Ilovenaira is another loan app in Nigeria that will give you instant loan without collateral or paper work, with this loan app you can obtain up to #100,000 at ago and you don’t need to visit any place, with your smart phone you are good to go.
Ilovenaira loan Requirement
To apply for ilove naira loan, there are some requirement you need to meet up with, which are
Have source of income
Have bank account
Have good credit score
Be above 18 years of age
Have smart phone with which to download the app
How to apply for ilove naira loan
To apply for Ilovenaira loan head over to plays store and download the loan app
Register with your name and other details
You will be ask to bind your ATM card which might attract #50, do so and proceed
After the registration you will be logging to your dashboard
On your dashbabrd 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 loan you can obtain from Ilovenaira loan app
With Ilovenaira loan you can obtain up to #100,000 at ago, but as a first timer you will not be able to obtain up to this, as you continue to use the app the amount of loan you can obtain will increase.
Ilovenaira loan interest rate and repayment period
Ilovenaira interest rate is between 5% to 15% and their repayment period is between 7 days to 90 days.
As a first timer your interest rate will be high and your repayment period will be short. As you continue to use the app this will increase.
Paying back your loan
To payback your loan head over to your dashboard
Locate and click on loan repayment
There you will see deferent option to pay back your loan
Click one and make payment
Once you make payment, it will reflect on your dashboard
If it does not, contact them
What will happen if I default or refuse to pay back
If you default you will be punish with increase in your interest rate and if you decided not to pay back at all your names, bvn and other details will be sent to credit bureau for blacklisting, which means you will not be able to take loan again in Nigeria until you settle your debt and clear your name with credit bureau.
Is Ilovenaira loan legit
Yes this loan app is legit, they will surely give you loan, but they are not license by CBN nor insure by NDIC.
Our final verdict on Ilovenaira loan app
Ilovenaira loan app is legit they will surely give you loan. They have good review on play store which means they are doing something right. The only problem with them is that they are not license by CBN nor insured by NDIC, so exercise caution when taking loan from them.
Above is how to obtain loan form Ilovenaira loan app. I will advise you to take loan that you can pay back to avoid had I know and embarrassment.
Also know that they are license by CBN, if any thing go wrong it will take time for CBN to interfere.
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