You can get a loan immediately in Nigeria with no collateral or paperwork by applying for a prime loan. Even though the loan amount is modest at #30,000, you can apply for more than one loan even if you haven’t settled your previous loan.
You don’t have to travel to any place to get the loan amount. All you need is your smart phone.
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Prime loan requirements
Before you can get a loan from this loan app, there are certain requirements that you must meet.
Good credit rating
Age must be above 18
Reside in Nigeria
Bank account and bvn
You should have a source of income that can be used to repay the loan
You will need a smart phone to download the loan app
How to apply for a prime loan
First, go to play store to download the loan application
Register with your name, bvn, and other details
You will be asked to bind your ATM Card, which could attract a #30 fee. Do this and you can proceed.
After you have completed registration, you can login to your account
Click on the loan button from your dashboard.
Here you can see the amount of loan that you are eligible for
Click it, and wait for the disbursement
What you can get from a prime loan
The maximum amount you can borrow from this loan is #30,000. However, you can apply for more than one loan depending on your loan limit. Your credit score may affect your loan limit.
Prime loan interest rate and repayment term
The prime loan interest rate ranges from 15% to 24% per year. The amount of the loan secured will determine how long they must repay.
You will pay a higher interest rate as a first-timer, but your repayment period will be shorter if you use the app regularly. However, your credit score will improve over time.
Repaying your prime loan
Go to your dashboard to pay back your loan
Click here to apply for a loan repayment
You will find a deferred option to repay your loan
Click on the one you like and pay
Once payment is made, it will be reflected on your dashboard
You should contact them if it doesn’t.
What happens if I default on my payments or refuse to make them back?
You can be penalized by an increase in the loan interest rate if you default. This could be as high as 2%
Absconding means that your name and bvn are sent to credit bureau for blacklisting. This means you won’t be able get loan again in Nigeria unless you clear your name with credit bureau.
Is prime loan legit
They are licensed by the CBN and insured by NDIC if they give loans.
The final verdict on prime loans
Prime loan is a brand new loan app. You might not be eligible for a large amount of loan. But they will give you loan.
Their positive review on Play Store Weight shows they are doing something right.
They are neither licensed by CBN nor insured by NDIC. This is the only problem I have.
Conclusion
Prime Loan App offers loan to Nigerians. You can get a small loan to start learning how they work. You will be granted a loan, but they will only give you a loan you can repay.