Bell Loan app is an online lending company that is new in granting personal loans to Nigeria without documents.
With mixed reviews, the app has been downloaded over 10k times on Google Play Store. It uses a loan program to gather information about potential customers, including phone records, banking transaction alerts, and BVN, to determine each borrower’s credit score.
Bell loan app
You can get higher if you keep your bank transaction messages up and have no outstanding debts from other loan apps.
It’s easy to apply. Download the app from the Google Play store and provide information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
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How to download APK and apply for a Bell loan
- Install the Bell personal loan app exclusively on the Google Play Store.
- Register with your phone number to create an account.
- For verification, you should use the phone number associated with your BVN.
- Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin details.
- Your Biometric verification number BVN will also be requested.
- To bind your ATM card with your account, you will be charged N50. This will increase your chances of getting a higher loan amount.
- A one-time OTP password will be sent to you to confirm your details.
- After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
- You should see the result in less than 2 minutes. The amount will be transferred directly to your bank account if you are eligible for a loan.
- You must take a clear selfie of your identity to ensure your phone has enough memory.
The N30 charged to attach your ATM card to your account can be refunded. However, the money may take 7 to 12 business days to reach your bank account.
Your BVN is tied to your credit score. If you have outstanding loans with other lenders or have paid other lenders on time, your application will be allowed.
Credit scores are a record of all your borrowings and cash transactions.
To download the bell loan app, you must agree to allow it access to your phone contacts, SMS to view your banking transaction records, and apps on your smartphone to see how other loan apps are used.
Is the Bell loan app legit?
Bell loan app is a legit loan app. However, the app is still new to the Play Store. It offers customers loans, but it is essential to be cautious before applying for an online loan. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN or any other government agency in Nigeria. They are responsible for your transactions, and you cannot seek redress for lousy customer service.
Its availability on the Google Play store does not guarantee secure transactions made on it. You are responsible for your security when using loan apps in Nigeria through the play store.
How can the Bell loan app improve your cash flow?
Bell loan app charges high-interest rates on short-term loans. First-time borrowers typically get 6k to 10k in 7 days.
High rejection rates mean that most loan applications are rejected. Some are kept for several days.
There are also networking issues with the app that may prevent customers from registering their ATM cards smoothly. It also takes a while to acknowledge loan repayments. It may take some time for your dashboard to clear after you have repaid your loan. Be patient and keep your proofs of payment handy. It cannot be easy to send verification, as many customers don’t receive it.
Be aware of your repayment plan when taking out a loan. The app may attempt to auto-debit you on the due date for the first installment of a 60-day loan. It might also charge you overdue fees before the end of 60 days.
To prevent automatic debit, you can change the password for your ATM card. The app is known to auto-debit customers after they make payments via bank transfer.
The loan tenure starts at seven days. This is less than the minimum 30-day tenure that the CBN recommends for short-term personal loan providers.
The interest rate for Bell loan
Rates and fees for loans
Loan amounts: N 5,000 to N 50,000
Service / Interest Fee: 2% – 35%
Maximum Annual Percentage Rate (APR), 66.21% – 2740.44%
Late fee: One-time fee of 8.8% of the outstanding amount
Minimum repayment period: 61 days
Maximum repayment period: 180 days
Here’s an example of interest calculation for a loan:
Lender Interest: (APR: 30%)
Tenor: 4 Months
Annual Interest (: 100000 * 0.3):30,000 Naira
Total Interest for 4 Months: 100000 *0.3 *4/12:10,000 Naira
Monthly Interest: 2,500 Naira
Monthly Repayment (principal and Interest): 27,500 Naira
Full Repayment:110,000 Naira
For example, the interest rate and tenure are lower if you borrow for the first time. You can increase your amount by keeping good records and repaying the loan on time.
What are the Bell loan requirements?
- You can be a Nigerian citizen or resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from other lenders.
- Maintain an active bank account
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is essential to adhere to the due date. You can get larger loans if you repay the loan on time. You will only be eligible to receive larger loans or any other loan products if you make timely repayments. You will be reported to First Central Credit Bureau if you need to arrive on time with your payments. The First Central Credit Bureau could blocklist you, impacting your ability to borrow money from other lenders.
Customer service number for Bell loan
Customer Service Email: Belloan@gmail.com
Address: No.60 adeniyi Jones,ikeja,Logas.