FoundOne Loan is an online loan application that gives you access to about 100k naira to solve personal and business issues.
FoundOne Loan App is a payday loan application that offers its Nigerian customers short-term loans.
If you’re an Android user, you may apply for a collateral-free loan starting at N5,000 up to a maximum loan of N100,000. The documentation is minimal.
The loan application FoundOne is in existence for more than a year, however, its recent update has gained more than 100k downloads on the Google play store, with mixed reviews. It utilizes a loan application to collect information from prospective customers such as phone numbers, bank transactions, and BVN for the credit scores of every borrower.
If you want to be eligible for loans or another amount, ensure you keep a record of your bank transactions on your mobile and don’t have any outstanding debts on other loan applications!
It’s easy to use, just 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 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 the FoundOne loan app
- Install the FoundOne Loan App exclusively through the Google Play store and install it on the back of your Android phone.
- Make an account by entering your mobile number.
- The preferred phone number that is connected with your BVN as a unique password will be provided to the BVN to verify your identity.
- Complete your most basic KYC details, which include your address of residence, your next of kin information, and your employment information.
- It is also needed to supply the Biometric Verification Number BVN.
- It will cost you N50 to tie an ATM account to the account to improve your chances of getting a higher amount.
- One-time username and password OTP can be issued to your mobile to verify your details.
- When you submit your application to borrow, the program will evaluate your credit score. The final results will be displayed in the app.
- The final result should be shown within less than two minutes. If you’re eligible for a loan, the amount will be paid directly into your bank account.
- Be sure to use an excellent phone that has enough memory capacity as you’ll need to capture a crisp and live selfie for identification.
Your BVN is tied to 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 be prepared for your application to be denied.
The credit score you have 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.
Once you download this application, it gives you the ability to access your mobile book’s contacts along with SMS as well as other data it uses to improve your score on credit.
Does the FoundOne Loan app legitimate or a scam?
The answer is yes, the FoundOne Loan app seems authentic, the app does offer loans, but caution must be exercised before applying for any loan online. Be sure to read reviews from other customers before applying for a loan in Nigeria.
Be aware that the majority of these loan applications accept fake reviews from the Google Play Store. We have found a variety of reviews on the Play Store page which were 5 stars on several fake accounts. Beware of false reviews posted on Google Play Store designed to create false assertions.
It is important to know that these loan applications aren’t licensed or regulated through CBN, CBN, or any other government organization in Nigeria. You are accountable for the security of your transactions using these apps and there isn’t any recourse to redress inadequate customer service.
Its availability in the Google Play Store does not ensure that transactions made on it are safe. The play store is the possibility of downloading and you are accountable for your security when making use of loan apps in Nigeria.
What FoundOne loan app could you make better?
As previously stated, the reviews on the Play Store page are mostly fake, designed to trick customers into believing lies. It is essential to look into the matter to determine whether this is the app you are you are.
The loans they provide also include several hidden charges Most customers complain about extremely high interest rates because of these hidden costs. The loan term is short generally, you only get 7 days to repay the loan and also pay interest.
The application also doesn’t allow you to select the amount you wish to take. If an amount is granted to you, you aren’t able to select the amount you want to pay depending on your requirements, you’re required to accept whatever amount was approved by the system for you.
Since there are no laws in Nigeria and the vast majority of app developers are loan sharks. They could threaten to send out messages to your family members, calling you a fraudster in the event of a default on the repayment. It is recommended to stay clear of these apps if you do not have other alternatives.
Interest rate for the app of FoundOne?
Amount of loan: N3,000 – N50,000
The loan term is the shortest. It is 91 days and the length is up to 365 days.
Rate of interest for the day: 0.0057%
Annual maximum interest rate 20.55 percent
Example loan calculation
The process of calculating the amount is simple. For instance, if we opt for a loan of 10,000 dollars over 12 months principal We will calculate the principal amount.
The following information will be displayed:
Plan of installment 12.
The amount of expenses: N99,63.002. The amount of expenditure is principal + GST + expenses of N10,000 N369.98 – zero = N99,630.02.
PMT (monthly payment amount): N1004.6. PMT = N10000 x (1 + 20. 55%)/ 12 = N1004.6.
Total interest total interest.
The total amount is N12055. Total amount = principal + Total interest = N12055.
The total interest rate is 20.55%. Total interest rate = total interest/principal * 100% =, N12,055 / N10,000 * 100% = 20.55%.
The monthly interest is 1.71%. The monthly interest is the sum of the total interest rate/installment = 20.55 percent /12 = 1.71 percent.
This rate of interest and time is intended to be 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 the amount by keeping accurate documents and repaying your loan on time.
What are the rules?
- Legal citizens or a legal residents of Nigeria
- You must be at minimum 18 years old.
- You should have a monthly income source.
- Make sure you connect your ATM card to your account
- Give the details for two next of kin including their telephone numbers.
- Have a credit score that is good without unpaid loans with other creditors.
- Maintain a bank account.
- Your phone number should be the same as your BVN.
- You must have a valid government-issued ID card.
What happens if do not repay my loan? Or make my payment on time?
Repayments that are late automatically result in an interest rate of 2 percent per day. Therefore, it is recommended that you do not extend by the date of due. Paying the loan on its due date lets you get larger loan amounts. The late payment will limit your ability of you to obtain additional or larger loans. If you are extremely in arrears with your payments, you’ll be recorded to the First Central Credit Bureau. The blacklisting of the First Central Credit Bureau may hinder your ability to obtain loans from other lenders.
Contact the customer service of the FoundOne loan app number
Mobile: +234 09120180506