Prime loan app: is it legit, interest rate and how to apply - Startuppreneur

Prime loan app: is it legit, interest rate and how to apply

Prime loan will give you instant loan in Nigeria without collateral or paper work. Though their loan amount is small at #30,000 you can apply more than one time even when you have not settle the previous loan.

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


Requirement to obtain loan from prime loan

Their are some requirements you need to meet up with before you can obtain loan from this loan app

Have good credit score


Be above 18 years of age

Reside in Nigeria

Have back account and bvn

Have source of income with which to payback


Have smart phone with which to download the loan app

How to apply for prime loan

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

Register with your name, bvn and other details

You will be ask to bind your ATM card which might attract #30 fee, do so and proceed

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

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 prime loan

As stated In the introduction, the maximum amount you can obtain from this loan is #30,000 but you can apply more than 1 times depending on your loan limit. Your loam limit might be #100, 000 or more depending on your credit score.

Prime loan interest rate and repayment period

Prime loan interest rate is between 15% to 24% per annum. Their repayment period is between 7 days to 90 days depending on the amount of loan secure.

As a first timer your interest rate will be higher while your repayment period will be short as you continue to use the app, this will later improve.

Paying back your prime loan

To payback your loan head over to your dashboard

click on loan repayment

There you will see deferent option to pay back your loan

Click on one and make payment

Once you make payment it will reflect on your dashboard

If it does not you should 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 which might be up to 2%.

If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.

Is prime loan legit

If it is to give loan yes, they are legit, they have given loan to many people in Nigeria but they are not license by CBN nor insure by NDIC.

Our final verdict on prime loan

Prime loan is a new loan app and as such you might not be able to obtain high amount of loan . but they will surely give you loan.

They have good review on play store weigh shows that they are doing something right.

The only problem I have with them is that they are not license by CBN nor insure by NDIC as a result of this I will advice you to exercise caution when taking loan from them.


Prime loan app do give out loan to people in Nigeria, you can take small loan for a start to see how they work. They will surely give you loan but take loan that you can pay back to avoid had I know.

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