Jumia pay is one of the genuine loan app we have in Nigeria, they do not harass their customers or send derogative message to their contact’s. Though many people only know jumia as ecommerce, they also offer loan to people who are using Jumia pay.
With Jumia loan you can get up to #300,000 loan without collateral or paper work and the most interesting part of it is that the loan is quick within five minute of application your bank account will be credited.
In this article you will be reading everything on Jumia loan; interest rate, repayment period and if they are legit.
What is jumia pay
Jumia pay is a mobile money developed by the owner of Jumia an ecomerce. The app help people to make transaction, make payment, save and others. Apart from this you can also take loan from this app which is the main purpose of this article
Requirements for Jumia pay loan
Before you can obtain loan from Jumia pay there are some requirement you need to meet which are
- Have a bvn and bank account
- A valid email address
- Your name
- Have a source of income
- Your phone
- And the Jumia pay app
Now that you know the requirement, it is time to take a loan
How to apply for Jumia pay loan
As stated above Jumia pay is a mobile money therefore before you can get a loan you need to register on the Jumia pay app
Head over to google play store or app store and download the jumia pay app
Register with your name, email and create your password
Once you are down with your registration you will be automatically log in
While in your dashboard locate and click on loan
There you will see a loan offer
You will be asked to bind your ATM card if you have not done so
After that click on the loan and within five minute your account will be credited.
How much you can borrow with Jumia pay loan
The amount you can borrow depends on your credit score but it is usually between #10,000 to #300,000.
As a first timer the amount you can loan will be small but as you take loan from them and pay back on time the amount you can loan will increase.
Jumia pay interest rate and repayment period
Their interest rate is between 1.5% to 20% depending on the amount of loan and pay back time.
The repayment period is between 1 month and a year also depend on credit score. If you have good credit score you have longer repayment option.
How to repay your Jumia pay loan
You can repay your loan with the card you bind with the app or request for opay account number by contacting them. Ensure you contact them for the account number, don’t just transfer to any number.
Is Jumia pay loan legit
Of course what do you expect, Jumia pay loan is legit, regulated by CBN and insure by NDIC. It is own by the same company that own jumia ecommerce.
The only cons of Jumia pay loan is that the loan is small compare to what other loan company are given out.
Conclusion
Jumia pay loan is one of the trusted loan app will have in Nigeria, they are fast in disbursing loan, and you don’t need collateral, but ensure you to take loan you can pay back.
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