Hifund loan app: interest rate, how to apply, is it legit
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If you need instant loan without collateral or paper work, Hifund is your best bet, this loan app has been downloaded more than 50k time on playstore which shows that they are doing something good.
Their loan processing is very fast within one hour of submitting application your loan will be disburse. With this loan app you can obtain up to #150,000 loan at a go.
Requirement to obtain loan from Hifund loan app
Like many loan app n Nigeria before you can obtain loan from this app you need to meet up with some requirements, which are
- Have good credit score
- Have bvn and bank account
- Reside in Nigeria
- Have source of income
- Be above 18 years of age
- Have smart phone with which to download the loan app
Once you meet up with this requirement you can go ahead and apply for the loan
How to apply for hifund loan app
The first step to take is to 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 registration you will be login to your account
On your dashboard locate and click on loan
There you will see amount of loan you are eligible to obtain
Click it and wait for disbursement
How much you can obtain from hifund loan app
With hifund loan app, you can obtain up to #150,000 loan without collateral or paper work. If you are applying for the first time you will not get up to this, hour eligible loan amount will be around #50,000 but as you continue to take loan and pay back regularly the amount of loan you can obtain will be increase.
Hifund loan interest rate and repayment period
Hifund loan interest rate is between 10% to 20% depending on the amount of loan obtain. Their repayment period is between 7 days to 12 months.
As a first timer you will be given high interest rate and short repayment period. This will improve as you continue to use the app.
Repaying your hifund loan app
To payback your loan head over to your dashboard
click on loan repayment
There you will see deferent option to pay back your loan
Click on one and make payment
Once you make payment it wil 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 by Increase in your loan Interest rate which might be up to 2%.
If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.
Trust me this process is usually time consuming, your best bet is to pay your loan as at when due.
Is hifund loan app legit
Yes, this loan app is legit, if it is to give loan, they will surely give you loan, but they are not license by CBN nor insure by NDIC, before you need to exercise caution.
Our final verdict on hifund loan app
Hifund loan is legit, if you meet up with their requirement they will surely give you loan. They have good review on plays store and this app have been downloaded more than 50k times.
The problem with this app is that their interest rate is high, though this is typical of many loan app in Nigeria.
Also they are not license by CBN therefore exercise caution when taking loan from them.
Above is how to obtain loan from hifund, as stated above they will surely give you loan but do not take more than you can pay back try to avoid embarrassment.
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