Evemo Loan gives the fastest instant loan online in Nigeria to solve personal and business financial needs.
Evemo is another payday online loan company that promises to provide loans with no collateral in Nigeria starting at 1 000 and up to 100,000. The app is only accessible to Android phone users. The applications are completely online.
Evemo application is relatively new to the market and has only about 10k downloads to date on Google Play Store, with mixed reviews. It utilizes loan software to gather customer information such as phone numbers, bank transactions, and BVN for the credit scoring of every borrower.
If you want to be eligible for a loan or a greater amount, ensure you keep a record of your bank transactions on your smartphone and don’t have any outstanding loans with other loan applications!
The application is easy, simply download the application from the Google Play Store, and provide certain details about yourself The algorithm will then analyze the information you provide and calculate your credit score and offer an offer for a loan within a matter of hours.
Table of Contents
How do you download the APK to receive a loan through the Evemo app
- Get The Evemo App only available through the Google Play store and install it on your Android phone.
- Create an account using your mobile number.
- The preferred phone number that is connected with your BVN as a unique password will be sent to the number to verify your identity.
- Input your essential Kwow-your customer KYC details, which include your address of residence, your next of kin, and your employment information.
- Then you will also need to submit the Biometric Verification Number BVN.
- The amount you pay will be N30 to tie an ATM account to the bank account to improve your chances of getting a higher amount.
- One-time security code OTP is sent directly to your mobile to verify your information.
- Following the submission of an application for a loan, the application will evaluate your credit score. The final score will be displayed in the app.
- The final result should be shown within less than two minutes. If you are eligible for a loan, the amount will be paid to your bank account immediately.
- Be sure to use a quality phone with sufficient memory capacity as you’ll be required to snap an authentic live selfie for identification purposes.
Your BVN is connected with your credit rating. So should you have an outstanding loan with another lender, or did not pay your other lenders in full when they were due you can expect to be denied.
A credit score is the result of previous loans as well as the amount of time you pay your bills and cash transactions that go in as well out of your account and other details.
After you download the app, it will have access to all your phone book’s contacts as well as SMS as well as other data it uses to improve the credit score.
Do you think the Evemo loan app is legitimate or is it a fraud?
Yes, the Evemo app is legitimate it does hand loans, however, caution must be taken before obtaining any loan online. Be sure to read reviews from other customers before applying for loans in Nigeria.
It is important to be aware that these loans aren’t regulated or registered through The CBN or any other government institution in Nigeria. The responsibility lies with you for the security of your transactions using these loans and there is no recourse to redress inadequate customer service.
Additionally, its presence in the Google Play Store doesn’t guarantee that transactions conducted on it will be safe. The store only provides an opportunity to download and you are accountable for your security using loan applications in Nigeria.
What Evemo loan application can you improve?
Evemo loan application has numerous coding issues likely because it is yet to be a fully-fledged business. The app constantly informs customers that they’re 16 years old and therefore are not eligible to apply for loans. In other cases, it is unable to provide an OTP.
The app’s developers have many things to improve before this loan application is available for use.
There is no regulation in Nigeria the majority of applications are from loan sharks. They may threaten to send texts to your family members, calling them scammers when you fail to pay your loan. Avoid these apps if you do not have other alternatives.
Evemo credit app interest rate?
Time of loan: From 91 days up to 365.
The range of loan amounts is between N5000 and N 500 000.
Interest on loans: the total range of interest rates is 24% to 2 percent. The average monthly interest ranges between 1% and 2percent and the APR is between 12% and 24 percent.
Example of Interest calculation
If you can borrow N10,000 and then decide to repay the loan within 3 months, then your monthly interest as well as fees is 1%, for three months, which is 3 percent. Therefore, we will be charged an interest of 300 throughout your repayment.
The total amount you pay is N10,000 plus N10,000 plus 3% = N10300.
Your monthly payment will be (N10,000 + N10,000 3%) 3%)/3 = N3,433.
The interest rate and duration are examples. You can expect your loan amount and duration to be much shorter if you’re borrowing your first time. You may be able to increase the amount by keeping an accurate record and paying off the loan on time.
What are the rules?
- You must be a legal citizen or a legal Resident of Nigeria
- At minimum 18 years old.
- You should have a monthly source of income.
- Make sure you connect your ATM card to your account
- Give the details for two kin including their contact numbers.
- A good credit score without unpaid loans with other creditors.
- You must have a valid bank account.
- Your phone number should be the same as your BVN.
- Be sure to have a valid government-issued ID card.
What happens if fail to repay my loan, or make payments on my loan in time?
Repayments that are late automatically result in an interest rate of 2.2% per day. Therefore, it is recommended to make sure that you do not go over deadlines. The loan that is paid back by the due date allows you access to larger loan amounts. The late payment will limit your chances of getting future loans or bigger ones. If you are extremely in arrears with your payments, you’ll be identified by the First Central Credit Bureau. The blacklisting process of the First Central Credit Bureau may impact your ability to get loans from other lenders.
Evemo Loan app Customer Service Number
- Phone: 09021130189
- Email: firstname.lastname@example.org
- Address: 10 ADESHINA STREET, OGBA, OKE IRA, IKEJA LAGOS