental Loan History Disregarded: Parents’ loan history won’t affect student eligibility.
8. Repayment Starts After NYSC: Focus on education first, then repayment begins two years after service.
9. Penalties for False Information: Providing false information to secure a loan comes with legal consequences.
10. Debt Forgiveness Clause: Loan forgiveness is possible in cases of death or unforeseen circumstances.

Who can Apply for the Federal Government Student Loan?

• Admitted to a Nigerian university, polytechnic, college of education or vocational school (public only)
• Must not have defaulted on any previous loans or been found guilty of any examination malpractice, felony, or drug offenses.

Who cannot Apply?

Below are people who cannot apply for the Federal Government Student Loan:

• Defaulted on a previous loan
• Found guilty of cheating on a school exam
• Convicted of a felony, dishonesty, fraud, or drug offense
• If your parent(s) defaulted on a student loan

How to Apply

Step 1

Register on the Student Loan Application Platform by clicking the “APPLY NOW” button to get started.

Step 2

Proceed to your student loan application, select either tuition/institutional fee, upkeep or both.

Step 3

Your student loan gets approved and disbursed into your school account in minutes.

To get started:

1. Visit https://slas.omniswift.com/auth/welcome or https://nelf.gov.ng
   Click on ‘Get Started‘
2. Next screen, answer the questions about yourself:
   N.I.N.,
   Date of Birth
   Surname
3. Verify your student status, using:
   JAMB Registration Number or BIMs Registration No. (Beneficiary Identity Management Service)

Keep the below details:

1. A cover letter from your school signed by important officials.
2. Attach required documents:
   • copy of your admission letter
   • Guarantor letters recommending you for the loan and agreeing to repay if you don’t
   • Two passport photos from each guarantor
   • Proof of guarantors’ employment (letter and information)
   • If guarantors are self-employed, provide business registration details

Required Documents

1. A completed application form
2. A copy of your admission letter
3. A copy of your JAMB result slip
4. A copy of your WAEC/NECO result certificate
5. A copy of your birth certificate
6. A copy of your passport photograph
7. A guarantor’s letter of support from each of your two guarantors
8. A copy of your guarantors’ employment letter(s)
9. A copy of your guarantor’s passport photographs

After You Apply

• The approval process is instant if you are eligible, and your details are correct and valid.

Repaying the Loan

• You don’t have to start paying back until two years after finishing your National Youth Service Corps program.
• Payments will be automatically deducted from your salary (10% of your salary).
• If you are self-employed, you will need to send 10% of your monthly profit to the loan program.
• There are penalties for not repaying the loan.

NOTE: After you follow the above process, the final decision lies with NELFUND.

Frequently asked questions about the Federal Government Student Loan in Nigeria

Who is eligible to apply for the student loan?

Eligibility is based on specific criteria, including admission to a recognised institution (have an active academic profile), a valid BVN (Bank Verification Number) and NIN (National Identity Number), and a valid Jamb record.

What documents are required for the application?

You will need your Admission letter and Student ID Card (optional)

How long does the approval process take?

The approval process is instant if you are eligible, and your details are correct and valid.

Can I apply for living expenses in addition to tuition fees?

Yes, you can apply for an upkeep loan in addition to the institutional fee.

When should I start repaying my loan?

Repayment of your loan starts 2 years after your NYSC and will be deducted automatically from your bank account.

Is there a grace period after graduation?

Yes, you have a 2-year grace period after your NYSC.

What is the maximum loan amount a student can receive?

The maximum loan amount is outlined in the Student Loan Act. It is subject to periodic review by the Special Committee.

Can I apply for multiple loans under this initiative?

Eligible students can apply for upkeep and tuition loans but there is only one application for each loan type.

How does the interest-free aspect of the loan work?

Interest-free means that you will not be charged additional fees or interest on the loan amount. You will only repay the principal amount borrowed.

Can I use the loan for expenses other than tuition fees?

Yes, the loan can cover additional expenses such as living costs (upkeep), as specified in the Student Loan Act.

Can parents apply for a loan on behalf of their child?

No, parents cannot. Eligible students must apply for the loan themselves in accordance with the eligibility criteria outlined in the Student Loan Act. However, parents may act as guarantors if required.

Are there any penalties for early repayment of the loan?

No, there are no penalties for early repayment. In fact, early repayment is encouraged as it helps reduce the overall financial burden.

How are loan repayments made?

Repayments are facilitated through salary deductions arranged with employers. The Nigerian Education Loan Fund coordinates with employers to ensure seamless repayments.

How do I become a guarantor for a student applying for a loan?

You can become a guarantor by providing a letter of recommendation and agreeing to accept liability in case the student is unable to repay the loan.

Can a guarantor be changed after the loan has been approved?

In exceptional cases, a guarantor may be changed, but it would require approval from the Nigerian Education Loan Fund and should be communicated promptly.

Can a parent apply as a guarantor for multiple children simultaneously?

Yes, a parent can act as a guarantor for multiple children, provided they meet the criteria outlined in the Student Loan Act.

Can parents receive updates on the loan status and repayment process of their child?

Yes, parents can request updates from the Nigerian Education Loan Fund regarding the loan status and repayment progress of their child.

Can parents serve as guarantors if they are not Nigerian citizens?

The Student Loan Act specifies that guarantors must be Nigerian citizens, so parents who are not Nigerian citizens would not be eligible to serve as guarantors.

Are there any provisions for loan forgiveness in certain cases?

The Student Loan Act outlines specific circumstances under which loan forgiveness may be considered, such as in cases of permanent disability or death.

How is the effectiveness and impact of the initiative assessed and reported to the public?

The Student Loan Act requires the Nigerian Education Loan Fund to provide regular reports and updates on the initiative’s progress.

Can a guarantor withdraw their support after the loan has been approved?

While possible in exceptional cases, it would require careful consideration and adherence to the processes outlined in the Student Loan Act.

What happens if a student changes their course or institution after receiving the loan?

Changes in course or institution must be communicated to the Nigerian Education Loan Fund for evaluation and approval, as outlined in the Student Loan Act.

How is the Student Loan Initiative funded?

The initiative is funded through government allocations, grants, and contributions from various stakeholders, as outlined in the Student Loan Act.

The post Federal Government Student Loan in Nigeria: How to Apply Easily appeared first on AFRICA EXPLAINED.

Tired of watching inflation eat away at your cash? It’s time to put your money to work! This guide explores the top high-interest savings options in Nigeria, helping you choose the best fit for your financial goals.

Traditional vs. Modern: Weighing Your Options

Gone are the days of settling for meager returns. Today, two distinct avenues offer attractive interest rates:

• Brick-and-Mortar Banks: Established players like Fidelity, Access, and UBA provide stability and familiarity, but their interest rates typically hover around 1-3%.
• Fintech Apps: Piggyvest, Cowrywise, and Alat by Wema offer digital convenience and significantly higher rates, reaching up to 18%. However, these are relatively new players, and some might prefer the established trust of traditional banks.

Considering Your Needs:

Before diving in, ask yourself:

• What’s my goal? Short-term savings for emergencies? Long-term goals like a house or retirement? Different options cater to different needs.
• Accessibility: Do I need easy access to my funds, or am I comfortable locking them away for higher returns?
• Risk Tolerance: Traditional banks offer lower risk but lower returns. Fintech apps offer higher potential rewards but may be perceived as slightly riskier.

Top Fintech Apps:

• Piggyvest: Flexible savings options, up to 13% interest, automatic savings tools.
• Cowrywise: Short-term and long-term plans, emergency savings, up to 12% interest, mutual fund investment options.
• Alat by Wema: Flexible and goal-oriented savings, up to 10% interest, money management tools.
• FairMoney: Two options: FairSave (flexible, 10% interest) and FairLock (fixed deposit, up to 18% interest).
• Kuda Bank: Flexible and fixed-term savings, up to 10% interest, easy transfers.

Remember: While these apps are regulated, they are still relatively new. Consider your comfort level with their track record.

Traditional Bank Options:

If you prefer established institutions, consider these high-yield savings accounts:

• Fidelity Bank HYSA: Up to 3.3% interest, tiered based on balance, bonus for low withdrawals.
• Access Bank HIDA: Up to 2.5% interest, tiered based on balance, free withdrawals within limits.
• UBA Target Account: Up to 1.20% interest, tiered based on balance, minimum opening balance required.
• GTBank Target Savings: Up to 1.15% interest, bonus for standing orders, non-transactional account.
• Polaris Bank – Polaris Wise: Up to 2% interest, tiered based on balance, debit card and cheque book options.
• Standard Chartered Bank – eSaver: Up to 1.25% interest, free monthly statements and online access.
• Sterling Bank – SRDA: Up to 2% interest, goal-oriented, minimum monthly deposit required.

Wrapping Up:

The best high-interest savings account depends on your individual needs and preferences. Weigh the pros and cons of each option, considering factors like interest rates, accessibility, and risk tolerance. By making an informed decision, you can watch your Naira grow and achieve your financial goals!

Bonus Tip: Regularly compare rates and features to ensure you’re getting the best deal. Remember, the financial landscape evolves constantly, so staying informed is key!

The post Grow Your Money in Nigeria: Top Savings Accounts to Open in 2025 appeared first on AFRICA EXPLAINED.

CreditWise loan app is a Nigerian lending service that offers you a simple and convenient way to borrow money online without collateral or documentation. The smartphone app allows users to borrow up to ₦100,000 unsecured.

An unsecured loan is a type of loan that does not require collateral or a down payment to obtain. It is usually short-term with very high interest rates.

If you are concerned about loan apps that call their customers’ contacts to defame them, then this app might be for you. CreditWise is professional, has considerate staff that does not defame customers even when they default. You can always speak to customer service to ask for a time extension if you fear you might fall short on repaying your loan.

CreditWise makes getting a personal loan simple by using the data on your phone, including your information, to verify your identity and create a credit score.

Getting a loan in Nigeria through banks and other official sources can be time consuming and require documentation like collateral, which most people don’t have. Which is why services like this can be very useful, especially during emergencies.

Although the app is still relatively new, customer’s reviews are encouraging. The app has so far gained over 1k downloads on the Google Play Store, with mixed reviews. It uses loan software to collect information about prospective customers, including phone records, banking transaction alerts, and BVN, to build the credit score of each borrower.

To qualify for higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!

Note that online loans like these are usually much more expensive with very high-interest rates because they are unsecured and require minimal documentation to get.

How to Download APK and get a loan from CreditWise app

• Download the CreditWise personal Loan App exclusively available on the Google PlayStore and install it on your Android phone.
• Register an account with your phone number.
• Preferably the phone number connected to your BVN as a one-time password will be sent to it for verification.
• Fill in your basic know-your-customer KYC information, including your residential address, next of kin, and employment details
• You will also be required to provide your Biometric verification number BVN.
• You’ll be charged N30 to bind your ATM card to your account to increase your chances and getting a higher loan amount.
• A one-time password OTP will be sent to your phone to confirm your details.
• After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
• The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
• Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.

Note that binding your ATM card with N30 does not guarantee that you will get a loan, you still have to pass the credit score check.

The N30 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.

Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.

Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.

When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.

Is CreditWise loan app legit or scam?

Yes, CreditWise loan app is a legit loan app that gives micro loans to a maximum amount of N100,000 to customers, but has really high interest rates and bugs that prevents smooth registration. caution should be taken before taking any online loan. Always read other customer’s reviews before you apply for a loan in Nigeria.

You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.

Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.

Pros

• Easy and smooth registration process.
• Does not defame customers when they come short in repaying their loans unlike most loan apps operating in Nigeria.
• Can be used by students in times of emergency
• It’s legit, has been confirmed by admin that they actually do give loans.
• Completely online with no collateral required.
• High loan amount, up to 100k.

Cons

• Takes time to disburse loans after approval, some customers take days even weeks before seeing alert.
• Short loan duration especially for new users, starts at just 7 days.
• Very high interest rates on small loan amounts.
• High rejection rate.
• The app only works on Android smartphones.

When taking loan, be mindful of the repayment plan. If you take a 60 days loan with two repayment installments, the app might attempt to auto debit you on the due date of the first installment and even charge overdue charges before the end of your 60 days tenure.

You can change your ATM card password to prevent auto debit. This app has been reported to deliberately auto debit their customers even after they have made payments via bank transfer.

Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.

If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.

What other borrowers are saying about CreditWise loan app

These reviews were written by users on the Google play store.

Akan Ikpe wrote, “Registration and disbursement was excellent. I only request for a reduction in the interest rate and increased duration up to 21 or 28 days. I recommend the app to anyone who is in need of help.”

Kevwe Daniel wrote, “Please the money you showed me on the app is different from the money you disbursed to my account why will i pay money i didn’t see ..you were suppose to disbursed 19000 n some fraction to pay back 25k nw u credited my acct wit 11k that interest is too much do something about it okay.”

Herry Hills wrote, “This app is very useful and armful to someone bank account they remove #943 in my account after I blend my ATM card with 30 naira and the loan was not giving to me, am scared of my bank card now for Christ sake.” Read more borrowers’ reviews here.

Interest rate?

Loans service rate:6% to 24%, monthly interest 0.5%, the annual percentage rate (APR) on a CreditWise loan is 12%~30%.

-Example:If you choose a 3-month loan and borrow NGN20,000,NiceNaira charges an service rate of 6% and interest rate:0.5% per month, the APR is 12%. when 91 days due ,you need total amount repayments of NGN21,500.

Note that this interest rate and loan duration is just an example, expect your actual loan and duration to be much lower, but you can improve it by paying back your loan on time and keeping a good credit record.

Requirements?

• Be a legal citizen or legal Resident of Nigeria
• Be at least 18 years old.
• Have a Monthly income source.
• Bind your ATM card to your account
• Provide details of two of your next of kins including their phone numbers.
• Have a good credit score with no outstanding loans from other lenders.
• Have an active bank account.
• Your phone number must be the one connected to your BVN.
• Have a valid government issued ID card.

CreditWise app customer service number

• Service Hotline: 2348034063318 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
• Service Email: support@creditwise.loans
• Our Office Address: 23a Moleye Street, Alagomeji-Yaba 234-01, Lagos, Nigeria

The post CreditWise Loan App Review: secure lending platform in Nigeria appeared first on AFRICA EXPLAINED.

Not only have visas been denied due to this, but I have also seen people losing jobs.

FACT: You can be in debt without taking out a loan.

HOW IS THAT EVEN POSSIBLE? It is possible. When you stand as a guarantor for someone taking out a loan.

So, what is the solution?

A Non-Indebtedness Letter

A Non-Indebtedness Letter confirms that there are no records of any outstanding bad debts, litigation, or registered judgments against the individual in our Credit Bureau database.

Actions that can land you on the BVN blacklist in Nigeria

Below are some of the things that could land you on the BVN Blacklist here in Nigeria.

Loan default: The most popular reason why people get on the blacklist is when they default in repayment to their creditor within the stipulated period. Even if you pay back days or weeks after your term has expired, it can still negatively affect your credit score and land you on the blacklist.

Issuing a dud cheque: Issuing a dud cheque on your account can get you into trouble. Not only will it land you on the BVN blacklist, but it can also get you arrested and prosecuted by the police. Issuing a cheque that you know will bounce due to an insufficient balance in your bank account is simply a bad idea.

Standing as a guarantor for a defaulter: Standing as a guarantor to someone unable to repay their loans can also affect you negatively. You, as the guarantor, might be held liable and unable to secure a loan until they clear their outstanding balance. Do not stand as a guarantor for anyone you’re not absolutely sure can repay their debt obligations.

Effects of BVN blacklist

Your BVN is perhaps one of the most important financial documents in Nigeria and if it is compromised, that can lead to some dire consequences, including but not limited to:

Unable to secure a loan: The most immediate consequence of being on the BVN blacklist is that defaulters will be unable to secure further credits. Most reputable lenders do run a background check on their potential customers to see their credit score. Individuals with outstanding loans usually get rejected during this process.

Unable to get jobs: Some employers do check the credit history of their potential employees, most especially banks and other financial institutions, but they will not consider people with negative credit for employment. These checks are usually done in the background without telling the applicant, applicants with negative credit will just be rejected without being informed of the reason why.

Unable to travel abroad: As getting a visa to travel abroad is becoming more and more stringent, some embassies now include credit history as part of their background check. Embassies prefer immigrants who can handle their financial responsibilities so that they don’t become a burden after travelling. If you are heavily indebted, your visa application might not go smoothly until you clear your record.

Unable to secure some government deals: Certain government deals, like a job with the Nigerian Intelligence Agency or even the CBN, might require applicants to have a spotless credit history. The point is, having your BVN is bad and can deny you plenty of opportunities. Luckily, there is a way to remove your name from the blacklist, even if you are on it.

Steps to remove your BVN from credit bureau blacklist

Request your credit report: You can request your free credit report from any of the credit reporting agencies in Nigeria. We recommend you use CreditConnection – their service is free and seamless. getting a credit report will enable you to see which institutions you are owing to and keep track of your loans. Note that loans from loan sharks and other online loan apps might not appear here if they are unregulated.

Pay your debt: The next step in clearing your name from being reported as a defaulter is to pay up what you owe. If you are in a financially difficult situation, ensure you contact your lender to discuss payment options that could ease the burden of paying the loan. Choose a payment plan that will work best for you and follow up until you settle your debt. You can also set up automatic payments on the due date to avoid missing a payment. 

clearance certificate/letter of non-indebtedness: Should you have a clearance certificate/letter of non-indebtedness, you can forward the letter to the credit bureau for verification from your lender.

Contact the Credit Bureau: After clearing your debt, your lender is obliged to contact the credit bureau and update your records, but this can sometimes not be done as the process is usually automated.

However, you may apply to the credit bureau where you were listed to have your credit profile updated. This can be done by contacting the Bureau via phone/email.

Helpdesk: https://helpdesk.creditreferencenigeria.net/

Email: support@crccreditbureau.com

Phone line: +234-807-209-0622

Your email should carry the following details:
your Full Name,
Phone Number,
Bank Verification Number (BVN),
gender,
evidence of payment and
Clearance certificates (if any).

This process might take 2–5 working days to be resolved so do not hesitate to follow up with the Credit Bureau.

list of licensed credit bureaus in Nigeria

A Credit Bureau is a private company licensed by the CBN to keep a database of how individuals and businesses handle their debt obligations. They keep a record of how much loan is being taken and how soon or late the loan is being paid back in order to protect creditors from loan defaulters. Here are the three main credit bureau agencies licensed to operate in Nigeria and their websites.

• CreditConnection
• CRC Credit Bureau Limited
• FirstCentral Credit Bureau

You can get your free credit report from any of the above. The CBN does not keep a record of the credit reports of Nigerians but outsources them to these private companies, who can show you yours for a fee.

FAQ

What does blacklisting of BVN means?

BVN blacklist means you won’t be able to get a loan from regulated institutions anymore, except from loan sharks, who will charge extremely high-interest rates. If your BVN is blacklisted, it can also affect your chances of getting a good job and travelling abroad if a thorough background check is run on you.

how can I clear myself from being blacklisted?

To clear yourself from the BVN blacklist, these are the things you need to do;

1. Request your credit report from a CBN-licensed credit bureau to know who exactly you are owing.
2. Pay your debt.
3. Get a clearance certificate/letter of non-indebtedness from your lender.
4. Contact Credit Bureau with proof and request that your name is cleared.

Can I change my BVN number online?

No, you cannot. Your BVN contains your biometric records including your fingerprints so it cannot be changed.

Can I have two BVN?

NO, you cannot. because your BVN is secured with your biometric information, it is only one number for every Nigerian citizen.

Is it true that after 7 years your credit record is cleared?

No, your credit record is permanent. your debt can only be cleared after you repaid your loan or you obtain a debt forgiveness.

How long does it take to be removed from CRB blacklist?

You automatically get removed the moment re repaid your loan. You can also send them an email to resolve any dispute, the process might take 2-5 working days to be resolved so do not hesitate to follow up with the Credit Bureau.

How do you know if your BVN has been blacklisted?

check if your BVN has been blacklisted by requesting your credit report for free from any of the credit reporting agencies in Nigeria. You also know that your BVN has been blacklisted when you are getting rejected for loans. Getting very high-interest rate offers on your loan application is also a sign that your BVN has been blacklisted.

What happens if my BVN has been blacklisted?

Blacklisted BVN will lead to your loan applications getting rejected or you will be getting very high-interest rate offers for short periods of loan from creditors that are willing to give you a loan. This is because you’re now deemed as high-risk, and loans to high-risk individuals are more expensive.

How to blacklist BVN?

Only registered creditors and loan providers can blacklist a BVN from getting further loans by submitting the debtor’s details to the credit bureaus.

Can my BVN be blacklisted?

Yes, your BVN can be blacklisted if you are unable to settle your loan obligations during the stipulated tenor. Some creditors do give a grace period after which they will report your BVN to Credit Bureaus and stop you from getting further loans. A reported BVN can also have other consequences including blocking your ability to travel or get certain jobs and government contracts that require a financial background check.

Now that you have seen solution to clear your name from BVN Blacklist, kindly share for people to be saved.

The post How To Clear Your Name from Bad Debts with GTBank’s Letter of Non-Indebtedness appeared first on AFRICA EXPLAINED.

We find it important to really let you know what these loan apps are really doing exactly.

Instant loan apps have become increasingly popular in Nigeria in recent years, offering a quick and easy way to get the money you need in a pinch. But how do these apps work, and what are the risks involved?

In this blog post, we’ll take a closer look at how instant loan apps work in Nigeria and discuss the pros and cons of using them. We’ll also provide some tips for borrowers who want to use these apps safely and responsibly.

So whether you’re considering taking out an instant loan or are you are just curious about how they work, read on for the inside scoop!

As earlier stated that Instant loan apps are increasingly popular in Nigeria due to the ease with which people can access loans from them.

They can easily be downloaded on any smartphone, and with just a few registration details, money will be disbursed to one’s bank account.

No doubt, loan apps do provide some succor to Nigerians, especially to meet financial emergencies, but care should be taken to avoid using loans to fund one’s lifestyle, as most loan app operators have been reported to use less than civilized methods to recover their money from defaulting borrowers.

Instant loan apps in Nigeria are largely unregulated, and most of their loan terms are extortionate, with repayment periods starting at just 7 days and very high interest rates.

Here are some facts about how loan apps operate in Nigeria.

Can Instant loan apps block my BVN?

No, loan apps do not have the ability to block anyone’s BVN. Biometric Verification Number BVN is a unique 11-digit number that identifies every Nigerian as they interact with the country’s financial infrastructure. The number is given and controlled by the CBN in association with licensed commercial banks.

Only the CBN can blacklist your BVN in cases where you have seriously violated the country’s laws. Loan apps, however, can block your BVN on their app and even prevent you from getting loans from other loan apps if you default on your loan repayment.

Some loan apps have the ability to report your BVN to credit bureau agencies, which can in turn blacklist you as a loan defaulter and prevent you from getting a loan from other lenders.

What happens if I can’t repay my instant loan apps’ loans?

Most loan apps will disturb you with persistent calls and SMS, some will call the guarantor’s phone number you provided during registration.

They will also try to auto debit the ATM card you have linked to your profile.

Eventually, when you fail to repay your loan after a long period, most loan apps will report your BVN to the credit bureaus and hand over your profile to a loan recovery company that will try to recover the loan on their behalf.

Can I go to Jail for not repaying online loans?

No, you cannot go to jail for defaulting on your instant loan apps repayment. The loan company wants their money, and when you’re in jail, you definitely can’t repay. Some loan sharks have been known to threaten their customers with lawyers and jail terms; they cannot send anyone to prison. The only thing they can do is report your BVN to credit bureaus to prevent you from getting further loans.

Why do loan apps ask for BVN?

The BVN number is a unique identifier linked to every transaction performed in Nigeria. Because every Nigerian only has one, it makes it easier for the instant loan apps to identify loan defaulters and deny them loans. You cannot change your BVN; if it gets reported to the credit bureaus for default, the only way to clear it is to pay all outstanding loans.

Are loan apps legal in Nigeria?

Most instant loan apps available on the Google Play Store are not legally registered and regulated by the CBN as microfinance institutions. A handful, like Palmpay, Opay, FairMoney, and Carbon, are recognized by the CBN.

How do I block these Instant loan apps?

You probably want to prevent the loan app from removing money from your bank account without your consent. After binding your ATM card to your profile, the only way to prevent this is to block and deactivate the ATM card. You can do this through your bank’s app or by simply going to your bank to block your card and request a new one.

Changing your card password does not stop auto-debit. Also, loan apps can still auto-debit your bank account after they’ve been deleted from your phone.

Can Instant loan apps access my contacts even after they are uninstalled?

Yes, they still have your contacts; you grant them access to your contacts when you first download the app, and most loan apps make a copy of your contacts immediately.

You can still prevent defamation by deleting your WhatsApp picture or limiting access to it to only your saved contacts by changing your privacy settings.

Most loan apps that defame people usually get their pictures from the WhatsApp profile.

Which loan app has the lowest interest rate in Nigeria?

Branch, Carbon, Kuda, and commercial bank’s apps have low interest rates. The interest rate on loan apps is not uniform; it is influenced by factors such as the credit score and repayment history of each individual borrower.

If you have further questions related to loan apps in Nigeria, leave them in the comment section below and check back on this webpage for updates.

I did not request a loan, yet money was disbursed to my bank account. What should I do?

Sometimes, some instant loan apps disburse money into a customer’s bank account who did not request one, or a customer might fill out the form and later change their mind due to the high interest rate or short repayment tenure, yet money will be disbursed into their accounts.

If you are experiencing something similar, immediately deposit the principal amount that was sent to your bank account to avoid paying interest on it later.

I mistakenly overpaid more than I borrowed from a loan app, what should I do?

Maybe you’re supposed to pay back N12,000, but you mistakenly sent N120,000 to the loan app’s account. In such a situation, you should request another loan in the amount that you overpaid. That is N108,000 in this example. It is usually difficult to get reimbursements in such cases, which is why you should be very careful and double-check before confirming any transaction.

I repaid my loan, but the loan app did not increase my loan amount?

It is standard practice that most instant loan apps increase the loan amount for their customers when they repay on time, but they are not under any obligation to do so. There are a few reasons why a loan app might not increase your loan amount even after you repay on time:

Their loan limit: Most loan apps have a loan limit, and they cannot borrow you more than that amount. For example, if the loan limit on an app is 50k, they will not increase your amount even after you have repaid your previous 50k on time.

Availability of funds: loan apps have certain amounts they have programmed their computers to borrow from customers; the system might limit your loan amount if their are plenty of other borrowers also applying. So your loan amount might not increase through no fault of yours.

Loan history with other lenders: Your loan amount might not increase if you have outstanding loans with other lenders or have refused to pay them on time. Your general loan history can affect your loan amount because loan apps want to do everything to be sure that you will pay them back on time.

How do I report a Nigerian loan app?

Most of the online loan apps that operate in Nigeria do so without licenses or regulation from any government agencies. In cases of serious rights violations, you can, however, file a complaint with the Federal Competition and Consumer Protection Commission (FCCPC). They are the government agency for customer rights protection in Nigeria, and they have been known to take down erring loan apps in the past.

If you have any further questions, you can leave them in the comment section below. This article will be updated with new information.

Do loan apps ask for upfront processing fees?

There are some loan apps, like To U loan that will ask you to pay an up-front processing fee before they will disburse the loan to your account. These apps are fraudulent and designed by scammers.

Once you pay any processing fees, they will cut off communication and just keep your money. Legit loan apps don’t ask for any payment before disbursing loans. If there are any processing fees, they will be deducted from the loan amount disbursed to your bank account.

The post How Instant Loan Apps Work In Nigeria, READ NOW (SECRET) appeared first on AFRICA EXPLAINED.

An applicant can avail LinkCredit Loans purely based on his or her credit scores. The applicant can even get the recommendations on the size of the personal loan available and the possible loan repayment options based on the credit score. This is to make sure that the loan is affordable for the borrower. LinkCredit Loans Personal Loan is very easy to avail and provides you with great features like easy documentation and quick disbursal of the loans to ensure that you have access to funds whenever you require it.

How to download APK and apply for LinkCredit Loans?

Here is the easy process to avail of LinkCredit Loans. 

• Step 1: Download the LinkCredit Loans app from the Play store.
• Step 2: Register your account.
• Step 3: Once the mobile number is verified, fill in the personal details.
• Step 4: Upload a photograph of your NIN slip and enter the details.
• Step 5: Add details like the residential address, education, work experience, current employment, and salary.
• Step 6: Upload your bank statement.
• Step 7: Once the bank statements uploaded and verified, you can apply for the loan.
• Step 8: Choose the loan amount you can afford to pay monthly, the quantum of loan you require, the desired repayment tenure, and your loan purpose.
• Step 9: Upload the photo.
• Step 10: Upload the latest salary slips and proof of the residential address in PDF format.
• Step 11: Share the contact details of two references (one family and one friend).
• Step 12: The loan application is now complete and will be processed within 2 working days once approved.

Eligibility Criteria for LinkCredit Loans

The eligibility criteria for availing LinkCredit Loans may vary based on the applicant profile. Here are the generic criteria in which an applicant has to stand on to acquire LinkCredit Loans:

• Salaried applicants should be between 21 to 60 years of age.
• Employed for a minimum period of 3 months in the current job and have previous working experience also.
• Having a net monthly salary/income of NGN 12,000.

LinkCredit Loans- Features and Benefits

• LinkCredit Loans provides loan amount directly in the borrower’s bank account.
• The transferred loan amount can be used anywhere for any purpose.
• Top-up loan available after repayment of 50% of the current loan 
• Its process hardly takes few minutes depends on the information.
• LinkCredit Loans is a platform where a borrower can get a loan from NGN 2500 to NGN 50,000.
• A borrower has an option to choose any personal loan as per the requirement.
• LinkCredit Loans also offers a range of repayment tenures up to 4 months.
• An applicant can get a small number of loans for a short period as per his/her requirement.

LinkCredit Loans – Customer Care

LinkCredit Loans’ customer support team strives to assist you. In case of any query or complain you can call them on E-mail us at contact@linkcredit.ng

WhatsApp customer number: +234 7042855407

Website: https://www.linkcredit.ng

Email: contact@linkcredit.ng

Privacy policy: http://www.linkcredit.ng/html/web/privacy/index.html

What other borrowers are saying about LinkCredit loan

This is the worst credit lending institution I have seen so far! I applied for extension and charged 3k for 8 days yet they keep calling and threatening me to pay. I paid 7,023 all together for the extension but I think out of 7,023, 3k is the actual fee for extension. Initially, the total repayment was 16k but it's now 13k after paying 7,023. If the extension didn't work, they could have told me. And if it didn't work then my balance is supposed to be 9k not 13k as showing on the app.

– Okwo Ojobo

This is the worst app. I had issues repaying my loan cos of app error amd i was reported to the credit bureau. Despite that i have paid with the accumulated interest. All efort to reach them via mail or contact number provided proved abortive. I need a letter of Non indebtesness and no where to contact this people. They are quick to report you to credit bureau for their error and no way to reach them for correction..this is bad and fruadulent.

– Oyetunbi Fagbenro

Firstly, it’s easily accessible and very convenient. Also, it’s fast and the rate is quite reasonable, getting a loan was made very easy, and the repayment is made easy. I’ll definitely preach it’s gospel.

– Bakare Daniel

My experience so far has been great. The high interest rate with just seven days duration can be annoying sha. Please change that WhatsApp number if you won’t respond to customer’s complaint… it isn’t useful. Thumbs up to Customers Service, at least they pick and respond professionally when I call.

– Owoeye Kayode

FAQs

Is linkcredit loan legit?

Yes, Linkcredit loans are legit in that the app gives short term loans to customers. Online loan apps in Nigeria are not regulated, you are responsible for your own safety when you use these apps.

If my loan gets rejected, can I apply again?

Yes, you can apply again after you cleared all outstanding loans with other lenders.

What is the interest rate?

Linkcredit interest rate starts from 1.25% – 2% monthly flat. The exact interest rate applicable to the customer depends on the credit score and will be communicated after credit decisions.

Conclusion

Pros and Cons of LinkCredit loan app:

Pros:

• Quick and easy application process
• Convenient online platform
• Flexible repayment terms
• Competitive interest rates
• Registered and regulated financial institution

Cons:

• High interest rates
• Limited loan amounts
• Strict eligibility criteria
• Potential for late payment fees

Overall, LinkCredit loan app is a good option for Nigerians who need a quick and easy way to access personal loans. However, it is important to be aware of the high interest rates and limited loan amounts before applying.

Here are some alternatives to LinkCredit loan app:

• Branch
• FairMoney
• Palmcredit
• Carbon
• Okash
• Aella Credit
• QuickCheck
• Umba

These apps offer similar services to LinkCredit, but they may have different interest rates, repayment terms, and eligibility criteria. It is important to compare different apps before choosing one.

The post LinkCredit Loan App: 2023 Review appeared first on AFRICA EXPLAINED.

YES! WE KNOW!

Calm down to read this comprehensive review about KashCash so that you won’t later enter WAHALA! (problem)

They offer quick and hassle-free access to short-term unsecured personal loans of up to NGN100,000.

With competitive interest rates starting from as low as 4% per day (equivalent to 24% to 56% per month), Kashcash ensures affordability and flexibility for its borrowers.

Whether you need financial assistance for unexpected expenses, medical bills, or other urgent needs, Kashcash is here to help.

Furthermore, the repayment tenure provided by Kashcash ranges from 7 days to 30 days, allowing borrowers to choose a suitable timeframe that aligns with their financial capabilities.

This flexibility ensures that borrowers can comfortably repay their loans without undue stress.

The application process is simple and user-friendly. Through the Kashcash mobile app, you can easily apply for a loan and receive the funds within minutes.

This streamlined digitized process eliminates the need for lengthy paperwork and reduces the waiting time associated with traditional loan applications.

Kashcash is committed to providing efficient and reliable financial solutions to individuals across Nigeria. With its transparent and customer-centric approach, Kashcash aims to empower individuals with access to quick and convenient loans to meet their immediate financial needs.

Experience the ease and convenience of Kashcash loan app today!

Kashcash details

How to Apply for Kashcash Loan?

You can download the Kashcash loan app from Google Play Store. You will have to register to create an account and login to kashcash to check the eligibility to apply for the loan. You will be required to provide some basic details as given below:

• Name and address
• Mobile number
• Email ID
• Employment status
• Monthly income
• City of location
• Any other information, as required in the loan application, has to be provided.
• The details of the bank account have to be provided to disburse the loan amount.
• Before the disbursement, you will also be required to agree to the terms and conditions of Kashcash on the Mobile App.
• The loan application will be processed, and on approval and affixing e-signature on the loan document through the App, the amount will be credited directly to your bank account.

Kashcash Personal Loan Eligibility Criteria

The following are the Kashcash personal loan eligibility criteria:

• Easily available personal loan for salaried or self-employed
• A regular source of income is mandatory.
• The applicant should be in the age group of  18 to 56 years.
• The applicant should be a resident Nigerian.
• The applicant should have a valid BVN and Address Proof.

What other borrowers are saying about Kashcash loan app

This is a scam app, their loan 100% interest rate. Just to click on it to see loan options. i got an alert, with 100% interest rate. I have paid the money i they paid into my account. I’m not paying any interest, they’re scammers.

– Ray Lawson

This app belongs to scammers. If you make the mistake of downloading and installing the app, as soon as you complete registration and attach your credit card, they will offer you a loan instantly. It is a bait. Even when you did not want the loan, they will send to your bank account without your consent . Only for you to discover that what they sent is half the loan they approve. After paying them 31,000 for a loan of 19,000, they deducted 15,000 from my card. They don’t pick their number.

– Jibril Musa

I have tried every possible means to reach out to the management of this app, all to no avail. Take this as official compliant, since you will neither pick or respond to my message to you support email. I was on the process of registering for loan before you quickly and automatically subscribe a loan of ₦7,000 for me, transferred ₦4550 to my account and requested that I pay back ₦7,330+, where does that happen. This is fraudulent. Get back as soon as possible.

– Ikechukwu Splash Osuchukwu 

Is Kashcash loan app Legit?

Kashcash loan app is legit in that it gives people loans. Loan apps in Nigeria provide short term loans at extortionate interest rates. Do not take an online loan to fund your lifestyle, they should only be used for emergencies.

Kashcash is not registered or regulated by the CBN, you are responsible for your own safety when you use this app to get a loan.

Kashcash Customer Care 

Service Email: support@kashcash.loan or call 018883539
Office Address: 36, Yaya Abatan Rd, Ogba 101232, Ikeja, Lagos

Conclusion

So, now the ball is in your court.

Let me know what you think about the Kashcash loan app.

The post Kashcash loan app: A comprehensive review appeared first on AFRICA EXPLAINED.

QuickCheck is a Nigerian Fintech app that offers customer’s quick loans of between N1,500 to N500,000 without requiring any collateral. The app using artificial intelligence, collects and analyzes your data including credit score, SMS alerts, contacts and other banking details to disburse your cash loan in less than just 1 hour if you qualify for one.

One major advantage of QuickCheck loan app is that it offers competitive loan rates starting from 5% per month rate. The app’s sleek design and easy to use interface is also worth mentioning. Do you need quick cash for school fees? then this is the perfect app for you.

How to download and apply for a QuickCheck loan

QuickCheck is a completely digital platform, which operates exclusively on Android smartphones. To sign up, you’ll need to download and install the app from the Google play store.

1. Download and install the QuickCheck loan app on Google playstore.
2. Register with your mobile number, preferably the one connect to your BVN
3. Fill-out your bio data and provide some basic information about yourself.
4. You will also be required to bind your ATM card to your account as a means of repayment.
5. Your application will be analyzed by an Algorithm and a loan offer will be made to you
6. If the loan offer and repayment period is acceptable by you, cash will be disbursed to your account within 30 minutes.

QuickCheck loan app interest rate

A QuickCheck loan has interest rates starting from as low as 5% monthly on the first loan. Loans range from ₦1,500 to ₦500k with terms from 91 days – 1 year. Interest ranges from 2% – 30%, with an equivalent monthly interest rate of 1 – 21%. (APRs from 30% to 260%)

Example:
– Borrow ₦100,000 over 6 months
– Interest rate: 13% p.m. (fixed)
– Three repayments of ₦ 25,000
– Total amount payable: ₦150,000
– Representative: 13% APR

Note that: the interest rate and loan amount for first time borrowers will be significantly lower than this, but you get a revolving loan every time you repay. This means you can build your credit score and get a higher loan amount by repaying your loan on time.

What QuickCheck loan app can improve?

Over all QuickCheck is one f the best loan apps in Nigeria, but a few negatives can still be noticed from the app;

First, the app has lots of bugs, customers have complained of not being able to login sometimes. When this happens to you you should retry multiple times.

The loan rejection rate is also a bit high, some customers say they get disapproved even after first getting approved for a loan. To improve your chances of getting a loan offer;

1. keep good records of your bank transactions on your phone as the algorithm will use it to build your credit score.
2. make sure you don’t have outstanding debts with other lenders.
3. if your application is rejected, you should keep retrying at a later date.

Is QuickCheck Loan app legit?

Yes, Quickcheck is very legit. it is one of the best money lender apps in Nigeria. Read other customer’s review on playstore before you proceed.

QuickCheck loan app customer care number

To get in touch, send an email to Support@quickcheck.ng. You can also reach-out via the social media pages: @quickcheckng on Instagram and Twitter, QuickCheck Nigeria on LinkedIn, and QuickCheck on Facebook.
You can also visit the website – www.quickcheck.ng.

FAQ

What is my minimum/maximum loan request limit?

₦1,500 – ₦500,000

What is my minimum/maximum tenor on QuickCheck?

1 month – 1 year

What is the interest rate on QuickCheck loan?

5% on a first time basis. Generally, the interest rates on a QuickCheck loan ranges from 2% – 30% per annum.

How do I repay a QuickCheck loan?

There are 3 ways:

1. While registering, you’d have been required to enter your debit card details – the one belonging to the bank account you submitted. Repayments and installments into your QuickCheck wallet will be deducted from the account via your debit card.

2. Besides, you can use your bank’s USSD code too.
3. You can also payback via Bank Transfer or Cash deposit.

Incase of any issue, how can I contact QuickCheck customer care?

You can pay a visit to their head office located at 23, Agodogba Avenue, park view Estate, Ikoyi, Lagos, Nigeria. You can also shoot them an email on support@quickcheck.ng

What is the QuickCheck website?

quickcheck.ng

Why is my LCredit loan application rejected?
Your application will be rejected if you provide false information about yourself of you have a bad credit score, meaning you have outstanding loans from other lenders that you are yet to repay.

The post QuickCheck Loan App Review – Instant loans in Nigeria appeared first on AFRICA EXPLAINED.

Looking for the best Instant loan apps in Nigeria that offer competitive interest rates? Look no further! In this comprehensive blog post, we have compiled a list of the top 10 loan apps in Nigeria that offer the best interest rates.

Introduction

We both know here in Nigeria, accessing loans from traditional financial institutions can be (is) a challenge, especially for individuals with little or no credit history. (Wahala for go borrow from Palmpay without paying back)

Fortunately, technological advancements have given rise to innovative fintech solutions that provide easy and affordable access to credit.

Loan apps have become increasingly popular in Nigeria due to their convenience and ease of use. With a plethora of loan apps in Nigeria, it can be challenging to determine which app offers the best interest rates. In this blog post, we will discuss the top 10 Instant loan apps in Nigeria that offer the best interest rates.

Branch

Branch is a loan app in Nigeria that offers instant loans to individuals and small businesses. The app has a user-friendly interface that enables borrowers to access loans of up to N200,000 without collateral. Branch also offers competitive interest rates, ranging from 14% to 28%, depending on the loan amount and repayment period.

Carbon

Carbon, formerly known as Paylater, is one of the popular loan apps in Nigeria that offers loans of up to N500,000 without collateral.

The app offers competitive interest rates, starting from as low as 5% per month, depending on the loan amount and repayment period.

Carbon also offers a credit score system that rewards borrowers with better interest rates based on their repayment history.

FairMoney

FairMoney is a loan app in Nigeria that offers loans of up to N500,000 without collateral. The app offers competitive interest rates, ranging from 10% to 30%, depending on the loan amount and repayment period. FairMoney also offers a unique loan insurance product that enables borrowers to protect their loans against unforeseen events.

Migo (KwikMoney)

Migo (formerly known as Kwikmoney) is a loan app in Nigeria that offers loans of up to N500,000 without collateral. The app offers competitive interest rates, ranging from 5% to 15%, depending on the loan amount and repayment period. Migo also offers a unique referral program that rewards users for inviting friends and family to the app.

Renmoney

Renmoney is a loan app in Nigeria that offers loans of up to N6,000,000 without collateral. The app offers competitive interest rates, starting from as low as 2.5% per month, depending on the loan amount and repayment period.

Renmoney also offers flexible repayment options and a credit score system that rewards borrowers with better interest rates based on their repayment history.

Palmcredit

Palmcredit is a loan app in Nigeria that offers loans of up to N100,000 without collateral. The app offers competitive interest rates, ranging from 14% to 24%, depending on the loan amount and repayment period. Palmcredit also offers a unique credit scoring system that enables borrowers to build their credit history and access higher loan amounts.

Sokoloan

Sokoloan is a loan app in Nigeria that offers loans of up to N100,000 without collateral. The app offers competitive interest rates, ranging from 4.5% to 34%, depending on the loan amount and repayment period. Sokoloan also offers a unique loyalty program that rewards borrowers with better interest rates and higher loan amounts based on their repayment history.

Aella Credit

Aella Credit is a loan app in Nigeria that offers loans of up to N1,000,000 without collateral. The app offers competitive interest rates, ranging from 20% to 27%, depending on the loan amount and repayment period. Aella Credit also offers a unique credit scoring system that enables borrowers to build their credit history and access higher loan amounts.

Quickcheck

Quickcheck is a loan app in Nigeria that offers loans of up to N200,000 without collateral. The app offers competitive interest rates, starting from as low as 1% per day, depending on the loan amount and repayment period. Quickcheck also offers a unique credit scoring system that enables borrowers to build their credit history and access higher loan amounts.

Specta by Sterling

Specta by Sterling is a loan app in Nigeria that offers loans of up to N5,000,000 without collateral. The app offers competitive interest rates, starting from as low as 0.5% per month, depending on the loan amount and repayment period. Specta also offers a unique credit scoring system that rewards borrowers with better interest rates based on their repayment history.

BONUS (Best Instant Loan Apps in Nigeria)

OKASH

Okash is a popular loan app in Nigeria that offers quick and easy access to credit. With Okash, you can apply for a loan and get approved in minutes, without the need for collateral.

The app offers flexible repayment terms and low-interest rates, making it an affordable option for those in need of funds.

Okash is designed to be user-friendly, and the entire loan application process can be completed online. Whether you’re a small business owner or an individual looking for a personal loan, Okash may be the perfect solution for your financial needs.

Conclusion

In conclusion, loan apps have revolutionized the lending industry in Nigeria, providing easy and affordable access to credit for individuals and small businesses.

When choosing a loan app, it is essential to consider the interest rates offered, the loan amount, repayment period, and any additional features such as credit scoring systems and insurance products.

The loan apps discussed in this blog post offer some of the best interest rates in Nigeria and are worth considering when in need of credit.

Remember, borrowing money always comes with the responsibility of repaying it on time to avoid late fees, penalties, and negative effects on your credit score.

It is important to borrow only what you need and can afford to repay to avoid falling into a cycle of debt.

Furthermore, it is crucial to read and understand the terms and conditions of the loan before accepting it. Some loan apps may have hidden fees, high-interest rates for late repayments, or unfavorable repayment terms. Be sure to compare the offers of different loan apps and choose the one that suits your needs and financial situation best.

Overall, loan apps have made accessing credit easier and more convenient than ever before. With the right loan app, you can get the funds you need to finance your dreams and achieve your goals. However, it is important to use these apps responsibly and borrow only what you can afford to repay to avoid financial troubles down the road.

The post Instant Loan Apps in Nigeria: Compare the Best Options appeared first on AFRICA EXPLAINED.