Happy Loan app is an Nigerian personal loan company which offers short-term loans for its customers to help meet their needs in the event of an emergency. The loan application offers the loan service with no collateral to help customers meet their financial needs to meet various needs, including purchasing mobile phones, medical expenses, bill payment and more.
Happyloan has been available on the Google Play Store for a while and has more than 50k downloads and mixed feedback from users. The app makes use of AI to collect potential customers’ data, such as phone records as well as bank transaction alerts BVN to calculate scores on the credit of every customer.
Table of Contents
Download Happy Loan App And Apk
Download the Happy Loan App only available through the Google Playstore and install it on the back of your Android phone.
Create an account using your telephone number.
Input basic information including your address, the next of kin information and details about your job.
You’ll also have to supply the Biometric Verification Number BVN.
You can connect your ATM card onto the account you have to boost the chances and obtain a larger amount of loan.
One-time username and password OTP can be sent via your mobile to verify your information.
Following the submission of your loan application The algorithm will then analyze your credit score. The final result will be displayed in the app.
If it is approved, the loan amount will be paid into the bank account immediately.
The loan disbursement process through Happyloan will take a long time and therefore, be patient.
You must be an Nigerian citizen or a legal resident.
Age between 21 years of age.
A monthly source of income.
Attach your ATM card onto your account
Please provide the names about two immediate relatives including their telephone numbers.
A good credit score without any outstanding loan from lenders.
Are you able to open an active Nigerian bank account.
Happy Loan App Interest Rate
Time period for loan: From 90 days to 360 days.Loan amounts range from N5000 to N 500.000. The total range of interest is 24% to 2 percent. The average monthly interest is between 1% and 2 percent and the APR ranges from 12 to 24 percent.
Calculation example: Example: If the amount of the loan amounts to N 6000 and it has an interest of 2.2% per month for the duration for 4 months. The total interest is N 6000* 24%/12*4=N480 and the monthly amount is N120. The total amount the user has to pay the user is N 6480. Prior to the due date the user could have up to 4 months to pay The monthly payment would be NGN 1620.
The interest rate and duration is only an example, you can expect the amount and duration of your loan to be considerably shorter when you’re borrowing for your first time. You may be able to increase the amount by keeping records in order and repaying loan promptly.
Is Happy Loan app legit?
Yes, the Happy Loan app is legit and offers loans to clients, however with exceptionally high interest rates particularly for those who are first-time customers. Review the other review by customers on the play store prior to you make an application for a loan.
You must be aware that these loans aren’t regulated or registered with the CBN. monitored through CBN, CBN nor any other government organization in Nigeria. The responsibility lies with you in the protection of the transactions you make with these apps and there is no remedy for bad customer service.
What happens if fail to repay my loan, or pay it off late?
Repayments that are late automatically result in an interest rate of 2percent per day. Therefore, it is recommended that you do not extend by the date of due. 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’re extremely late with your payments, 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.
Mr Olawale Olokede is a registered loan officer and worked for over 10 years as a senior financial consultant for accounting, finance and business management firms in Nigeria. Mr Olawale Olokede implemented and supervised financial and loan solution to Lagos based small and medium scale businesses after lecturing at the Lagos Business school. He is channeled his writing skills and passion for blogging to set up Lending Naija with over 50 reviews on different loan application and downloads.