ilovenaira Loan App Download

How to download the Wecredit loan app

Install the Ilovenaira loan app, Download exclusively through 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 it to confirm it.
Complete your basic Know-your-customer KYC data, including your address of residence, your next of kin information, and your employment information.
You’ll also have to supply you with your Biometric Verification Number BVN.
The amount you pay will be N30 to tie an ATM account to the account to increase your chances of getting more money.
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 examine your credit score. The final score will be displayed in the application.
The final result should be shown in no more than 2 minutes. If you are eligible for a loan, the amount will be paid to your bank account immediately.
You should ensure that you’re using an appropriate phone with sufficient memory as you’ll need to capture a crisp and live selfie to prove your identity.

It is important to note that affixing your ATM card with N30 doesn’t assure you that you’ll be able to be approved for a loan. You still must get a credit score.

The N30 that is charged to bind the ATM debit card in your checking account is refundable however it could take between 7 to 12 business days for the funds to be returned to your banking account.

Your BVN is connected to the credit score you have. So when you’re in the middle of a 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 a summary of previous loans and the time you pay your bills cash transactions coming into as well out of your account, and other details.

If you download this application, you must agree to allow access to your phone book contacts which can be used as your guarantors. You can also use SMS for access to your bank transactions, and apps on your phone to track how you interact with different loan applications, as well as other data it uses to increase the credit score.

Is the Slovenia loan app legit or a fraud?

Absolutely Slovenia loan app is an authentic loan application that offers microloans of an amount of up to N30,000 to its customers. However, it is a bit expensive in terms of interest and bugs that impede easy registration. It is important to be cautious before making any online loan. Be sure to read reviews from other customers before applying for loans in Nigeria.

It is important to be aware that these loan applications are not regulated or registered with CBN, CBN, or any other government organization in Nigeria. You are accountable for the safety of your transactions through these apps and there isn’t any recourse to redress inadequate customer service.

Its availability as a feature on the Google Play Store doesn’t ensure that transactions made on it are safe. The store is merely the possibility of downloading but you are ultimately responsible for your security when making use of loan applications in Nigeria.

Slovenia Loan App Download Pros

Registration is simple.
Do not aim to make customers look bad for not paying back their loans, unlike other loan companies that operate in Nigeria.
Students can use this in the event of an emergency
It’s legitimate and has been confirmed by the admin that they offer loans.
Online, no need for collateral.
A large loan amount, as high as 30K.

Slovenia Loan App Download Cons

The loan is disbursed following approval. Some customers may wait days, or up to weeks before they see alerts.
The loan’s duration, especially for first-time users, starts at only 7 days.
High-interest rates for very small amounts of loans.
The rejection rate is high.
The app is only compatible with Android smartphones.
A relatively low maximum of just 30k

If you are taking out a loan, remember the repayment schedule. If you choose to take a 60-day loan with two installments of repayment it could be that the app tries to debit you automatically when the due date is the first installment, and may make overdue charges before the expiration date of the 60 days.

You can modify your ATM card’s password to stop auto debit. This application has been found to purposely auto-debit customers, even after they’ve paid through bank transfers.

There is no regulation in Nigeria and the vast majority of applications are from loan sharks that could threaten to send out messages to family members, warning you that they are scammers in the event of a default on your loan. It is recommended to stay clear of these apps if you do not have other alternatives.

If you’re feeling threatened or bullied by loan sharks in Nigeria Check out the following Facebook group in which you can get help and read about the experiences of other people who have experienced bullying from loan applications.

What other borrowers have to say about the Ilovenaira loan app

Praise Oses said, “Although the application process is simple, the results are hilarious. Knowing that there won’t be any loan approval, what is the point of not deducting the fee for binding a card? They’re using this method to take money from people. This is not legitimate “

GIDEON JOHNNY wrote, “The application is a simple and simple process for processing a loan. However, I am still waiting to get my loan application. This is a very good application with no hassle.”

Franklin Doupere wrote, “This application is great for ease of registration and payment, however, s interest rates are at the high end of a chilly I would suggest that you improve your interest rate, thank you for your help. I gave it 3 stars.” Note that this application uses a lot of fake reviews on the Play Store. App developers often purchase fake reviews to increase the rank of their apps on the play store. However, certain apps do this with the motive to deceive potential buyers.

Slovenia loan app interest rate

Service rate for loans: 6 percent to 24 percent monthly interest 0.5 0.5%, an annual percentage rate (APR) for the soft pay loan is 12%30 percent.

-Example:
If you are applying for a loan amounting to NGN10,000, the loan term is 120 days. The annual service fee is 28%. The rate of interest on the loan is 0%. So our APR is 28%.
So the daily Service fee rate=28%/365=0.077%, the Service fee for 120 days =NGN10,000×28%/365×120= NGN921, the should repayment=NGN10,000+NGN921= NGN10,921.

Take note that this interest rate and loan period is just an example. You can expect your actual loan amount and duration to be much shorter however you can increase it by repaying the loan in time and maintaining a good credit rating.