Are you looking for Swiftcash loan App then this article will tell you how to get a loan and download the loan app easily.
Swiftcash is an online lending company that is new in the game of granting personal loan to Nigeria without document.
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How to download APK and apply for a Swiftcash loan
It’s easy to apply. Just download the app from 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.
- Install the Swiftcash personal loan app exclusively on the Google Playstore.
- Register with your phone number to create an account
- For verification, it is preferable that you use the phone number associated to 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 loan amount that is higher.
- 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 your phone has enough memory.
The N30 that was charged to attach your ATM card to your account can be refunded. However, it may take up to 7 to 12 business day for the money to reach your bank account.
Your BVN is tied to your credit score. If you have outstanding loans with other lenders, 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.
Is Swiftcash loan App legit?
Swiftcash is a legit loan app. However, the app is still new to the Play Store. It does offer loans to customers, but it is important to be cautious before applying for an online loan. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN nor any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on 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.
Download Swiftcash loan App And Apk
Which app can borrow me 50k in Nigeria?
It is important to carefully research and compare different options to find the best solution for your needs and to understand the terms and conditions of any financial product or service before you commit to it.
It is also important to be aware of the potential risks of borrowing money and to consider whether borrowing is a financially responsible decision for you. It is a good idea to speak with a financial professional or a trusted adviser before making any major financial decisions.
Interest rate for Swiftcash loan
Rates and fees for loans
Loan amounts: N 5,000 to n 50,000
Service / Interest Fee: 2% – 35%
Maximum Annual Percentage Rate (APR), 66.21% – 2740.44%
Late fee: One-time fee of 8.8% of the outstanding amount
Minimum repayment period: 61 days
Maximum repayment period: 180 days
Here’s an example of interest calculation for a loan:
Lender Interest: (APR: 30%)
Tenor: 4 Months
Annual Interest (: 100000 * 0.3) :30,000 Naira
Total Interest for 4 Months: 100000 *0.3 *4/12:10,000 Naira
Monthly Interest: 2,500 Naira
Monthly Repayment (principal and interest): 27,500 Naira
Total Repayment :110,000 Naira
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.
Can I use my BVN to borrow money?
The BVN is used to verify the identity of bank customers and to help prevent fraud and financial crimes.
It is possible that you may be able to use your BVN to borrow money from a lender in Nigeria, as some lenders may use the BVN as part of their loan application process to verify your identity and to assess your creditworthiness. However, whether or not you will be able to borrow money using your BVN will depend on the specific lender and the terms and conditions of the loan.
It is important to carefully research and compare different loan options and to understand the terms and conditions of any loan before you commit to it. It is also important to be aware of the potential risks of borrowing money and to consider whether borrowing is a financially responsible decision for you. It is a good idea to speak with a financial professional or a trusted adviser before making any major financial decisions.
How do I report a loan app in Nigeria?
If you want to report a loan app in Nigeria, you can contact the Central Bank of Nigeria (CBN) or the Nigeria Financial Intelligence Unit (NFIU). These organizations are responsible for regulating and supervising the financial sector in Nigeria, including loan apps.
To report a loan app to the CBN, you can visit the CBN website (www.cbn.gov.ng) and click on the “Contact Us” link at the bottom of the page. From there, you can fill out the online form to report a loan app or other financial issue.
To report a loan app to the NFIU, you can visit the NFIU website (www.nfiu.gov.ng) and click on the “Contact Us” link at the bottom of the page. From there, you can fill out the online form to report a loan app or other financial issue.
It is important to provide as much detailed and accurate information as possible when reporting a loan app or other financial issue, including the name and contact information of the app or company, the nature of the issue, and any supporting documentation or evidence. This will help the CBN or NFIU to investigate and take appropriate action.
Swiftcash loan app is an online loan application that grant soft loan to individuals to solve their financial problems and most importantly immediate need because the loan application does not require any form of documentation.