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

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Speed loan is another loan app in Nigeria that will give you instant loan. Their loan processing boxes is very fast once your application is successful your account will be credited. You don’t need to visit any location before you can obtain the loan with your phone you are good to go.

Requirement to obtain speedloan app

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

Have bank account and bvn

Have source of income

Have good credit score

Reside in Nigeria

Have smart phone with which to download the app

How to apply for speed loan

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The first step 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, do so and proceed

After the 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 for

Take the offer and await for disbursement

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How much you can obtain from speed loan

With speed loan you can obtain up to #100,000 without collateral or paper work. But as a first timer the amount of loan you can obtain will not be up to that but as you continue to use the app the amount of loan you can obtain will increase

Speed loan interest rate and repayment period

Speed loan interest rate is between 5% to 20% depending on the amount of loan obtain and the repayment period.

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Repayment period is between 7 days to 3 months. As a first timer your interest rate will be high and your repayment period will be short but as you continue to use the app this will improve.

How to repay your interest rate

To pay back your loan, head over to your dashboard

Locate and click on your loan repayment

There you will see different methods to pay back your loan

Click one and make payment

Once you make payment, it will reflect on your dashboard

If it does not contact them

What will happen if I default

If you default, you will be punish with increase in your loan interest rate, but if you decided not to payback at all. Your name, bvn and other details will be send to credit bureau for blacklisting. Which means you will not be able to take loan again in Nigeria, until you settle your debt.

Is sped loan legit

Yes, speed loan is legit, they have given loan to many people in Nigeria but they are not license by CBN, so take caution when dealing with them.

Our verdict on speedloan app

Speed loan app is legit, they will give you loan. At the time of writing this article they have good reviews on play store but they are not license by CBN so exercise caution when taking loan, do not take more than you can pay back

Conclusion

Speed loan will give you loan but do not take more than you can pay back , try to avoid embarrassment. Also know that they are not license by CBN, this mean if things go wrong, it will take time before CBN will interfere.

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