RingCoin loan app offers instant and quick personal; loans up to N130,000 in Nigeria to solve business and personal issues.
Unsecured loans are those that don’t require collateral or a downpayment. These loans are usually short-term and have very high-interest rates.
The RingCoin loan app is easy to use and has a great user interface. You can apply online for a loan by providing some information and your ID card.
The RingCoin loan app has been downloaded over 5k times on Google Play Store in the past few months. However, there have been mixed reviews. The app’s easy and seamless registration process is appreciated by most customers. It uses a loan program to gather information about potential customers, including phone records, bank transaction alerts, BVN, and BVN to determine each borrower’s credit score.
You will be able to get higher amounts if you keep your bank transaction messages up and have no outstanding debts from other loan apps.
It’s easy to apply. Just download the app from the Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
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How to download APK and apply for a loan through RingCoin’s loan app
- Install the personal loan app only available through the Google Play store.
- Register with your phone number to create an account
- For verification, you should use the phone number associated with your BVN.
- Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin details.
- Your Biometric verification number BVN will also be requested.
- To bind your ATM card with your account, you will be charged N50. This will increase your chances of getting a higher loan amount.
- To confirm your details, a one-time OTP password will be sent to you.
- After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
- You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
- You will need to take a clear selfie of your identity so make sure you have enough storage.
The N50 that was charged to attach your ATM card to your account can be refunded. However, it may take up to 7 to 12 business days for the money to reach your bank account.
Your BVN is tied to your credit score. If you have an outstanding loan from another lender or have not paid other lenders on time, your application will be denied.
Credit scores are a record of all your borrowings and cash transactions.
To download the app, you must agree to allow it access to your phone contacts, SMS to view your banking transaction records, and apps on your smartphone to see how other loan apps are used.
RingCoin Loan App Legit or Scam?
RingCoin is a legitimate loan app that offers micro-loans to customers. However, you should exercise caution before applying for an online loan. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
RingCoin loans should not be used to finance your lifestyle or pay off long-term debts. While short-term loans can be helpful for emergencies, they are more expensive than long-term loans. Therefore, you should use them with caution.
These loan applications are not registered with the CBN or any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on the Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
- Loan amount up to N120k
- They do indeed give loans.
- Maximum 10% monthly interest rate
- Online, no collateral is required
- It takes time to disburse loans once approved. Some customers may take days or weeks before they see an alert.
- For new users, the loan term is only 7 days.
- For small amounts of loan, very high-interest rates
- Network issues that hinder smooth registration
Be aware of your repayment plan when taking out a loan. The app may attempt to auto-debit you on the due date for the first installment of a 60-day loan. It might also charge you overdue fees before the end of 60 days.
To prevent automatic debit, you can change the password for your ATM card. The app is known to auto-debit customers after they make payments via bank transfer.
Most of these apps are loan sharks and may threaten to send you messages calling your family members a fraudster if you default on your payment. If you have other options, it is better to avoid these apps.
What is the interest rate?
You can borrow as little as N2,000 or as much as N120,000 and pay it back in 60-180 days. The usual repayment term is monthly. Our credit scoring algorithm determines our minimum and maximum interest rates. They are 3% per month, with a maximum of 10% per calendar month. This gives rise to an Annual Percentage Ratio (APR) between 36% and 120%.
You will pay N1,966.67 per month if you take out a loan package starting at N10,000 (Principal), and repay it over 6 months with an interest rate of 3% per month (36% APR). You would have paid N11,800 total over the six months.
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
What are the requirements?
- You can be a Nigerian citizen or resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from any other lenders.
- Maintain an active bank account
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
RingCoin customer service number
- Tel: 08135716189
- Company:RingCoin Company
- Address:Salawu St, Kirikiri Rd, Lagos, Nigeria