HiFund loan application is among the many loan apps operating in Nigeria without any licenses or laws from the authorities.
These loan apps online buy loan software, build an Android app , and run an advertisement on Google Play Store to encourage users to download their application and then take out loans.
Sure, some of them offer loans, but on a very brief timeframes for repayment, typically starting at 7 days and with a high rate of interest that is more than 50 percent. As if that wasn’t enough of a slap the loan companies employ less acceptable methods to collect their loans. This includes threats, persistent phone calls, and phone calls to creditors’ contacts since they need access to their contacts prior to the they can make loans available.
Customers who are considering buying a home are advised look into online loans to finance their lives. These loans are useful in times of need, but they could be detrimental to your financial health since they can be extremely costly with very high interest rates.
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Do you know if HiFund loan app provide loans?
HiFund Loan App is fairly new to the Nigerian market for loans online The app was launched in August of 2022. The app has just a little over 10k downloads up to now.
HiFund is marketed as a credit loan that is not collateral-free platform that gives the flexibility and reliability of loans, with a credit limits of one million NGN, a service that can really help you in times of urgent need.
HiFund Loan Information:
Loans for money online: N5,000 to N150,000Tenor online loans: The most loan term is 91 days and the most extended is twelve months
Maximum interest on loans per year (APR): 14%(APR) (APR) / No other charges
As an example, If you want to apply for a loan amounting to N5,000, the rate of interest is 14 percent (APR) annually and the loan term is 120 days, therefore the amount you have to pay is N5,000 plus Interest of N5,000 14 percent (APR) * ( 360/120) days equals N5,230 (no additional charges)
Monthly payments total N1,307 = N5,230/ 4.
However, the majority of customers complain about not receiving the loan they want to transfer into their bank accounts despite complete all of the procedure steps.
What are other borrowers saying about the HiFund loan app
Okochi Emmanuel wrote, “After binding my card the didn’t give me loan and they already charged my account, this app is not helpful at all.”
Dolly Tega wrote, “If it were possible to award the guys no stars, you would’ve. In addition to your tiny sum.. you’ve been looking over it for four days.. It’s hilarious. I should declare you spam or deceitful.. You can’t waste the data of people, and then not provide them with the information they need, lucky that I do not have your customer service number.. In fact, I’m already contacting you right now..”
HiFund loan application contact
If you’re looking for more information and want to speak to the app’s owners they can be reached via the following contact details:
The hours of operation are Monday through Friday, 08:30-16:30
Address: The Venia Place , Plot 8, Providence Street, Lekki Phase 1, Lagos Nigeria