Nigloan app: Interest rate, how to apply, is it legit

Nigloan app is another loan company that give out instant loan in Nigeria. With Nigloan you can obtain up to #1,000,000 without collateral or paper work also you don’t need to visit any location before you will secure the loan, with your smartphone you are good to go.


Requirements to obtain loan from Nigloan

To obtain loan from Nigloan app you need to meet up with some requirement which are

Have source of income

Have good credit score


Have bank account and bvn

Be above 20 years of age and below 60 years of age

Have smart phone with which to download the app


How to apply for Nigloan

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 form Nigloan app

With Nigloan app you can obtain up to #1,000,000 without collateral or paper work but as a first timer your loan might not be more than #100,000, it will later Increase as you continue to use the app.

Nigloan interest rate and repayment period
Their Interest rate is between 18% to 36% depending on the amount of loan obtain.


Repayment period is between 90 days to 365 days also depend on the amount of loan obtain. As a first timer your Interest rate will be high while your repayment period will be short this will improve as you continue to use the app.

Paying back your Nigloan

To pay back your loan head over to your dashboard

Click on loan repayment

There you will see options to repay your loan.

Click on one and make payment

Once you make payment, it will refect 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 by Increase in your loan interest rate. If you decided not to pay back your name, 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 Nigloan app legit

Yes Nigloan app is legit, they will surely give you loan jn Nigeria, the only problem with them is that they are not license by CBN nor Insure by NDIC.


Our final verdict on Nigloan app

Nigloan 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. The only problem with them is that they are not license by CBN, so exercise caution when taking loan from them.


Above is how to take loan from Nigloan, as you can see, they will surely give you loan, but i will advice you to take loan that you can pay back to avoid had I know and embarrassment.

Also know that this loan app is not approved by CBN if there is any problem it will take time before CBN will interfere.

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