FoundOne Loan App Review: Instant Payday Loan in Nigeria
FoundOne loan app is an instant payday loan app that gives it’s Nigerian customers short-term.
If you’re an Android user, you can apply for the collateral free loan starting from N5,000 to a maximum loan amount of N100,000 with minimal documentation.
FoundOne loan app has been around for over a year now but it’s recently updated version has gained over 100k downloads so far on Google play store with mixed reviews. It uses a loan software to collect prospective customers information including phone records, banking transaction alerts, BVN to build the credit score of each borrower.
To qualify for a loan or higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!
Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all Within a few hours.
How to Download APK and get a loan from FoundOne loan app
- Download the FoundOne Loan App exclusively available on the Google Playstore and install 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 Kwow-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 N50 to bind your ATM card to your account to increase your chances and get 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.
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 it gets access to your phone book contacts, SMS, and other details it uses to build your credit score.
Is FoundOne Loan app legit or scam?
Yes, FoundOne loan app is legit, the app does give out loans but caution should be excesissed before taking any online loan. Always read other customer’s reviews before you apply for a loan in Nigeria.
Note that most of these loan apps now pay for fake reviews on Google Play Store. We found several reviews on this apps play store page that gave it 5 stars from multiple fake accounts. Watch out for fake reviews on Google Play Store designed to make you believe untrue claims.
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.
What FoundOne loan app can improve?
As earlier stated, the reviews on this app’s play store page are mostly fake designed to make unsuspecting customers believe untrue claims. You have to really do your research to determine if this app is what using.
And then the loans they give also contain several hidden charges, most customers complain of very high interest rates due to these hidden charges. Loan tenure is small, you typically get just 7 days to payback your loan plus interest.
The app also doesn’t have the option to select the loan amount you want. Ones an amount has been approved for you, you can’t select a lower or higher amount based on your needs, you have to accept what ever amount the system approved for you.
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.
FoundOne loan app interest rate?
Loan amount: ₦3,000 – ₦50,000
Loan term: the shortest is 91 days, the longest is 365 days
Daily interest rate: 0.0057%
Maximum annual interest rate APR: 20.55%
Example loan calculation
Calculating the number is very easy. For example, if you choose a 12-month 10,000 loan principal, we
will show the details below:
Installment plan: 12.
Amount of expenditure: ₦99,63.002. Amount of expenditure = principal – GST – expenses ₦10,000 – ₦369.98 – 0 = ₦99,630.02.
PMT (monthly payment amount): ₦1004.6. PMT = ₦10000 x (1 + 20. 55%)/ 12 = ₦1004.6.
Total interest: ₦2055.
Total amount: ₦12055. Total amount = principal + Total interest = ₦12055.
Total interest rate: 20.55%. Total interest rate = total interest / principal * 100% =, ₦12,055 / ₦10,000 * 100% = 20.55%.
Monthly interest: 1.71%. Monthly interest = total interest rate / installment = 20.55% / 12 = 1.71%.
This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.
What are the 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.
What will happen if I don’t repay my loan or pay my loan late?
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, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
FoundOne loan app customer service number
Mobile: +234 09120180506.