Evening my good pple, straight to the point, I need some amount of like 500k to take care of something very important as soon as possible , & as it is, pple that I expected to bail me out aren't responding maybe due to this harsh economy which I very much understand, now I'm thinking my last hope is all this loan app, note that I have never borrowed from them before, so I really don't know the procedure, & that's the main reason I created this thread so that I will have full knowledge of it before considering it at all.

Please I need pple that have the experience to put me through before I fall into their trap/ temptation

1. Can they borrow me like 500k?
2. What is the duration of time that the loan will elapse?
3. How do they calculate their interest?
4. How many months will it take before they started asking me for repayment?
5. Their common T&C
Guys please put me through, thanks in anticipation!

Please I need know

Avoid loan apps.
It's not good

omochelsea004:
Please I need know

1. They can't borrow you 500k instantly.
They normally start from 4-10k if you repay on time, they can give you higher loans. If you don't, they'll abuse you and tarnish your reputation or image.

omochelsea004:
Evening my good pple, straight to the point, I need some amount of like 500k to take care of something very important as soon as possible , & as it is, pple that I expected to bail me out aren't responding maybe due to this harsh economy which I very much understand, now I'm thinking my last hope is all this loan app, note that I have never borrowed from them before, so I really don't know the procedure, & that's the main reason I created this thread so that I will have full knowledge of it before considering it at all.

Please I need pple that have the experience to put me through before I fall into their trap/ temptation

1. Can they borrow me like 500k?
2. What is the duration of time that the loan will elapse?
3. How do they calculate their interest?
4. How many months will it take before they started asking me for repayment?
5. Their common T&C
Guys please put me through, thanks in anticipation!

2. It depends on the loan app.
Some 7days, some 14days, some 30days.

3. Their interest is very high. They are thieves.

4. On the day of your repayment, they'll start disturbing you.

5. Usually no collaterals, just your bank account and BVN and some questions here and there.

In summary, don't collect loan from loan apps.

No loan app will borrow you 500k straight up
They usually start from 3k to 5k and then when your pay on time...your loan offers will be increased

The only loan app i will refer you to is FairMoney loan app....even if you exceed the payment date,they won't send derogatory messages to your contacts
They will only call you to remind you and any money you put in your account henceforth will be debited by them automatically because your provided your BVN and information and you also agreed to thier terms and conditions

Thanks my good people, if they can't borrow me the amount I need at once, that means it's of no use to me then... Make dem maintain their lane.

omochelsea004:
Thanks my good people, if they can't borrow me the amount I need at once, that means it's of no use to me then... Make dem maintain their lane.

No loan app will borrow you 500k at once
You will start from 5k, after repayment they will increase your chances of getting an higher amount. Before you grow to getting a loan of 500k you must have maintained a steady loan taking and repayment for close to 1yr.

It took me 2yrs to hit a loan limit of 1.5million from Fairmoney. I no dey take pass my boundary as I always pay back intime. And my loan interest rate now is 8.5%. Started from 25% interest rate.

If you can't keep to its repayment, just avoid them.
You can get goan from your bank too. That's if you run a salary acct but just that the process is not straight forward.

Also you can join local cooperatives, they give best loan offer too at 1.5 to 3% interest rate but you have saved with them for 6mnths Before they loan out to you.

Which one of all these do you qualify?

pheelhip:

No loan app will borrow you 500k at once
You will start from 5k, after repayment they will increase your chances of getting an higher amount. Before you grow to getting a loan of 500k you must have maintained a steady loan taking and repayment for close to 1yr.

It took me 2yrs to hit a loan limit of 1.5million from Fairmoney. I no dey take pass my boundary as I always pay back intime. And my loan interest rate now is 8.5%. Started from 25% interest rate.

If you can't keep to its repayment, just avoid them.
You can get goan from your bank too. That's if you run a salary acct but just that the process is not straight forward.

Also you can join local cooperatives, they give best loan offer too at 1.5 to 3% interest rate but you have saved with them for 6mnths Before they loan out to you.

Which one of all these do you qualify?

thank you very much my dear brother, I for one, I have never been interested in the loan app of a thing, I only think of considering it now because of this important thing I need to attend to as a matter of urgency.

Though lot of them normally disturb with all kinds of advert that states "get loan up to 1m" & that's what made me think I can get 500k from them initially, but now with your explanation, I now know it's a gradual process & i can't actually access it.

On the bank loan, I don't have salary account, all my accounts are saving!

About the cooperative, I joined one on March this year, & they told me till August before I could apply for loan according to them, if not for the time frame, theirs could have been very much easier for me, they borrow someone x3 of your savings with them, & their interest rate is 15 naira on 1k, then you pay back within the space of 9 months wish is actually fine...

Sadly out of all loan options, their is non that is available to bail me out.

Ahh no loan app will risk giving you 500K at once o. Well, it still depends sha, there's a way they can know your credit score so maybe if you have very high credit score they can give you what you want. You can try fair money it is very easy to build a credit score with them, borrow, payback, borrow, payback, do it with a smaller amount and keep growing the money.

omochelsea004:
Evening my good pple, straight to the point, I need some amount of like 500k to take care of something very important as soon as possible , & as it is, pple that I expected to bail me out aren't responding maybe due to this harsh economy which I very much understand, now I'm thinking my last hope is all this loan app, note that I have never borrowed from them before, so I really don't know the procedure, & that's the main reason I created this thread so that I will have full knowledge of it before considering it at all.

Please I need pple that have the experience to put me through before I fall into their trap/ temptation

1. Can they borrow me like 500k?
2. What is the duration of time that the loan will elapse?
3. How do they calculate their interest?
4. How many months will it take before they started asking me for repayment?
5. Their common T&C
Guys please put me through, thanks in anticipation!

Most people don't actually know that it is very easy to build up credit score with Fairmoney. Once you even start using Fairsave your chances go higher

joeytrib:
Ahh no loan app will risk giving you 500K at once o. Well, it still depends sha, there's a way they can know your credit score so maybe if you have very high credit score they can give you what you want. You can try fair money it is very easy to build a credit score with them, borrow, payback, borrow, payback, do it with a smaller amount and keep growing the money.