ForNaira loan app gives Nigerian customers short-term loans to meet their emergency needs. The app is relatively popular on Google play store with over 100k downloads and mixed reviews. It provides collateral free online loan services to meet customer’s financial needs for various requirements ranging from purchase of mobile phones, medical needs, bill payments etc.

The ForNaira app uses AI 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!

How to Download and Apply for ForNaira loan

• Download the ForNaira loan App exclusively available on the Google Playstore and install on your Android phone.
• Register an account with your phone number.
• Fill in basic information, including your residential address, next of kin and employment details
• You will also be required to provide your Biometric verification number BVN.
• 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 algorithm will analyze your credit score and the final result will be shown in the APP.
• If approved, the loan amount will be disbursed into the bank account directly.
• Loan disbursement on ForNaira is instant.
• Note that you can be credited after filling out your application and the loan terms are unacceptable by you.

What are the requirements?

Be a Nigerian citizen or legal Resident.
Be between the age of 22 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 Nigerian bank account.

What ForNaira loan app can improve?

Most loan apps that operate in Nigeria are loan sharks and ForNaira is no different. This apps gives loans with repayment tenure of less than 7 days, should you default on your repayment they will call you with threatening calls and send messages to your family and friends calling you a fraudster. Be very careful before applying for a loan!

The weirdest thing about this app is ones you fill out an application you get credited with high interest rate whether you accept the terms or not.

The loan tenure for all new customers is 7 days. You will be required to payback whatever you borrow with interest within 7 days.

Some customers have also complained of getting automatic loans after repayment without making a request. This app is a loan shark and can easily trap you in a circle of debts.

ForNaira loan app interest rate?

Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 500,000.
Loan interest: the total interest range is from 2% to 24%. The equivalent monthly interest is from 1% to 2% and APR is from 12% to 24%.

Calculation example:

if a customer borrows ₦9,000 for 180 days (6 months), the APR is 18%
So the total Interest would be 9000 NGN 18%180/365 = 799 NGN.
The monthly payment would be (9000 NGN +799 NGN )/6 = 1633 NGN.
The total repayment amount would be 9799 NGN.

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.

Is ForNaira loan app legit or scam?

Yes, ForNaira Loan app is legit and does give out loans to customers but with extremely high interest rates most especially for first time borrowers. 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.

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.

ForNaira loan app customer service number

+2348029153049
Email: garba.adamu.loan99@gmail.com
Address:2ND FLOOR WING A ADEOLA ODEKU STREET, VICTORIA ISLAND LAGOS.(Lagos, LAGOS)
If you have further questions you should submit an enquiry in app.

The post For Naira Loan App Review: Borrow Money Online in Nigeria appeared first on AFRICA EXPLAINED.

DoCredit is a Nigerian personal loan app offered by Dover Credit – a fintech company that gives Nigerians collateral-free loans to meet emergency financial needs.

The relatively new app has over 5k downloads in its first month of release. A lots of Nigerians are really into these loan apps despite the risks associated with using them and the poor service most of them offer.

DoCredit is not to be confused with Do Credit which is an American credit card company. This app uses Artificial Intelligence AI to analyze prospective customers financial records, including the bank transaction SMS on their phones and their credit worthiness from other lenders. 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 DoCredit loan

1. Download the DoCredit App exclusively available on the Google Playstore 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.
5. A one-time password OTP will be sent to your phone to confirm your details.
6. After the submission of your loan application, the algorithm will analyze your credit score and the final result will be shown in the APP.
7. If approved, the loan amount will be disbursed into the bank account directly.
8. Loan disbursement on DoCredit is done manually, so it might take a few hours or even days.

What are the requirements?

1. Be a Nigerian citizen or legal Resident.
2. Be between the age of 22 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.
7. Have an active Nigerian bank account.

DoCredit loan app interest rate?

The Loan Amount：₦5,000 – ₦50,000
Loan Period：91days（Minimum, including delay time）-180days（Maximum, including delay time）
Maximum loan limit：₦50,000
Maximum annual interest rate：18.25%
Service charge：No other Charges.

For Example:
If you obtain a credit of ₦10,000 for 91 days, the total interest payable is: ₦10,0000.05%91=₦455; Monthly interest payable is: ₦10,0000.05%30=₦150; The total amount due is: ₦10,000+₦455=₦10455

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.

Is DoCredit loan app legit or scam?

Yes, DoCredit 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.

You should know that these loan apps are not registered and 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.

Security
Loan application process is absolutely secure and safe. DoCredit promises never to share customer’s information with anyone without consent.

HOW TO REPAY DoCredit LOAN:

1. After successfully binding the repayment bank card, they will automatically deduct the repayment amount from the card if there’s sufficient fund in the card.
2. Repayments through Paystack gateway is also integrated into the the app to enable manual payment.
3. Repaying your loans on time can help improve your credit score, leading to more opportunities for higher limits and longer terms.

What DoCredit loan app can improve?

DoCredit is relatively new in the lenders business and has a lot to improve upon.

The app contains bugs which causes most customers to experience errors while using it. You might finish completing your form and the app will crash displaying an error message, which means you have to start all over again.

Some customers have also complained of not getting their OTP and therefore can’t proceed with registration.

This app contains hidden charges, you might be approved for a N6000 loan, and see only N4000 disbursed to your account with the rest claimed as charges. You will be required to pay back the full N6000 plus interest.

Some customers have complained of not getting a higher loan amount even after repaying their previous loans on time.

DoCredit loan app customer service number

If you have any feedback, questions or doubts, please contact +234 9155007309 or docredit.service@gmail.com
Address: Lagos state, Ikeja town number 43 Adeniyi Jones Street.

The post Do Credit Loan App Review: New instant personal loans 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.

PickCredit is a loan app designed to give Nigerian collateral-free personal loans between N8,000 and N300,000.

The relatively new app on Google play store 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.

The loans also comes with a flexible repayment plan and the app is easy to use with user-friendly interface for an easy loan application process.

How to Download and Apply for PickCredit loan

• 1.Download PickCredit App from google play store and install.
• 2.Register an account with your phone number.
• 3.Fill in basic information.
• 4.After the submission of your loan application, the algorithm will analyze your credit score and the final result will be shown in the APP.
• 5.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

PickCredit loan app interest rate?

Loan period: the loan range is from 7 days to 360 days ,
Loan amount: the loan amount is from NGN 8,000 to NGN 300,000
Loan interest: Interest rate:15% – 35% APR,no additional fees.
Service fee: 0%
Handling fee: 0%

Take a case for example:
if a customer borrows ₦10,000 for 180 days (6 months), the APR is 18%
So the total Interest would be 10,000 NGN 18%180/365 = 887 NGN.
The monthly payment would be (10,000 NGN +887 NGN )/6 = 1,962 NGN.
The total repayment amount would be 10,887 NGN.

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 PickCredit loan app legit?

Yes, PickCredit 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. PickCredit promises that never share customer’s information to anyone without consent.

What PickCredit loan app can improve?

Pick credit has a smooth interface for easy loan application process, that is about the only positive thing on this loan app.

First, the loan interest rate on the app is extremely high especially for first time borrowers. The app can also trick borrowers into taking the extremely high interest. for example, when you apply for a loan the app will calculate how much you qualify for and make you a loan offer.

But your loan offer already contains the interest. Most first time borrowers get approved to receive N8,000 but end up with a loan disbursement of N5,000 or less in their bank accounts and will be expected to pay back N8,000 plus interest within 7 days or face consequences. Some customers have also complained of hidden charges in addition to all these.

PickCredit loan app is supposed to be an instant loan app but some customers have been kept on review, unable to receive loan disbursement for days despite qualifying for one.

This app does not seem to have a functional customer service phone number, only an email is available for customer support services.

PickCredit loan app customer service number

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

• Email: columba.mmenyene.aniedi@gmail.com

The post PickCredit Loan App Review: personal loans in Nigeria appeared first on AFRICA EXPLAINED.

Most of us in Nigeria often assume everyone living abroad are swimming in money. And why won’t we? They are living in much better organized societies with much more opportunities. Instead of asking such family and friends for money, have you ever thought of asking them to transfer some of those opportunities back home?

What is SympliFi?
SympliFi is a mobile App that enables individuals living in the U.K to provide their loved ones back home in Nigeria with access to loans for their businesses, instead of sending money. The idea is simple but genius, your relative living in the U.K puts a refundable amount in the app, say $500 to stand as a guarantor for you to get a business loan starting from N250,000 for your productive uses here in Nigeria. One you repay your loan, your relative in the U.K gets back their $500 and thus, all shall prosper!

This app eliminates the need of using property as collateral and also eliminates the burden of begging people abroad for money, who might not be as financially buoyant as most of us often assume.

How does Symplifi works?

1. The process is pretty basic, after a prospective borrower submits a loan request on the app with one of their lending partners
2. The person abroad backing the loan receives a confirmation message before the loan request can be processed
3. After confirmation is received from the person abroad, if they are a first time customer they will receive a link to download the SympliFi App and top up their SympliFi wallet for the amount of the refundable collateral required to back the loan
4. The collateral is securely held in your SympliFi wallet for the duration of the loan. It doesn’t move.
5. The bank contacts the borrower to disburse the loan; the person abroad starts earning cashback on the collateral in their wallet
6. When the loan is repaid in full the collateral is released back to the guarantor, plus the cashback earned; in the event of default, any amount owed to the bank is deducted from the collateral.

How do I apply for a Symplifi loan in Nigeria?

To get started, head over to the Google Play Store iOS store to download the Symplifi loan app. Once you download the app, you should also encourage your guarantor to create a wallet.

FAQs

What are the benefits of the service?

Keep your money. No money sent, no money spent. The collateral securely stays in your wallet. When the loan is repaid, you’re free to move the money. No fees, no FX costs.
Earn cash back. Earn 1% or more cash back on your collateral whenever your loved one accesses a loan.
Unlimited access to loans. Your borrower has access to unlimited loans, anytime they need cash – with just one collateral.

Who issues the loan to the borrower?
They work with regulated lending partners in the home country that partner with SympliFi to extend loans to your loved ones. The lender performs a quick credit check on the borrower prior to disbursement. The borrower is responsible for repaying the lender directly. If the borrower does not repay, the lender will make best efforts to collect from the borrower before they can request the collateral.

Does Symplifi have any fees?
There are no fees, there are no FX costs whatsoever. Unlike money transfer companies, they generate revenue from their lending partners. As with any loan, the borrower back home will pay interest and standard processing fees to the bank issuing the loan.

Is Symplifi Legit?

Symplifi is safe and legit. They are a British company based in London. Though they do not disburse funds to borrowers, they thoroughly vet their lending partners. Their office is located at Unit 6 Queens Yard White Post Lane,
London E9 5EN
Simplifi Financial Solutions Ltd Company Number 10872479 from the Registrar of Companies for England and Wales.
Payment and e-wallet services provided by Rapyd (trading name CashDash UK Limited) authorised and regulated by the UK Financial Conduct Authority as an eMoney Institute (EMI) with license number 900769.

Who owns Symplifi

The company was co-founded in 2019 by Maurice Iwunze and Gregoire Lecomte. Maurice Iwunze currently serves as the CEO of Symplifi.

The post Symplifi loan app review appeared first on AFRICA EXPLAINED.

With this app, business owners can focus on growing their businesses while the app handles their finances. Prospa app offers services including bank account opening for your business (corporate account), create invoices, create sub-accounts for other people, add team members to manage your funds, send money, receive money and many more from a single dashboard.

If you are a business owner who does not appreciate lining up in a banking hall, then this app is especially designed for you. Here is a full list of things you can do on Prosper app:

Your account comes with:
• Bank account number in your business name
• Receive transfers from all Nigerian banks
• Send transfers to all Nigerian banks
• Create sub-accounts
• Auto-Split your funds across sub-accounts
• Manage your customers
• Send invoices
• Pay bills
• Buy airtime
• International transfers (Ghana, Kenya, UK)
• Add team members
• Download your statement
• Add and manage additional businesses
• Extra tools & features to keep your business on autopilot
• Integrate with existing software
• Transparent and easy to understand fees

How do I get a Prosper account?

If your business is already registered with the Corporate Affairs Commission CAC, and you already have a Tax Identification Number TIN, then proceeding will be a lot simpler. If your business is not yet registered, you can do it right on the Prospa App. Simply download and install the app on your phone to get started. ones your business registration is complete, you will receive the following:

You will receive your CAC pack containing

• Registration forms
• Business name certificate

You will also receive your

• TIN
• TIN slip

Is Prospa legit or a scam?

Prospa is legit, the app is owned by the parent company Prospa Technology Limited and is duly registered under the Laws of the Federal Republic of Nigeria with RC Number: 1594615.

Is my account and money insured?

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