FlashLend Loan is a quick online loan application that gives you access to borrow money in less than 5 mins to solve personal needs.
FlashLend is a Nigerian digital loan application that offers short-term personal loans in addition to other services. The Android application offers loans that are collateral-free starting at N5,000 and up to a maximum amount of N200,000 and requires only minimal documentation.
The loan application FlashLend is new to the market and has so far accumulated more than 10k downloads in the Google Play Store, with mixed reviews. It makes use of a loan application to gather information about prospective customers such as phone numbers, bank transactions, and BVN and credit scores of every borrower.
If you want to be eligible for loans or another amount, ensure you keep your bank transaction information on your mobile and you don’t have outstanding loans with other loan applications!
It’s easy to use, just download the application from the Google Play Store, and provide certain details about yourself, and the app will review the information you provide and calculate your credit score, and then make an offer for a loan within a matter of hours.
Table of Contents
How do I download APK and receive a loan from FlashLend’s loan app
- Install FlashLend, the FlashLend personal loan App only available in the Google Play store, and install it on the back of your Android phone.
- Make an account by entering your telephone number.
- The preferred phone number that is connected to the BVN as a one-time password will be provided to the BVN to verify your identity.
- Input your essential Kwow-your customer KYC details, such as your residence address, your next of kin, and your employment information.
- It also has to supply the Biometric confirmation number BVN.
- It will cost you N30 to connect the ATM debit card to your 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 details.
- Following the submission of your application to borrow, the application will evaluate your credit score. The final score will be displayed in the app.
- The results should be visible within less than two minutes. If you’re eligible for a loan, the amount will be deposited to your bank account immediately.
- You should ensure that you’re using a quality phone with sufficient memory capacity as you’ll need to capture a crisp, live selfie to prove your identification.
The N30 that is charged to tie the ATM credit card with your bank account can be refunded, however, it could take between seven to twelve business days for cash to be returned to your account at the bank.
Your BVN is tied to your credit rating, therefore when you’re in the middle of a loan with another lender or failed to pay any other lender on time be prepared for your application to be denied.
The credit score you have is a summary of your previous loans and the time you pay and cash transactions coming into as well out of your account and other data.
After downloading this app, you must agree to it to gain access to the contacts in your phone book that can serve as your guarantors. Also, you can use the text messages to view your bank transactions, and applications on your phone that observe how you are using other loan applications as well as other data it uses to increase your score on credit.
Is the FlashLend Loan application legit or fraudulent?
The fact is that FlashLend the loan application is legitimate, however, it is new to the Play Store. it can provide loans to its customers, but care is required before obtaining any loan online. Be sure to read reviews from other customers before applying for a loan in Nigeria.
It is important to know that these loans aren’t licensed or regulated by The CBN or any other government organization in Nigeria. The responsibility lies with you for the safety of your transactions through these loans and there is no recourse to redress poor customer service.
Its availability in the Google Play Store does not ensure that transactions made on it are safe. The store only provides the possibility of downloading and you are accountable for your security when using loan applications in Nigeria.
What loan application from Flashlend can be improved?
FlashLend has some network issues that stop certain customers from connecting their ATM cards easily, among other issues with registration.
FlashLend is one of the loan applications that send vulgar messages to loan defaulters. Instead of intimidating and threatening users, the app is better off looking for more civilized methods of loan recovery.b
The duration of the loan is extremely short, beginning from 14 days. This is less than the minimum of 30 days suggested by the CBN for short-term personal loans.
There is no regulation in Nigeria the majority of app developers are sharks. They may threaten to send texts to your family members, calling you a fraudster when you fail to pay the repayment. It is recommended to stay clear of these apps if you do not have other alternatives.
The interest rate for the FlashLend loan app?
The loan rates and fees from N 5,000 to N 500,000
One-time service or interest charge: 2% – 35 percent
Maximum Annual Percentage Rate (APR): 66.21% – 270.44%
Fee for late payment: One-time charge of 8% of the outstanding amount due
The minimum term for repayment is 61 days
The maximum term of repayment is 180 days
Example Fees
If a borrower takes an N 40,000 loan over our 61-day loan and an interest or service fee at a minimum of 14 percent, which is N 5600 and a total amount that is N 45,600.
N 40,000 (principal) + N 5600 (service or interest fee) = 45,600 (total)
This rate of interest and time is only an example. You can expect the amount of your loan and its duration to be much shorter when you’re borrowing for the first time. You could increase your loan by keeping accurate documents and repaying the loan in time.
What are the conditions?
- You must be a legal citizen or a resident of Nigeria
- You must be at the age 18.
- A monthly source of income.
- Make sure you connect your ATM card to your account
- Please provide the names of two kin including their telephone numbers.
- Have a credit score that is good without unpaid loans with other creditors.
- You must have a valid account in your bank.
- Your phone number must match that of your BVN.
- You must have a valid government-issued ID card.
What happens if I do not repay my loan? Or pay it off late?
Repayments that are late automatically result in an interest rate of 2 percent per day. Therefore, it is recommended to make sure that you do not go over the date of due. The loan that is paid back by the due date permits you to get access to larger loan amounts. The late payment will limit your chances of getting future loans or bigger ones. If you’re 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 impact your ability to obtain loans from other lenders.
Customer service of the FlashLend loan app number
Customer service phone: 09036094805
Address Idi Oro 101241, Lagos, Nigeria
Email:customer@flashlend.ng