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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