Bear wallet Loan App review: interest rate, how to apply, is it legit

Bear wallet loan app will give you instant loan in Nigeria without collateral or paper work, you done need to visit any location before you will obtain this loan, with your smart phone you are good to go. With Bear wallet loan all you can obtain up to #500,000 loan at a go.

Requirements to obtain loan from Bear wallet

Below are the requirement you need to meet up with before you can obtain loan from this loan app

Have good credit score.

Reside in Nigeria

Be above 18 years of age

Have bank account and bvn

Have source of income

Have smart phone with which to download the app

How to apply for Bear wallet loan

To apply for Bearwallet loan, head over to play store and download the loan app

Register with your name, bvn and other details

You will be ask to bind your ATM card which might attract #30 fee, do so and proceed.

Once you are done with registrations you will be login to your dashboard

On your dashboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Take the offer and wait for disbursement

How much you can obtain from Bear Wallet loan app

With Bear wallet you can obtain up to #500,000 without collateral or paper work, as a first timer you will not be able to pay up to this but as you continue to use the app, this will increase.

Bear wallet loan interest rate and repayment period

Bear wallet interest rate is between 10% to 15% depending on the amount of loan secure. Their repayment period is between 7 days to 90 days.

If you are a first timer your interest rate will be high while your repayment period will be short. As you continue to use the app this will improve.

Paying back your Bear wallet loan

To pay back your loan head over to your dashboard

Locate and click on loan repayment

There you will see deferent options to pay back your loan

Click one and make your payment

Once you make payment it will reflect on your dashboard

If it does not, you should contact them

What will happen if I default or refuse to pay back

If you default, you will be punish with increase in your loan interest rate and if you decide not to pay back at all your name, bvn and other details will be sent to credit bureau for black listing.

Which means you will not be able to take loan again in Nigeria until you pay back your loan and clear your name with credit bureau

Is Bear wallet loan legit

Yes, Bear wallet loan is legit, they do give out loan to people in Nigeria, but they are not licence by CBN nor insure by NDIC

Our verdict on Bear wallet loan app

Bear wallet loan app will surely give you loan. They have both positive and negative reviews on play store. Before obtaining the loan from this loan app you need to pay service fee of #8 which is not much.

The only problem they have is that they are not license by CBN so exercise caution when taking loam from this loan app.

Conclusion

Above is how to obtain loan from Bear wallet loan app, as you can see they will surely give you loan but do no take more than you can pay back to avoid had I know and embarrassment.

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