The Nownow Money Loan app is a trusted Nigerian lending service that provides quick and secure loans. for Nigerians.
The app for smartphones allows users to take out loans up to N100,000 in unsecured loans with no collateral and minimal documents.
An unsecured loan is one type of loan that doesn’t require collateral or a downpayment to get. It’s typically short-term with extremely high rates of interest.
Don’t borrow money from an online loan application to finance your daily expenses. A short-term loan is useful for situations of emergency, but it can be quite costly when compared with longer-term loans. They must be handled with caution.
The Nownow Money Loan application lets you get a personal loan straightforwardly by using the information from your phone, including the information you provide to confirm your identity as well as create a credit score.
A loan in Nigeria through banks and other official sources is lengthy and requires documents such as collateral that most people do not have. That’s why services like these can be extremely useful, especially in times of need.
While the app is fairly new, the feedback from customers is positive. The app has received over 50k downloads from the Google Play Store, with mixed reviews. The app uses a loan program to gather information about prospective customers including phone numbers, banking alerts on transactions, and BVN to build the credit score of every borrower.
To be eligible for larger amounts, ensure that you keep good bank transaction information on your mobile and don’t have any outstanding loans with other loan applications!
It is important to note that affixing your ATM card by using N30 doesn’t mean that you’ll be able to receive a loan. However, you must still be able to pass the credit score test.
The N30 that is charged to bind to your ATM credit card with your bank account is refundable however it could take between 7 to 12 business days for the funds to be returned to your account at the bank.
Your BVN is connected with your credit rating. So should you have an outstanding 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 the result of previous loans as well as the amount of time you pay cash transactions coming into or out of the bank accounts, and other details.
After downloading this app, you will need to agree to it to gain access to the contacts in your phone book that act as your guarantors. SMS for access to your bank transactions, and applications on your phone that check how you’re using different loan apps, as well as other data it uses to improve the credit score.
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Is the Nownow Money Loan app legitimate or is it a fraud?
NOWNOWMONEY the loan application is an authentic loan application that offers microloans up to an amoinfthep of N100,000. However, it has extremely high-interest rates and bugs that impede easy registration. Be cautious before making any online loan. Make sure you read the reviews of other customers before applying for loans in Nigeria.
You must be aware that these loan applications aren’t licensed or regulated by The CBN or any other government organization in Nigeria. The responsibility lies with you for the security of your transactions using these apps and there isn’t any remedy for inadequate customer service.
Its availability as a feature on the Google Play Store does not guarantee that transactions conducted on it will be safe. The store is merely the possibility of downloading and you are accountable for your security when making use of loan apps in Nigeria.
Pros
- Quick loan disbursement with AI to process customer information and distribute loans in minutes.
- Offers coupons for regular customers.
- Registration is simple.
- Do not shame clients when they fall short of repaying their loans. This is in contrast to other loan applications that operate in Nigeria.
- Students can use this in the event of an emergency
- It’s real, it’s been confirmed by the admin that they offer loans.
- Online, no need for collateral.
- A large loan amount, as high as 100k.
- Cons
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- A short loan period, specifically for first-time users, starts with just 7 days.
- High-interest rates for very small amounts of loans.
- High rate of rejection.
- The app works only on Android smartphones.
- Issues with network connectivity may hinder the binding of cards.
When you take out a loan, you should be aware of the repayment schedule. If you are taking a 60-day loan that has two installments for repayment it could be that the app tries to automatically debit your account at the due date of the first installment. It may also make overdue charges before the expiration of the 60 days.
You can modify your ATM card’s password to avoid auto debit. This application has been found to intentionally auto-debit their customers, even after having paid through bank transfers.
Since there are no laws in Nigeria and the vast majority of app developers are loan sharks. They may threaten to send texts to family members of yours calling them 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 being harassed or bullied by loan sharks in Nigeria Check out the following Group on Facebook in which you can get help and learn about the experiences of other people who have experienced bullying from loan applications.
Nownow Money Loan Requirements
- Legal citizens or a resident of Nigeria
- At minimum 18 years old.
- You should have a monthly source of income.
- Attach 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 and no unpaid loans with other creditors.
- Maintain an account in your bank.
- Your phone number must match the same as your BVN.
- Be sure to have a valid government-issued ID card
What is the interest rate?
NOWNOWMONEY deals: *Loan Amount: N5,000 – N300,000
*Loan Term: 91 Days – 365 Days
*Interest Rate: as low as 16% APR
Example:
If the loan of N10,000 is N10,000. The loan period is 180 days and the interest rate is 16%.
The total interest amount should be N10,00016 percent, which is equal to N1,600. The total amount of repayment should be N10,000 + N10,00016 percent= N11,600
Be aware that this rate of interest and loan term is only an example. Expect the amount you pay and the duration to be lower however you can increase the quality of your loan by repaying the loan in time and maintaining a positive credit rating.
Nownow Money Loan customer service number
- Message us on WhatsApp: +2347025129750
- Send us an email at ba******06a@4***a.com
- Address: Towobola Street Egbeda Lagos