Fast money loan app: How to apply, interest rate, is it legit and more - Startuppreneur
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Fast money loan app: How to apply, interest rate, is it legit and more

Fast money as it name implies give quick loan to Nigerians and it is without collateral or paper work once you have your smart phone and BVN you are good to go. All the loan application is done online you don’t need to visit any location.

With fast money loan you can obtain loan of up to #200,000 at a go, but as first timer it will be less than that.

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This article is all about fast money loan, how to get loan from the app and other important information that you need to know.

Requirements to get loan from fast cash loan app

Like other loan apps in Nigeria, you need to meet up with some certain requirements before fast money will give you loan, these requirements are

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  • Have a BVN and bank account number
  • You will submit your name and valid email address
  • Have good credit score
  • Be above 18 years of age
  • Have a source of income
  • You must not have defaulted on any loan before

How to download and apply for fast money loan

Now that you know the requirements, the next thing is to apply for fast money loan and this is how to go about it

Download fast money loan app from playstore

Register with your name and email address

You will be ask to submit your BVN, this bvn will be use to determine your credit score

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After the registration you will be login to your dashboard automatically

On your dashboard you will see loan option, click it

The next page will show the amount of loan you are qualify for.

How much you can loan from fast money loan

You can obtain a loan of up to #200,000 with out collateral with fast money but as a first timer your first loan offer might be as low as #10,000 but as you take loan and pay back on time the amount of loan you can take will increase.

Fast money interest rate and repayment period

Fast money interest rate depends on the amount of loan and the repayment period. Their interest rate is between 3% to 25% while their pay back period is between 91 days to 180 days also depend on the loan amount.

How to pay back fast money loan

You have two options to pay back your loan, you can pay back through the ATM card you bind with the app or request for their account number and pay into it.

If you chose to pay back into their account number ensure you have the correct one to avoid story that touch.

Is fast money loan app legit

If it is in term of loan disbursement fast money is legit, there are many people who have receive loan from them. But if it is in terms of CBN approved no! They are not regulated by CBN and not insure by NDIC.

When getting loan from them know that they can do and undo, if you default they might defame you or send derogative message to your contacts.

What I like about fast money loan app

  • Fast money loan is fast in disbursement
  • You don’t need collateral nor guarantor
  • They give loan to everybody

What I don’t like about fast money loan app

  • They are not approved by CBN nor insured by NDIC
  • First timer you will receive small loan
  • Their interest rate is much.

Conclusion

Loan is now a easy thing in Nigeria, right and left you will see loan app that is ready to give you loan instantly while they don’t request for collateral, your contact list are your collateral.

If you default they will defame and send derogative text to your contacts, therefore take loan that you know you can pay back to avoid embarrassment.

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