Flash Loan is the latest payday loan application developed by Blue Ridge Microfinance Bank Limited, a Fintech firm, Blue Ridge Microfinance Bank Limited which provides Nigerians with microloans that start at the smallest amount of N2,000 up to the maximum amount of N500,000 to customers to cover their emergency needs. The users can avail collateral-free loans that require minimal documentation that is completely online procedure.
Flashloan application is very new in the industry and has only had a little over 10k downloads to date on Google play store , but has mixed reviews. It makes use of a loan application to gather information about prospective customers such as phone numbers, bank alerts for transactions, BVN to build the credit score of every borrower.
To be eligible for loans or other amounts, make sure you keep your bank transaction information on your mobile and don’t have any outstanding debts on other loan applications!
The application is easy, simply download the application from the Google Play Store, and provide your personal information and the app will review the information you provide and calculate your credit score and offer you an offer to lend money within a matter of hours.
Table of Contents
How do you download APK and take out an advance from the flash loan application
- Install the Flash loan app only available through the Google Playstore and install it on the back of your Android phone.
- Make an account by entering your telephone number.
- It is recommended that the number you have linked with your BVN as a one-time password will be provided to the BVN to verify your identity.
- Complete your most basic KYC details, which include your residence address, next of kin, and your employment information.
- Additionally, you will be asked to submit the Biometric Verification Number BVN.
- It will cost you N30 to tie an ATM account to the account in order to improve your chances of getting an amount that is higher.
- One-time security code OTP can be sent via your mobile to confirm your account details.
- Following the submission of an application for a loan, program will evaluate your credit score. The final results will be displayed in the app.
- The results should be visible within less than two minutes. If you are eligible for an loan, the amount will be deposited to your bank account immediately.
- Be sure to use a high-quality phone because you’ll be required for a clearly selfie for identification.
Your BVN is connected to the credit score you have. So should you have an outstanding loan with another lender, or did not pay your other lenders on time be prepared for your application to be denied.
The credit score you have is the result of previous loans and the time you pay your bills cash transactions coming into or out of the bank accounts, and other details.
Once you download this application, it will have the ability to access your mobile book’s contacts as well as SMS and other information it utilizes to increase the credit score.
Is Flash loan app legitimate or is it a fraud?
Absolutely, Flash Loan app is authentic, it is by Blue Ridge Microfinance Limited. Read reviews of other customers before applying for loans in Nigeria.
You must be aware that these loans are not regulated or registered with The CBN or any other government organization in Nigeria. The responsibility lies with you for the safety of your transactions through them , and there’s no recourse to redress poor customer service.
Its availability as a feature on the Google Play Store doesn’t guarantee that transactions conducted on it will be safe. The store is merely an opportunity to download but you are ultimately responsible for your security making use of loan apps in Nigeria.
What Flash loan application could you make better?
Flashcash loan application contains code errors, and you may have paid back your loan before the due date but find that your app dashboard isn’t cleared. If this occurs to you, it is recommended to keep the documentation of repayment on hand in case you’re asked for late payment fees.
These errors in coding also result in problems with registration and some users have complained that their app is slow at times while registering. A few customers have also complained that they’re unable to link the BVN ID to their accounts since the app is constantly telling them that the names do not match. In the event that you’re having this issue issue, contact support.
You may have received an SMS ad stating that the loan is in your hands and all you need to do is sign up to get it. However, it’s only an advertisement since you’ll need to go through the process of reviewing. The majority of customers don’t end up getting a loan and this could be difficult.
The customer support for the app is also poor. Their phone numbers do not always get through, and Whatsapp messages left on these numbers are usually not responded to.
There is no regulation in Nigeria and the vast majority applications are loan sharks. They may threaten to send texts to your family members , calling them scammers in the event of a default on your loan. Avoid these apps if you do not have other alternatives.
Interest rate for a flashcash loan app?
The loan time period is from 90 days until 365 days.
The range of loan amounts is between N5000 and N 500 000.
Interest on loans: the total interest range ranges from 24% to 2 percent. The average monthly interest ranges between 1% and 2% , and APR ranges from 12 to 24 percent.
Example of Interest calculation
In the event that the total loan value is N20,000 over 90 jours (3 months) and the APR will be 20%. and the interest and the total amount to be paid at the due date are
Interest: N 20,000 * 20% / 365 * 91 = N 997
Principal repayment = N20,000
Total amount of repayment N20,000/N997 = N20.997
The repayment period is 3 months:
Monthly repayments are N20,997 / 3 = N6,999
This rate of interest and time is only an example, you can expect the amount of your loan and its duration to be considerably shorter in the event that you’re borrowing this first time. You could increase your loan by keeping accurate documents and repaying loan in time.
What are the rules?
- Legal citizens or a resident of Nigeria
- At minimum 18 years old.
- A monthly source of income.
- Make sure you connect your ATM card onto your account
- Please provide the names for two next of kin including their telephone numbers.
- Have a credit score that is good without any outstanding loan from lenders.
- Maintain a bank account.
- Your phone number should be that of your BVN.
- You must have a valid government-issued ID card.
What happens if fail to repay my loan, or make my payment on time?
Repayments that are late automatically result in the cost of 2percent per day. It is advised to not overpay the deadline. Paying the loan on its due date lets you get 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 repayments, you’ll be identified by the First Central Credit Bureau. The blacklisting process of the First Central Credit Bureau may hinder your ability to obtain loans from other lenders.
App for loan application Flash customer service number
Address: Room 503, Japaul House, Plot 8 Dr. Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria