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10 Facts About Nigerian Loan Apps

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There are more people taking loans online than you could have. With the current economic conditions in the United States the loan apps can provide fast loans, without requiring collateral or requiring any documentation.

however, many of the negative tales you’ve heard about them is likely to be true. Many of them use inhumane tactics to recoup their loans and the majority of loan providers offer a ridiculously high rate of interest for a brief period of time , and almost none of them are authorized or licensed.

Here are some possible answers to any questions you may have about loan applications in Nigeria.

Can loan apps stop my BVN?

Biometric Verification number BVN an unique 11-digit number that is used to identify every Nigerian in their interaction with the financial infrastructure of the country. The number is assigned and is controlled by the CBN together with commercial banks that are licensed.

How can a loan app be able to block your BVN in case you don’t pay back the loan? Technically, not. It is only the CBN can ban your BVN in the event that you in violation of the law. Loan applications, however, may block your BVN in their apps and also prevent you from receiving loans from other loan applications.

A loan app is not able to block your BVN but they will hinder you from receiving additional loans through their platform or obtaining loans from another loan apps.

If I don’t pay back my online loans?

Even before the due date, you’ll start receiving constant calls and text messages from the company that you borrowed from. Once your due date is reached, they will begin to add fees for late payments to your account. The loan company will try to automatically debit the ATM card you connected to your account.

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If all of these fail when all else fails, certain loan applications that are located in Nigeria are known for sending offensive messages to people who are their defaulters. Other apps such as Branch, Carbon and FairMoney will forward your information to a company for loan recovery who will keep calling you until you pay the loan.

Are there any alternatives to going in Jail for not paying online for loans?

There is no way to get in trouble for not paying on the loan payment. The lender is after your funds, and if you end up in prison, they will not allow you to pay back the loan. Although certain loan sharks are accused of threatening their clients with legal counsel and jail time They are not able to take anyone in jail.

What is the reason loan applications require BVN?

The BVN can be described as your individual identification number that is associated with every transaction you make in Nigeria. Because each Nigerian does not have a BVN,, it helps the loans apps to spot the defaulters in your loan and to deny these individuals loans.

Are loan applications legally legal in Nigeria?

Certain loan apps are approved and controlled through CBN. CBN in the category of microfinance organizations. But the majority of loan apps available online in Nigeria are unregistered and illegal. Look at the following page of CBN approved loan applications within Nigeria.

How can I stop an online lending app?

It is likely that you want to stop the loan application from taking funds from your bank account without your approval. Once you’ve linked to your ATM account with your account The only method to avoid this is to disable and block your ATM card. This can be done via your bank’s app or by visiting your banking institution to stop your account and request a fresh one.

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Changing your card password does not stop auto debit.

Can loan apps be accessed by my contacts even after deinstalling?

Yes , you retain your contact information, you give access to the contacts once you download the app . The majority of loan applications make copies of your contact list immediately.

You can prevent the spread of defamation by eliminating your WhatsApp image or restricting access to it only to the contacts you have saved by altering the privacy setting.

Most loan applications that target individuals usually obtain their photos taken from WhatsApp profile.

Which app for loans offers the lowest interest in Nigeria?

Branch Carbon Kuda, Commercial banks’ apps have low rates of interest. The interest rate for loan applications is not consistent and is affected by factors like credit scores and the repayment record of every borrower.

If you have any other concerns regarding loan applications in Nigeria you can leave them in the comments section below, and keep an eye on this page for any news and updates.

I didn’t request any loan, however, the money was transferred to my account at the bank. What can I do?

Sometimes, loan apps will deposit funds into a client’s bank account even though they did not ask for one. Alternatively, a client could fill out the application but then change their mind due to the high interest rate or the short repayment time however, the money will still be transferred to the accounts.
If you’re experiencing something similar, you should immediately transfer the principal amount paid to your account at the bank in order to avoid paying the interest in the future.I accidentally paid more than what I borrowed from a lending app, what do I do?

You may be required to pay back N12,000 however you erroneously transferred N120,000 to the app’s account. In this situation you must request a second loan for the amount you have overpaid. In this case, N108,000 is the instance. It’s not easy to receive reimbursements in these situations, and that is why you must be cautious and double-check the authenticity of any transaction.I paid back my loan however, the loan app did not change the amount of my loan?

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It is a common practice that loan applications will increase the amount of loans they offer their customers if they repay in time, however, they aren’t under any obligation to do this. There are several reasons that a loan app may not be able to increase the amount of your loan even if you have paid in full;

Their limit on loans:Most loan apps have an amount of loan that they are not able to borrow over the amount. For instance that if the limit for loans on an app is $50k it will not be increased your loan amount, even if you completed your repayment in time.
Funds availability: loan apps have specific amounts they’ve programmed into their computers to allow customers to borrow and the system could restrict your loan amount when there are a lot of applicants that are also applying. Therefore, your loan amount may not grow due to the reason of your own.
The history of your loan in other loans:Your loan amount might not rise if you’ve got an outstanding loans with another lender or did not pay your other lenders in time. Your general history with loans can impact the loan amount since the loan applications will do their best to ensure that you’ll pay back the loan when they are due.

You can Apply For Quick Loan Using These Loan Apps

These loan apps are only for urgent loan for personal needs, they are all genuine loan apps

Zuma Cash Loan App

Alikash Loan App

Cash Farm Loan App

Bell Loan App

Wecredit Loan App

Kiakia Loan App

Unicredit Loan App

Aimloan App

Zedvance Loan App

Creditmesan loan app

Naira9ja

Kmimk Loan Application

Nairabag

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