NOWNOWMONEY Loan App Review: interest rate, is it legit

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Nownowmoney loan app give out instant loan in Nigeria. With this loan app you can obtain up to #100,000 without collateral or paper work. Their loan processing is fast and easy within 30 minutes of submitting application your loan will be disburse .

You don’t need to visit any location before you will obtain the loan, with your phone and BVN you are good to go.

Requirements to obtain Nownowmoney loan

Below are the requirement you must meet up with before you can obtain Nownowmoney

Be a Nigerian and reside in Nigeria.

Have bank account and BVN

Have a source of income

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Have smart phone with which to download the app

Be above 18 years of age

How to apply for Nownowmoney loan

The first step is to download the app from play store.

Launch it and register with your name and other details

You will be ask to submit your BVN, do so and proceed

Once you are done with registration you will be login to your dashboard

On your dashboard locate and click on loan

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There you will see amount of loan you are eligible to obtain

Click the loan and wait for disbursement

If everything is right, it shouldn’t taken more than 30 minutes.

How much you can loan from Now now money loan

You can obtain up to #100, 000 without collateral or guarantor but as first timer the amount you can loan will be lower than this but as you take loan regularly and pay back, the amount you can loan will increase.

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Nownowmoney interest rate and repayment period

Their interest rate rate is between 5% to 25% depending on the amount of loan obtain and the repayment period.

The repayment period is between 7 days to 2 months. For the first timer the interest rate you will receive will be high and your repayment period will be short, this will improve as you continue to take loan from the app.

What will happen if I default

If you default, you will be punish by increase in your interest rate by 2% and if you deicide not to pay back your name and BVN will be send to credit bureau for black listing. You will not be able to obtain loan again in Nigeria.

Repaying your loan

You can repay your loan with ATM card or contact them for their account number and transfer to it.

When making transfer ensure you have their correct account number to avoid story that touches the heart.

Is Nownowmoney loan legit

Yes the loan app is legit they give loan to many people in Nigeria, but they are not license by CBN nor insured by NDIC so be careful when taking loan from them

Our verdict on Nownowmoney loan app

The loan app is legit, they have given loan to many people. They have mix of positive and negative review on playstore and their rating is not encouraging. Take caution when taking loan from this loan app.

Conclusion

Above is Nownowmoney loan app review, as you can see they are not licence by CBN so take loan that you know you can pay back to avoid had I know.

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