Download Deloan App Apk For Free

Deloan App is an online lending company that is new in the game of granting personal loan to Nigeria without document.

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 in order to determine the credit score for each borrower.

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.

How to download APK and apply for a Deloan App

• Install the Deloan 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 your phone has enough memory.

The N30 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 outstanding loans with other lenders, 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 Deloan App legit?

Deloan App is a legit loan app. However, the app is still new to the Play Store. It does offer loans to customers, but it is important 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 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.

How can the Deloan App improve your cashflow?

Deloan 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 can be difficult 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 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 7 days. This is less than the minimum 30 day tenure that the CBN recommends for personal loans providers who are short-term.

Interest rate for Deloan App

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:

Principal: 100,000.00
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
Total Repayment :110,000 Naira

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.

What are the requirements for Deloan App

• 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.

How do I report online loan harassment in Nigeria?

There are a few steps you can take to report online loan harassment in Nigeria:

1. Contact the lender: If you are being harassed by a lender, try to contact them and explain the situation. They may be able to resolve the issue internally.
2. File a complaint with the Central Bank of Nigeria (CBN): The CBN is responsible for regulating the financial industry in Nigeria, including online lenders. You can file a complaint with them by visiting their website or contacting them directly.
3. File a police report: If you feel threatened or harassed by the lender, you can file a police report. This is especially important if you feel that your safety is at risk.
4. Seek legal assistance: If you are unable to resolve the issue with the lender or the CBN, you may want to seek legal assistance. A lawyer can help you understand your rights and options for pursuing legal action against the lender.

It is important to remember that you have rights as a borrower, and you should not tolerate harassment or abuse from a lender. If you are experiencing harassment or abuse from an online lender in Nigeria, it is important to take action to protect yourself and your rights.

Can I go to jail for not paying online loans in Nigeria?

In Nigeria, it is generally not possible to be incarcerated solely for failing to pay back a loan. However, if you fail to pay back a loan and the lender takes you to court to recover the debt, you could be ordered to pay a fine or serve community service if you are found to be in contempt of court.

It is important to remember that you have legal obligations when it comes to paying back a loan, and if you fail to pay back a loan as agreed, the lender may pursue legal action against you to recover the debt. If you are unable to pay back a loan, it is important to communicate with the lender and try to come to an agreement on a repayment plan. Ignoring the debt or failing to communicate with the lender could lead to more serious consequences.

If you are facing financial difficulties and are struggling to pay back a loan, it is important to seek help as soon as possible. There are organizations in Nigeria that can provide assistance and guidance if you are facing financial hardship.