The Continuous Borrow Loan App is a Nigerian mobile loan application that provides micro and medium-term personal loans up to N600,000.
Unsecured loans are those that don’t require collateral or a downpayment. These loans are usually short-term and have very high interest rates.
The app is easy to use and has a great user interface. You can apply online for a loan by providing some information and your ID card.
With mixed reviews, the app has been downloaded more than 10k times on Google Play Store. The app’s easy and seamless registration process is appreciated by most customers. It uses a loan program to gather information about potential customers, including phone records, bank transaction alerts, BVN, and BVN in order to determine each borrower’s credit score.
You will be able to get higher amounts if you keep your bank transaction messages up and have no outstanding debts from other loan apps.
It’s easy to apply. Just download the app from Google Play store and provide some 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 loan through Continuous Borrow Loan App
Install the Continuous Loan personal loan app exclusively on the Google Playstore.
Register with your phone number to create an account
For verification, it is preferable that you use the phone number associated to 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 loan amount that is higher.
To confirm your details, a one-time OTP password will be sent to you.
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. If you are eligible for a loan the amount will be transferred directly to your bank account.
You will need to take a clear selfie of your identity so make sure you have enough storage.
The N50 that was charged to attach your ATM card to your account can be refunded. However, it may take up to 7 to 12 business day for the money to reach your bank account.
Your BVN is tied to your credit score. If you have an outstanding loan from another lender or have not paid other lenders on time, your application will be denied.
Credit scores are a record of all your borrowings and cash transactions.
To download the 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 Continuous Borrow Loan App legit?
Continuous Borrow App is a legitimate loan app. However, you should exercise caution 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 nor any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
It takes time to disburse loans once approved. Some customers may take days or weeks before they see alert.
For new users, the loan term is only 7 days.
For small amounts of loan, very high interest rates
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 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.
Most of these apps are loan sharks and may threaten to send you messages calling your family members a fraudster if you default on your payment. If you have other options, it is better to avoid these apps.
What is the interest rate?
You can borrow as little as N2,000 or as much as N690,000 and pay it back in 60-180 days. The usual repayment term is monthly. Our credit scoring algorithm determines our minimum and maximum interest rates. They are 3% per month, with a maximum of 10% per calendar month. This gives rise to an Annual Percentage Ratio (APR) between 36% and 120%.
REPRESENTATIVE ELEMENT. You will pay N1,966.67 per month if you take out a loan package starting at N10,000 (Principal), and repay it over 6 months with an interest rate of 3% per monthly (36% APR). You would have paid N11,800 total over the six-month period.
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
You should not use a Continuous Borrow loan for your lifestyle or to pay off long-term debts. While short-term loans can be helpful for emergencies, they are more expensive than long-term loans. Therefore, you should use them with caution.
What are the 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 any 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 important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
Customer service number for Continuous Borrow Loan App
Mr Olawale Olokede is a registered loan officer and worked for over 10 years as a senior financial consultant for accounting, finance and business management firms in Nigeria. Mr Olawale Olokede implemented and supervised financial and loan solution to Lagos based small and medium scale businesses after lecturing at the Lagos Business school. He is channeled his writing skills and passion for blogging to set up Lending Naija with over 50 reviews on different loan application and downloads.