Super Loan app is a Nigerian lending service that gives quick and easy personal loans with credit limits as high as N100,000.
It is unsecured. Unsecured loans are an unsecured loan type that doesn’t require collateral or a down payment to get. It’s typically short-term and comes with extremely high rates of interest.
Super Loan helps you get a personal loan easily by using your smartphone, which includes your details to confirm your identity as well as create a credit score.
Do not use a Super Loan to pay for your daily expenses or pay off long-term debts. These loans can be useful in times of need, but they are very expensive when compared with long-term loans, and must be handled with caution.
In its first two months, it has already accumulated over 10k downloads on the Google Play Store, with mixed reviews. The app uses 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 greater amounts, ensure that you keep accurate bank transaction information on your mobile and you don’t have outstanding loans with loans from other lenders!
It’s easy to use, simply download the application from the Google Play Store and enter your personal information and the app will review your data and calculate your credit score, and then make an offer for a loan within a matter of hours.
Table of Contents
Super Loan App Download
- Install the Super Loan personal loan App that is only available in the Google Play store and install it on the back of your Android phone.
- Create an account using your mobile number.
- It is recommended that the number you have linked with your BVN as a unique password will be provided to the BVN to verify your identity.
- Input your basic Know-your customer KYC details, which include your address of residence, your next of kin, and the details of your job
- You’ll also have to supply you with your Biometric confirmation number BVN.
- The amount you pay will be N30 to connect the ATM debit card to your bank account to improve your chances of getting more money.
- One-time username and password OTP can be delivered to your mobile to verify your details.
- Following the submission of your application to borrow, the program will examine your credit score. The final results will be displayed in the app.
- The results should be visible within less than 2 minutes. If you’re eligible for a loan, the amount will be deposited to your bank account in a single transaction.
- You should ensure that you’re using an excellent phone that has enough memory capacity as you’ll need to capture a crisp, live selfie to verify your identification.
It is important to note that affixing your ATM card with N30 doesn’t guarantee that you’ll be approved for a loan. You must still get a credit score.
The N30 that is charged to bind to your ATM credit card with your bank account can be refunded, however, it could take up to 12 days to allow the funds to be returned to your banking account.
Your BVN is connected with your credit rating. So when you’re in the middle of a loan with another lender or failed to pay any other lender on time be prepared for your application to be denied.
A credit score is the result of previous borrowings as well as the amount of time you pay and cash transactions coming into as well out of your account and other details.
After downloading this app, you must agree to it to gain access to your phone book contacts which will act as your guarantors. You can also use SMS for access to your bank transactions, and apps for your phone that will show the way you use other loan applications as well as other data it uses to improve the credit score.
Is the Super Loan app legitimate or a fraud?
It is true that the Super Loan Loan app an official loan app that offers micro-loans up to over N100,000.00 to customers however, has extremely high rates of interest and bugs that impede seamless registration. It is important to be cautious before applying for any loan online. Make sure you read the reviews of other customers before applying for an online loan in Nigeria.
It is important to know that these loans aren’t regulated or registered with 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 poor customer service.
Additionally, its presence as a feature on the Google Play Store doesn’t ensure that transactions made on it are safe. The store only provides an opportunity to download but you are ultimately responsible for your security when making use of loan apps in Nigeria.
Pros
- It’s real, it’s been confirmed by the admin that they give loans.
- Fully online and does not need collateral.
- A large loan amount, that can reach 100k.
Cons
- There are serious networking issues that hinder smooth registration.
- It takes time to pay loans after approval. Some customers may wait days, or up to weeks before they see alerts.
- The loan’s duration, especially for those who are new to the loan, begins at only 7 days.
- High-interest rates for very small amounts of loans.
- The rejection rate is high.
- The app works only on Android smartphones.
What do other borrowers have to say about the Superloan app?
Excessive interest rates and slow payment seem to be the biggest issue that many borrowers face.
Oluwadamilola Yusuf wrote, “Fast and easy application I will come back and rate the remaining star if my loan is approved and disbursed.”
On Friday WaaleFrank said, “Just applied if I receive my loan, I’ll return and give you 5 stars. In the meantime, the process of registration was simple.”
When you take out a loan, be aware of the repayment schedule. If you choose to take 60 days of loan that has two installments for repayment The app could attempt to automatically debit your account when the due date is the first installment. It may also charge you for overdue fees before the expiration of the 60 days.
You can modify your ATM card’s password to stop auto debit. This application has been found to intentionally auto-debit their customers, even after they’ve completed transactions 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 your family members, calling you a fraudster when you fail to pay your loan. It is recommended to stay clear of these apps if you do not have other alternatives.
Super Loan Interest Rate
SuperLoan provides:
1 Loan amount of N10,000 to N100,000.
2. Repayment period from 91 days to 365 days.
3 Simple to obtain safe credit.
Rate of interest: as low as 12 percent APR
Example:
When the amount of the loan is NGN5,000 and the period of the loan is 180 days and the rate of interest is 12.5% The total interest would be NGN5,000/12= NGN600. The total repayment amount will be NGN5,000 plus NGN5,00012 percent= NGN5,600.
This rate of interest and time is only an example, you can expect the amount and duration of your loan to be much shorter if you’re borrowing your first time. You could increase your loan by keeping accurate documents and repaying the loan on time.
What are the rules?
- You must be a legal citizen or a resident of Nigeria
- At the age of 18.
- 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 contact numbers.
- A good credit score and no outstanding loans from lenders.
- Maintain a bank account.
- Your phone number must match that of your BVN.
- Be sure to have a valid government-issued ID card.
What happens if do not repay my loan? Or pay it off late?
Repayments that are late automatically result in an interest rate of 2.2% per day. It is advised to not overpay deadlines. Paying the loan on its due date allows you access to larger loan amounts. In the event of late repayment, it will impact your chances of getting additional or larger loans. If you are extremely late with your repayments, you’ll be identified by the First Central Credit Bureau. The blacklisting process from the First Central Credit Bureau may impact your ability to get loans from other lenders.
SuperLoan App customer support number
Phone: 017001000 or 018888188
* Service Email: superxefintech@gmail.com
* Our Office Address: G.R.A, 21 1st Ugbor Road, Oka 300102, Benin City, NIGERIA