Fastcredit loan app in Nigeria is an online financial company that offers instant and quick loan for personal needs.
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 was recently released and has received over 10k downloads in less than a month. However, mixed reviews have been posted about it. The app’s bugs and network issues seem to have disappointed most customers. It uses a loan program to gather information about potential customers, including their phone records, bank transaction alerts, and BVN in order to determine the credit score of each borrower.
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 FastCredit loan application
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 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 FastCredit a scam or legit?
Fastcredit loan app offers micro loans up to N500,000. However, it has high interest rates and bugs that make registration difficult. Before you apply for an online loan, be cautious. Before you apply for an online loan in Nigeria, make sure to read reviews from other customers.
Do not use a FastCredit 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.
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
Registering is difficult because of bugs or networking issues.
What are other lenders saying about FastCredit
Although the app offers loans to those who are lucky enough to be able to register, it is not available to everyone.
Abiodun Idowu wrote: “This app isn’t good at all am asking for a loan but you stated money has entered my bank but I don’t see any money I can return money dat I haven’t collected do something I don’t see any money in bank.”
Ibiyemi wrote that she was unable to add her bank name. It keeps listing an uncompleted list of bank names.”
Udemeudopeter Peter wrote: “Please explain why on Earth will u advertise loan app to my mailbox and when I applied u rejected my application n then u keep on disturbing me to down load d useless appn applied.” Read more user reviews.
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.
What is the interest rate?
You can borrow as little as N2,000 or as much as N120,000 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.If a loan package of N10,000 is chosen (Principal), at a rate of 3% per monthly (36% APR), then you will have to repay N1,966.67 each month for six months. 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 loan amount.
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.
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.