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.

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.

This loan app is relatively new and has so far gained over 50k downloads on the Google play store with mixed reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.

Because of their minimal documentation and no collateral requirement, online loans are very expensive with high-interest rates. They should not be taken to fund one’s lifestyle but rather should only be used for emergency needs.

How to Download APK and get a loan from Okilo Cash loan app

• Download and install the Okilo Cash personal Loan App exclusively available on the Google Play store 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 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.

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.

Note that online loan apps are not licensed or regulated by any government agency in Nigeria, you are responsible for your own safety while taking a loan from them as there is no way to make complain about poor service.

What other borrowers are saying about Okilo Cash loan app

These reviews are from users on Google play store.

Gyang Lo-Jugu wrote, “This app is nothing but a loan shark app, how can you tell me You’re giving me 10k but it’s N5500 that is the actual amount I get in my account with all the rest you deduct as charges? and I’ll repay upto 11k? These people are disgustingly dishonest, don’t get a loan from them cos they’re thieves. I gave them 5 stars cos they they own 5 stars in stealing, nonsense.”

Oyakhire Jimoh wrote, “what you apply for is not what you are credited and after crediting they give over 50% interest Scam.”

Note that online loan apps are not registered or regulated by any government agency in Nigeria. You are responsible for your own safety and security should you decide to patronize them. Most of them have very high interest rates and hidden charges on short term loans. Their repayment period is usually just 7 days.

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.

Interest rate

Loans range from ₦10,000 to ₦350,000 and the permissible age limit to apply is 21 years. The loan term can be between 90 to 360 days.
Interest Annual Percentage Rate(APR) range from between 5% – 25%.

For example: amount of ₦30000 with a limit of 120 days. Interest rate of 25% / year
• The monthly payment is: ₦ 8125
• The amount of interest for the entire loan is: ₦ 2500
• The processing fee charged is: ₦ 0
• The total payment is: ₦ 32500
• EIR is: 2.08%

.

For Example
If you choose a loan limit of ₦ 6,000.00 with a period of 360 days
The total interest must be paid: ₦ 6000.00 * 0.05% * 360 = ₦ 1080, monthly interest shall be paid: ₦ 6000.00 * 0.05% * 30 =₦90, monthly repayment bill including principle and interest shall be paid: ₦ 6000/12 + ₦ 90= ₦ 590, total repayment bill including principle and interest shall be paid: ₦ 6000.00 + ₦ 1080 =₦ 7080.

Note that this interest rate is just an example, your actual interest rate on the app will depend on your credit score and how much information the app can get from your device. Keep banking SMS records on your phone to increase your chances of getting a higher loan amount.

Okilo Cash loan app customer service number

Harago Financial Services Pvt Ltd
Email: OkiloCash2022@outlook.com
Tel: +234 08084948272
Address：7 Jesudola Street Lagos Adamo Town, Lagos, Federal Republic of Nigeria

The post Okilo Cash Loan App Review: quick online loan app in Nigeria appeared first on AFRICA EXPLAINED.

NewCredit is a personal loan app that gives Nigerian collateral-free loans of up to N300,000.

The app has a friendly user interface with a seamless loan application process. It 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. To qualify for a loan and get a high loan amount always keep your bank transaction records on your phone.

How to Download and Apply for NewCredit loan

1.Download NewCredit App from google play store and install on your Android phone.

2.Register an account with your phone number.

3.Fill in basic information, including your residential address, next of kin and employment details

4. You will also be required to provide your Biometric verification number BVN and bind your ATM card to your account as a means of repayment.

Note that you might experience some difficulty while trying to bind your Verve ATM card to your NewCredit account. Use a Visa card or MasterCard as the app does not readily bind with Verve ATM cards.

5. After the submission of your loan application, the algorithm will analyze your credit score and the final result will be shown in the APP.

6.If approved, the loan amount will be disbursed into the bank account directly.

What are the requirements?

1. Be a Nigerian citizen or legal Resident.
2. Be between the ages of 18-55 years old.
3. Have a Monthly income source.
4. Bind your ATM card to your account
5. Provide details of two of your next of kins including their phone numbers.
6. Have a good credit score with no outstanding loans from other lenders.

NewCredit loan app interest rate?

-Equivalent monthly interest 4%~24%,the annual percentage rate (APR) on Newcredit is 24%~56%.
-Example:If you choose a 6-month loan and borrow ₦100,000,Newcredit charges an interest rate of 4% per month.Borrow NGN interest rate:24% and the APR is 48%.180 days repayments of ₦24,000.Total amount payment is ₦124,000.

This interest 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.

Is NewCredit loan app legit?

Yes, NewCredit Loan app is legit and 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.
Security
Loan application process is absolutely secure and safe. NewCredit promises never to share customer’s information with anyone without consent.

What NewCredit loan app can improve?

The loan application process on NewCredit is simple and seamless, tho the app does collect a lots of information like your employment details and residential address last to your P.O Box.

The loan interest rate on this app is manageable even for new borrowers, but loan disbursement can sometimes be slow. Some customers have complained of not getting their loans disbursed to their account days after getting approved for it.

The repayment gateway on NewCredit has lots of bugs. Most customers are left frustrated and unable to repay their loans as the one time password OTP sent to their phones does not arrive on time or doesn’t arrive at all.

The customer service experience on this app is also very terrible. Only one email address is available for complaints and messages sent to it is often times not responded to.

How to solve NewCredit repayment problem

Most customers are left unable to repay their loans as the OTP sent via Paystack payment gateway often does not arrive on time or does not arrive at all. The fee for late payment is a punitive N600 per day on your loan even if the fault is not yours.

One way to work around this is to request for the apps official bank account and make your loan repayment into it. Make sure the account you are paying into is from the app to avoid paying to fraudsters.

NewCredit loan app customer service number

This is the only customer service contact available for this as app.

• Service Email: deeoemmah4098@gmail.com
• Office Address: 45c Sobo Arobiodu St, Ikeja GRA, Ikeja, Lagos, Nigeria

The post NewCredit loan app review: Instant personal loans in Nigeria appeared first on AFRICA EXPLAINED.

Timiza loan app from Absa Bank (formerly known as Barclays Bank of Kenya) is a Fintech app which includes a short term personal loan feature exclusively for Kenyans.

With Timiza you can bank from your phone, whether you want to get an instant loan, transfer funds, pay bills or purchase an insurance cover.

Timiza makes banking and loan application easy for both banked and rural Kenyans by providing collateral free and 100% online loans. No paperwork, with just your mobile phone and a few documents you can access revolving loans with higher amounts every time you repay.

How to Apply for Timiza loan?

To get a Timiza loan, all you need to do is:

• Download and install the Timiza app from Google play store
• Register for an account using your Safaricom line.
• Upload your Kenyan National Identification Document (ID) Kindly note that Kenyan passports are not allowed.
• Verify your identity and that the information you’ve entered is correct.
• Get money sent directly to your M-Pesa account.

You can also apply for an Absa Timiza Loan through the USSD service
Simply dial *848# on your Safaricom line connected with your Absa Timiza Account and follow the prompts.

What are the requirements for a customer to have a Timiza Account?

• Be a registered Safaricom Subscriber.
• Be a registered Safaricom M-PESA customer.
• Have an active Safaricom M-PESA account/line.
• Hold a Kenyan National Identification Document (ID) Kindly note that Kenyan passports are not allowed.
• You will also need to have a good rating at the Credit Reference Bureau [CRB] and by Safaricom on Okoa Jahazi.

Timiza loan interest rate

All Timiza Loan attracts an interest charge of 1.083% charged once and a facilitation fee of 5% of the amount borrowed for a term of 30 days.
Loan is disbursed to the Customer’s Timiza account (not directly to M-PESA). The Customer will access the funds by withdrawing from Timiza to M-PESA. See what to do to increase your loan amount.

How to repay your Timiza loan

You can repay the loan through MPESA business number 300067, account number is your Safaricom phone number. Or you can directly dial * 848#. Insert the pin, pick the loan option, and select pay loan.
Here is how to pay with the MPESA business number:

• Proceed to MPESA.
• Choose Lipa Na MPESA.
• Choose the Paybill Option.
• Insert the Business number as 300067.
• Insert your Timiza Enrolled phone number as the account number.
• Insert your Cash Amount.
• Insert your MPESA Pin.
• Verify the specifications are correct then click OK.

Is Timiza loan app safe?

Yes Timiza loan app is safe and legit. Absa is a regulated financial service provider licensed by the Kenya Central Bank.

Timiza customer service number

If you have any issues or enquiry WhatsApp 0712 233248
Via Phone – 0709 213000

The post Timiza Loan App from ABSA Review: Loan apps in Kenya appeared first on AFRICA EXPLAINED.

iMoney loan app is in the class of tested and trusted loan apps on the play store with over 1 million downloads so far and about 34k reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.

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.

Do not take an online loan to fund your lifestyle. Online loans can be useful in times of emergencies but can be expensive with very high-interest rates because they are unsecured and require minimal documentation to get.

How to apply for a loan from iMoney?

Getting an iMoney loan can be done easily online by:

• Download the iMoney personal 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 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 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.

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.

iMoney Loan App interest rate

The interest rate offered on your iMoney loan is 12% – 36%APR, with 0% service fee.
Example: If the loan amount is ₦5,000, the loan term is 180days, and the Interest rate is 12%, the total Interest should be ₦5,000 * 12% = ₦600.

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.

Is iMoney legit or a scam?

iMoney 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.

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 iMoney can improve

Overall, iMoney is an okay personal loan app for short term loans, but there’s still a few things that can be improved.

Their customer service is not as professional as they ought to be. They resort to insulting defaulting customers who don’t pay on time, and they even automatically debit customers accounts sometimes a day before due date.

The interest rate on this app is also on the high side, upto 20% on a 7 days loan term. This short 7 days loan term can also be improved. Most other loan apps in Nigeria already offer 14 days loan term and above.

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 will happen if I don’t repay my iMoney 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.

How to repay iMoney loan?

1. Open iMoney on your phone
2. Click My Loan
3. Choose one of your loan
4. Click the Repay In Advance
5. Confirm that all details are correct and press “Repay now”
6. Choose your Repayment method and press “Repay now”
7. Complete your Repayment

iMoney customer care and CONTACT

• Customer service phone: 09036094805
• Facebook page: https://www.facebook.com/pg/iMoneytech
• Email:help@imoney.ng
• Office Address: (SAPETRO) TOWERS 1, ADEOLA ODEKU STREET, VICTORIA ISLAND LAGOS.(Lagos, LAGOS)

The post iMoney Loan App Review – personal loans in Nigeria appeared first on AFRICA EXPLAINED.

Aella is not just an app for Quick and easy loans, it also offers bill payments solutions, micro insurance amongst other financial services.

What is Aella credit loan app?

Aella is a fintech app built to simplify instant credit and payment solutions for emerging markets in Africa and Asia. The app is designed to provide services such as loans, investments, bill payments, micro-insurance plans, and money transfers. All of these at the snap of your fingers.

Services offered on Aella app

Aella Credit: Quick and easy access to loans in 5mins. You can grow your credit score and increase your credit limit by prompt repayments, with no paper documentation. All you need is your basic information, BVN, and a smartphone (iOS or Android).

The loan ranges from ₦1,500 to ₦1,000,000 with a tenor of 91 days to 180 days. The monthly interest rate ranges from 2% – 20% and APR from 22% – 264%/annum.

Example of an Aella Loan

Loan Amount: 90,000
Tenure: 3 Months
Interest Rate: 30%
Monthly Interest: 9,000
Monthly Repayment: 39,000
Processing Fee: None
Late Repayment Fee: None
APR: 120%/annum

How To REPAY AELLA LOAN

To repay Aella loan via the Aella loan app via
Debit card – To use this option, navigate to ‘Your Loans’ menu section in the app, click the ‘Repay/Pay now’ button in the app and tap on the card linked to your profile.
Once payment is successful, your account is immediately updated.
Money transfer – This option will involves transferring money to your unique bank account.

How to Apply for Aella loan

• Download the Aella App
• Create your account
• Update your profile
• Check eligibility
• Apply for loan
• Receive funds in your wallet instantly.

Aella Pay: Bill payments made easy. Pay for airtime (Glo, MTN, Etisalat, 9Mobile), Power (EKEDC & IKEDC), Internet Data, Transfers etc at no extra cost.

How to Pay your Bills on Aella app

• Download the app
• Create your account
• Update your account
• Click on the bill payments tab on the homepage
• Select your preferred payments (i.e. DSTV, Airtime)
• Provide details of your payments

Aella Notes: Invest the smart way on Aella Notes. You can earn up 26% per annum on your investments, with a minimum of N100,000. With Aella Notes, you can also save and keep track of your investments in real-time.

Aella Care: Having health insurance sometimes feels like a long process. At AellaCare, we provide a simple, quick and easy process that helps you to get very affordable health care plans, convenient access to hospitals and drug prescriptions across Nigeria.

Why Aella App?

• Quick and easy loans up to N1,000,000. Our 5mins is 5mins. No late fees
• Up to 30% interest cut on early repayment
• No agency/convenience fees for any bill payments
• Store money securely in your wallet, no fee charged
• Wallet transfers to any bank account across Nigeria
• Earn up 26% interest on investments

Is Aella loan app legit?

Yes, Aella is legit. It is one of the best loan apps in Nigeria evaluated by BusinessInsider. The CEO of Aella is Akin Jones and their head office is located in Lagos.

AELLA LOAN CONTACTS

Email: Support@aellacredit.com
Facebook: @aellaapp
Twitter: @aellaapp
Instagram: @aellaapp
Website: aellaapp.com

The post Aella Credit Loan App Review – the best instant loan app in Nigeria appeared first on AFRICA EXPLAINED.

With the current economic realities in Nigeria, taking a little financial help has become imperative for most people. XCross Cash loan app and other similar services are here to lend you a helping hand in times of financial emergencies.

What is XCross Cash loan app?

XCross Cash is a Nigerian loan app that offers borrowers short term medium and micro loans starting from N5,000 up to N500,000 in personal and emergency loans.

It is a Personal and reliable online loan app. Xcrosscash lets you activate your involving credit limit. You can withdraw cash anytime for urgent needs. And you have chance to level up your credit limit by different ways in every day, which means enjoy higher limit, lower interest, more flexible tenor by using it.

Xcross cash loan app ugrades your loan amount and borrows you a higher amount every time you repay your loan on time. And You have chance to raise your limit every day by taking some relaxed activities or system limit up, just keep a good repayment record.

The app has so far gained over 1 million downloads on Google play store with mixed reviews. Most costumers seem impressed with the app’s simple and smooth registration process. 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 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 apply for a XCross Cash loan?

Loan application Steps:

• Download and install the XCross Cash loan app from the Google Play Store.
• Register an account.
• Select the product you would like to apply for.
• Fill out your basic information, then submit the application.
• You’ll be charged N50 to bind your ATM card to your account to increase your chances and get a higher loan amount.
• Receive your loan straight into your bank account.
• You would be required to provide your BVN which will be used to determine your credit worthiness. When installing XCross Cash loan app they will require to be authorized to access your mobile information to verify your identity and assess your credit eligibility. Your data is protected by the highest security standards in the world. Under no circumstances will they disclose your information without your permission.

The N50 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.

Interest rate on XCross Cash loan?

The interest rate according to the company is Monthly interest rates from 0.9% to 4.7%, and Annual Percentage Rate (APR) from 10.8% to 56% per year
Example:If you choose a 6-month loan and borrow NGN100,000, Xcrosscash charges an interest rate of 0.9% per month. Borrow NGN Interest Rate: 5.4% and The APR is 10.8%. 180 days interest repayments of NGN 10,800. Total amount payment is NGN110,800

But in practice your actual interest rate might differ drastically from these. That is because each rate is calculated differently based on your personal credit score, credit worthiness and other indicators measured by the algorithm. See how loan apps make lending decisions and how to increase your loan amount.

Loan Limit starts From ₦ 5,000 to a maximum limit of ₦ 500,000
Repayment periods from a tenure of 91days to 180days.

Again in practice, this will depend on your credit worthiness, so expect a different tenure when you’re starting.

pros

• Fast loan processing
• Tested and trusted, it has been around for a while now.
• responsible customer service, relatively.
• Charges maximum of 10% interest rate monthly.
• Loan duration usually starts at monthly, most Nigerian loan apps have weekly loan duration.

Cons

• High interest rates and short tenure especially for first time borrowers.
• has networking issues that prevents card binding smoothly.
• Auto debits customers ATM cards, sometimes before due date.

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.

XCross Cash loan eligibility and requirement

• Applicants must be Nigerian citizens or legal Nigerian Resident
• They must be in the working group between the ages 20-55 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.

Please do not take a Xcrosscash loan to fund your lifestyle or service long-term debts. Short-term loans are helpful in emergencies but can quite expensive when compared to long-term loans and should be used with care.

WHY XCROSSCASH?

With Xcrosscash, getting money is the easiest.
👉No waiting times to getting money. Their service is available 24/7- you can get money whenever and wherever you need it, right on your mobile device.
👉You can get funds, no matter who you are. Whether you’re salary earner or self-employed, Xcrosscash can help you achieve your goals.
👉Get rewarded for positive actions. By repaying loans on time, you have chance to get free interest rate on this app.

Is XCross Cash loan app legit?

Yes, Xcrosscash is a legit loan app that gives short term, high interest loans for emergency uses to customers. You can read other user’s review on Play Store before you download the app.

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.

XCross Cash loan customer service CONTACT and office address?

The customer service is available to assist you with your request, reach them via
• Service Email: xcross.tyz@gmail.com
• the Office Address: 50c Sauket St, Ikeja GRA, Ikeja, Lagos, Nigeria

The post XCross Cash loan app review – get up to N500,000 in minutes appeared first on AFRICA EXPLAINED.