Loannow app review: how to apply, is it legit, Interest rate - Startuppreneur

Loannow app review: how to apply, is it legit, Interest rate

Loannow is another loan app in Nigeria that give out loan without collateral or paper work. With this loan app you don’t need to visit any location with your smart phone you are good to go. You can obtain up to #350,000 loan with this loan app

Loannow app requirements

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


Have good credit score

Have bank account and bvn

Have source of income


Be above 20 years of age and below 50 years of age

Have smart phone with which to download the loan App

How to apply for loan loannow

The first step to take is to head over to play store and download the loan app

Register with your names and other details

Once you are done with registration 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

Click it and wait for disbursement

How much you can obtain from loannow app

With loan now app you can obtain up to #350,000 loan without collateral or paper work.

As a first timer you will not be able to obtain up to this. Your eligible loan might not be more than #30,000, but as you continue to use the app your eligible loan amount will increase.

Loannow Interest rate and repayment period

Loannow Interest rate is between 5% to 18% depending on the amount of loan obtain. Their repayment period is between 91 days to 365 days.

If you are applying for the first time your Interest rate will be high while your repayment period will be short. This wil improve as you continue to use the app.

Paying back your loannow loan

To pay back your loan head over to your dashboard

Locate and click on loan repayment

There you will see options to pay back your loan

Click one and make payment

Once you make payment it will reflect your dashboard

If it does not, you should contact them.

What will happen if I default or refuse to pay

If you default, your loan Interest rate will be increase and if you decided not to pay at all your name, bvn and other banking 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 settle your debt.

Is loannow legit

Yes loannow is legit, they have given loan to many people in Nigeria , but they are not license by CBN.

Our final verdict on loannow

Loannow is a legit loan app, they will surely give you loan. They have good review on play store as at the time of writing this article.

They do not charge processing fee which is a good thing, the only problem with this loan app is that they are not license by CBN nor insure by NDIC, so exercise caution when taking loan from them.


Loannow will surely give your loan but do not take more than you can pay back to avoid embarrassment and had I know.

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