WeShar4e Loan App Download can be obtained here and it will give you access to online and quick loans to solve personal issues.
WeShare loan application is a Nigerian personal loan app for individuals for Android phones which offers collateral-free loans with the minimum documents.
If you’re an Android user, you may apply for a collateral-free loan that starts at N5,000 and goes up to a maximum amount of N600,000. The documentation is minimal.
WeShare loan app download is new to the market and has already gained more than 10k downloads on Google Play Store, with mixed reviews. It utilizes loan software to collect information from prospective customers including phone numbers, banking alerts on transactions, and BVN to build the credit score of every borrower.
If you want to be eligible for loans or other amounts, make sure you keep a record of your bank transactions on your mobile and don’t have any outstanding debts on other loan applications!
It’s easy to use, just download the application from the Google Play store, enter your personal information, and the app will review the information you provide and determine your credit score, and then make an offer for a loan within a couple of hours.
Table of Contents
How do I download APK and take a loan through the WeShare loan app
- Get WeShare, the WeShare personal loan application only available through 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 to the BVN as a one-time password will be provided to it to verify.
- Complete your essential Kwow-your customer KYC details, such as your residence address, next of kin information,n and employment information.
- It is also needed to supply the Biometric Verification Number BVN.
- The amount you pay will be N50 to connect the ATM debit card to your bank account to improve your chances of getting more money.
- One-time security code OTP can be delivered to your mobile to confirm your account details.
- Following the submission of your application to borrow, the application will evaluate your credit score. The final score will be displayed in the application.
- The final result should be shown within less than 2 minutes. If you’re eligible for a loan, the amount will be paid to your bank account immediately.
- Be sure to use a quality phone with sufficient memory as you’ll have to snap a live selfie to prove your identification.
The N50 that is charged to tie to your ATM debit card in your checking account can be refunded, however, it could take up to 12 days to allow the funds to be returned to your account at the bank.
Does the WeShare Loan app legit or fraudulent?
The WeShare loans are indeed authentic, even though it is new to the Play Store. It does offer loans to users, however, caution is required before obtaining any loan online. Read reviews of other customers before applying for a loan in Nigeria.
It is important to know that these loan applications aren’t regulated or registered through The CBN or any other government institution in Nigeria. You are accountable for the safety of your transactions through them, and there’s no recourse to redress inadequate customer service.
Its availability as a feature on the Google Play Store does not guarantee that transactions conducted on it will be safe. The store only provides an opportunity to download but you are ultimately responsible for your security using loan applications in Nigeria.
What WeShare loan app could we do to make it better?
WeShare loan app is rated higher than the majority of loan apps accessible to Nigerians however there’s an opportunity to improve.
The app appears to have loan quotes. You could complete your application and be eligible for a loan, but not receive it if their quotes for that time are fulfilled. This isn’t a good idea for an app that is designed to be an emergency loan.
Many customers complain of not being able to get their loan after approval, though it’s most likely an issue with the payment processor they are using instead of the app. If you’re experiencing issues with payments, get in touch with the support.
The duration of the loan is extremely short, beginning from 14 days. This is less than the 30-day minimum duration suggested by the CBN for short-term personal loan lenders.
Since there are no laws in Nigeria the majority of app developers are loan sharks that could threaten to send out messages to family members of yours calling you a fraudster in the event of a default on your loan. It is recommended to stay clear of these apps if there are other alternatives.
The WeShare loan app’s interest rate?
Fees and rates for loans
Loan Amounts: N 5,000 to N 500,000
One-time fee for service/interest between 2% and 35 percent
Maximum Annual Percentage Rate (APR): 66.21% – 270.44%
Fee for late payment: One-time payment equal to 8% of the amount due
The minimum term for repayment is 61 days
The maximum term of repayment is 180 days
If a borrower takes an N 40,000 loan with our 61-day loan the borrower would be liable for an interest or service fee at a minimum of 14 percent, or N 5600, and a total amount that is N 45,600.
N 40,000 (principal) + N 5600 (service or interest charge) equals N 45,600 (total)
The interest rate and duration are just an example, you can expect the amount of your loan and its duration to be considerably shorter if you’re borrowing this first time. You may be able to increase the amount by keeping accurate records and repaying loans promptly.
What are the rules?
- Legal citizens or a legal residents of Nigeria
- You must be age 18.
- A monthly income source.
- Attach your ATM card to your account
- Please provide the names of the two kin including their contact numbers.
- Have a credit score that is good without unpaid loans with other creditors.
- Maintain an account in your bank.
- Your phone number must match that of your BVN.
- Be sure to have a valid government-issued ID card.
What happens if I do not repay my loan? Or make my payment on time?
In the event of late loan repayments, they automatically accrue the cost of 2.2% per day. It is advised to make sure that you do not go over by the date of due. The loan that is paid back by the due date will allow you access to larger loan amounts. The late payment will limit your chances of getting additional or larger loans. If you are extremely in arrears with your payments, you’ll be identified by the First Central Credit Bureau. The blacklisting process from the First Central Credit Bureau may hinder your ability to get loans from other lenders.
Customer service for the WeShare loan app number
Official website: https://weshareloan.com (Please select the English language)
Customer service phone: 012271660
Address:NO 39, Adeola Odeku Street Victoria Island, Lagos, Lagos State