Are you looking for Tingo Loan App Download then you are in the right place to get the direct download link for Tingo.
Tingo loan app is a Nigerian loan application that provides quick and easy small cash loans ranging up to 100,000.
The loan application process is simple and hassle-free. is a fast and simple online loan that requires no paper! And no collateral is required. You can get a revolving loan that increases in value each time you make a payment on the previous loans.
If you require a quick loan perhaps it’s to fund an item you simply cannot wait to make or to make the most of a good deal before you miss out on the chance. Perhaps an unexpected expense has popped to light and you do not want to risk your life.
Tingo Loan App makes use of the software for loans to determine the credit score of a person before offering them a loan. Credit scores are an accounting of your past loans, the amount of time you pay your bills, how quickly or late you pay your payments, the amount of money that enters and exits your bank account, and other details. The credit score you have is linked to your BVN and is accessible each time you open it to loan applications.
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Tingo Loan App Download Process
To apply for the Tingo application loan, the only thing you have to do is
- Install and download it. Tingo Loan Application via Google Play Store.
- Create an account by entering your BVN 11-digit number.
- Give some details about yourself.
- Check your identity and confirm that the data you’ve entered is accurate.
- Connect your ATM card to your bank account using N20.
- Please provide the contact details of three family members and friends to be verified.
- Transfer money direct to the bank account you have.
Tingo Loan App Download Requirements
- Have you been a Nigerian citizen or a legal Resident?
- Age between 20 to 55 years old.
- You should have a monthly source of income.
- Make sure you connect your ATM card to your account
- Please provide the contact details of three of your acquaintances or relatives to be verified.
Tingo Loan App Download Interest Rate
Period of loan: From 91 days to 365 days according to the terms in the app. First-time borrowers receive lower than seven days of loan duration.
The amount of the loan ranges between NGN 20,000 to NGN 120,000.
The range of interest for loans is 4.5 percent to 34%, with an equivalent monthly interest of 3% to 29% and an APR of 29% to 365 percent.
Example:
If you take a six-month loan and loan NGN 1,000, Tingo will charge you an interest of 4.4 percent per month. In addition, the cost of interest is 26.4 percent. We will be charging you GNN 263 for interest over the 6 months of repayment. The total amount due will be NGN 1,263.
How Legit is Tingo Loan App Download
Yes, the Tingo loan app can provide loans to its customers, but at exceptionally high-interest rates particularly for those who are first-time borrowers. Check out other customers’ reviews on the Play Store before you make an application for a loan.
What Tingo app could be improved?
The interest rate for loans in the app is very high, especially for first-time borrowers. The app also entices people into accepting the high rate of interest. For instance, when you request a loan the app will determine the amount you’re eligible for and then make you an offer to lend.
However, your loan agreement already has the interest. You may be eligible for 11,000, but only 7,000 dollars will be credited to your account over seven days, with the rest 4,000 is will be credited as interest.
The Tingo loan application does not appear to have a working customer service phone number. A lot of users who are having problems have complained that there is no contact information for the developers of the app.
The amount of loans for first-time borrowers is quite modest, starting from N2,000. It doesn’t increase much for repeat borrowers.
TLoan and similar loan applications aren’t regulated or registered through the CBN or any other government institution in Nigeria. You are accountable for the protection of the transaction with these apps.
