Prime loan provides you with an immediate cash in Nigeria without any collateral or paperwork. Even though their loan amount is modest at $30,000, you can get it more than once when you aren’t able to pay the loan previously.
You don’t have to go to any place to be able to get the loan amount. using your smartphone, you’re ready to go.
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The loan must be obtained from prime loan
There are some conditions you have to comply with prior to obtaining a the loan through this app.
Have a good credit score
You must be over 18 years old
Reside in Nigeria
Have a back account and Bvn
You must have a source of income which to repay
A sDownload Fairmoney App For iPhonemart phone that allows you to download the loan application
How do I apply for a prime loan
The first step is to visit the Google Play Store to download and install the lending application
Enter your name, your bvn, and other information
You will be asked to tie your ATM card to avoid a 30 dollars in fee. Do this and continue
After you have completed your registration, you will have access to your account.
Find your dashboard and click on the loan
You will be able to see the how much loan you are eligible for
Click it and then wait for the disbursement
How much can you expect from a prime loan
in the introduction, the limit on the amount that you are able to get from this loan is $30,000 however, you are able to apply more than once based on the loan limit. The maximum amount you can borrow could be as high as 100 000 or greater based upon your score on credit.
Prime rate of interest and time to repay
The prime loan interest rate ranges between 15% and 24% per year. The repayment time range is seven days and 90 days, based upon the size of the loan to be secured.
For the first time, the interest rate is greater, while the repayment period will be shorter while you use the app. However, this will eventually improve.
Repaying your principal loan
To repay your loan, make sure you are on your dashboard
Click here to view loan repayment
You will be presented with a deferred option to repay the loan
Click on the link and pay
After you have made your payment, it will show up on your dashboard
If this is not the case, you need to make contact with them.
What happens If I default or refusing to pay
If you default , you’ll be punished by a rise the rate of interest on your loan which could reach 2.2%.
If you do not return the loan, your name and Bvn will be sent to credit bureaus to be blacklisted. This means that you will not be able to apply for loans from the bank again Nigeria until you repay and have cleared your credit bureau.
Is prime loan legit
If they are able to provide loans, yes, they’re legitimate, they have granted loans to many individuals in Nigeria but they don’t have licensed by CBN or insured by NDIC.
Our final decision on the prime loan
Prime loan can be described as a brand new loan application and, as such, it is possible that you will not be able get large amounts of loan . But they’ll definitely give you a loan.
Their positive review of the play store’s weigh, which suggests that they’re doing things right.
The only issue me with their company is they do not licensed by CBN and are not insured by NDIC due to this, I advise that you exercise caution in obtaining a loans from them.
Prime Loan App does offer loans to those who reside in Nigeria You can avail a small loans to test their operation. They’ll surely provide you with the loan, but they will also give you a loan you are able to repay in order to avoid having.