Nigloan gives instant and quick loans to Nigerians with over 100k for first-time loan applicants, Download the app and apply.
Nigloan Nigloan is a Nigerian payday loan company that offers a short-term loan that starts from $10,000 to a maximum of $1,000,000. The loan is only available to Android phone users. The applications are completely online.
The Nigloan app is new in the marketplace and has only about 10k downloads as of the Google Play Store with mixed reviews. It utilizes loan software to collect information from prospective customers including phone numbers, banking alerts for transactions, and BVN to build the credit score of every borrower.
To be eligible for a loan or greater amount, ensure you keep a record of your bank transactions 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 your data and determine your credit score and offer an offer for a loan within a couple of hours.
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How to download the APK and obtain an installment loan from the Nigloan app
- Get your Nigloan Application exclusively through the Google Play store and install it on your Android phone.
- Create an account using your mobile number.
- It is recommended that the number you have linked with your BVN as a one-time password will be provided to it to verify.
- Complete your most basic KYC information, which includes your residence address, next of kin information, and the details of your job
- It also has to submit you with your Biometric confirmation number BVN.
- The amount you pay will be N30 to tie the ATM debit card to your bank account to improve your chances of getting more money.
- One-time security code OTP can be given to your mobile to verify your information.
- Following the submission of an application for a loan, the application will evaluate your credit score. The final score will be displayed in the application.
- The final result should be shown within less than 2 minutes. If you’re eligible for a loan, the amount will be deposited to your bank account immediately.
- Be sure to use an excellent phone that has enough memory capacity as you’ll be required to snap an unobstructed live selto idenidentifyinge the loan disbursement process usually takes just a few hours.
Your BVN is connected with your credit rating, therefore when you’re in the middle of a loan with another lender or failed to pay any other lender 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 as well as the amount of time you pay your bills cash transactions coming into as well out of your account, and other details.
After you download the app, it will have access to all your phone book’s contacts as well as SMS and other information it utilizes to increase the credit score.
Is the Nigloan app legitimate or a fraud?
It is true that the NigLoan application is legitimate and does offer out loans however caution should be exercised before taking any loan online. Read reviews of other customers before applying for a loan in Nigeria.
It is important to be aware that these loans are not regulated or registered with CBN, CBN, or any other government institution in Nigeria. The responsibility lies with you for the security of your transactions using these apps and there isn’t any remedy for poor customer service.
Its availability in the Google play store doesn’t ensure that transactions made on it are safe. The play store is the possibility of downloading and you are accountable for your security using loan applications in Nigeria.
What Nigloan application could you improve?
The rate of interest on the Nigloan application is very high up to 60% of the loan amount for certain users. However, you can get a substantial loan amount that starts at $10,000. The rate of rejection is also extremely high. Several customers complain their applications are denied for no reason.
The application also has a few coding mistakes and you may have difficulty registering your BVN in the app since it is susceptible to frequent crashes. Card binding can be also difficult since you might not find your bank’s information in the app.
There is no regulation in Nigeria and the vast majority of app developers are loan sharks that could threaten to send out messages to family members of yours calling you a fraudster when you fail to pay the repayment. Avoid these apps if you do not have other alternatives.
Nigloan loan app interest rate?
Time of loan: From 90 days until 365 days.
The range of loan amounts is between N5000 and N 500 000.
The total interest range ranges from 24% to 2 percent. The monthly equivalent interest ranges between 1% and 2 percent and the APR is 12 to 24 percent.
Example Interest calculation
If you can borrow N10,000 and decide to pay it in 3 months your monthly interest as well as service costs are 1% over three months. This is a total of 3 percent. Therefore, we will be charging the interest rate of $300 throughout your repayment.
Your total amount to repay is N10,000 plus N10,000 + 3% = N10,300.
The monthly amount you pay would be (N10,000 + N10,000 * 3%)/3 = N3,433.
The interest rate and duration are just an example, you can expect your loan amount and duration to be much shorter if you’re borrowing your first time. You may be able to increase the amount by keeping accurate documents and repaying the loan in time.
What are the rules?
- Legal citizens or legal residents of Nigeria
- 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 about two next of kin including their telephone numbers.
- Have a credit score that is good without unpaid loans with other creditors.
- You must have a valid bank account.
- Your phone number must match that which is linked to your BVN.
- You must have a valid government-issued ID card.
What happens if fail to repay my loan, or pay it off late?
Repayments that are late automatically result in an interest rate of 2.2% per day. Therefore, it is recommended to not overpay deadlines. Paying the loan on its deadline allows you to get access to larger loan amounts. In the event of late repayments, it will impact your chances of getting future loans or bigger ones. If you are extremely in arrears with your payments, you’ll be recorded to the First Central Credit Bureau. The blacklisting process from the First Central Credit Bureau may hinder your ability to get loans from other lenders.
Nigloan app customer support number
- Working Time: 9:00 -18:00
- +234 7030919031
- Our address is:Ojuelegba yaba road, Lagos, Nigeria