How can you borrow money through Firstnell Loan? You will discover all there is to know about the app and its advantages in this tutorial.
An online personal lending platform in Nigeria called FirstNell offers micro and medium loans swiftly and securely. Customers of First Nell can borrow up to 100,000 naira without putting up any security and with no documentation.
The FirstNell loan app streamlines the application process for personal loans by generating a credit score and authenticating your identity using data from your phone, including your personal information.
In Nigeria, borrowing money from banks and other reputable sources can be time-consuming and require paperwork, such as collateral, that the majority of people lack. Because of this, these kinds of services can be especially helpful during emergencies.
Although the firstnell loan is still in its infancy, users have provided excellent comments. On Google Play, the app has amassed over 10,000 downloads and got mediocre reviews.
To assess each borrower’s credit score, First Nell uses a lending software to gather data on potential customers, including phone records, banking transaction alerts, and BVN.
You must maintain positive bank transaction messages on your mobile device and not owe any other loan applications any money in order to be eligible for greater quantities.
How to Get a Loan and Download APK Making use of the FirstNell App
- On your Android smartphone, download the FirstNell personal loan application from the Google Play Store.
- Include your phone number in your account registration.
- It is best to use the phone number connected to your BVN because it will get a one-time password for verification.
- Indicate your home location, next of kin, and employment details on the Know Your Customer (KYC) form.
- Your Biometric Verification Number (BVN) must also be provided.
- To increase your chances of getting a bigger loan, you can link your ATM card to your bank account for N30.
- To confirm your details, a one-time password will be sent to your phone.
- The software will evaluate your credit score when you complete your loan application, and it will show you the results in the APP.
- If you are authorised for a loan, the results should be available in less than two minutes, and the money will be put into your bank account within five minutes.
- For identification purposes, you will need to capture a clear, live selfie, so use a phone that has enough capacity.
It should be noted that connecting your ATM card to N30 does not ensure loan approval; you must still pass the credit check.
Although the N30 fee paid to link your ATM card to your account is refundable, it can take up to 12 business days for the money to appear in your account.
Since your BVN is correlated with your credit score, you might expect your application to be rejected if you have unpaid loans from other lenders or have a low credit score.
Your past borrowings, on-time payment history, and cash in and outflows are just a few of the factors that make up your credit score.
You must authorise the firstnell loan app to access your phonebook contacts, who will act as your guarantors, SMS to view the details of your banking transactions, apps on your phone to see how you use other loan apps, and other information used to calculate your credit score when you download the app.
Even though the FirstNell app does offer loans to certain users, others have complained that the programme removed money from their accounts after binding their ATM cards; as a result, care should be used when using this loan application.
Is the FirstNell loan genuine?
FirstNell loan app is a legitimate lending app that provides micro and medium term loans up to a maximum of N100,000, however it has flaws that make registration challenging and exceptionally high interest rates.
According to FirstNell, the Central Bank of Nigeria (CBN) approves and sanctions each loan application after due consideration and notifies applicants of these decisions.
However, there is no evidence to back this up. This claim is more of a marketing gimmick because the CBN has never approved or sanctioned any online loan application. You are accountable for maintaining your personal safety and security while taking out online loans.
Do not fund your way of life with an online loan application. Short-term loans can be more expensive than long-term loans, thus they should be used with prudence.
Vigilance should be used before taking any online loan. You should always read customer reviews before applying for a loan in Nigeria.
You should be aware that neither the Central Bank of Nigeria nor any other Nigerian government agency has a record of these loan applications. You are in charge of making sure that your transactions with them are secure, and you have no redress if they provide terrible customer service.
Furthermore, while being available on the Google Play market, the firstnell lending app’s transactions are not safe. When using lending apps in Nigeria, you are in charge of your own security. The Play Store is only a conduit for downloads.
The Positive and Negative Pros
Streamlined and easy registration process.
It does not defame borrowers who miss loan repayments, in contrast to the majority of lending apps operating in Nigeria.
Students may use this resource in an emergency.
They do really provide loans, according to the administrator.
service available just online and requiring no collateral.
N80,000 is the maximum loan amount.
For first-time borrowers, a loan must be taken out for at least seven days.
Extremely small loans with hefty interest rates
High rejection rate.
Only Android-compatible phones can use the app.
Network issues can occasionally prevent card binding.
even if you disagree with the terms, they can still deposit the loan into your account, but you will be charged a hefty interest rate.
The initial loan amount for new customers is typically 10,000 naira.
Think about the loan repayment schedule before applying for one. The app may try to debit your account on the first installment’s due date if you take out a 60-day loan with two installments and may even tack on late fees before the loan’s 60-day term is through.
To prevent automatic debit, you can change the PIN on your ATM card. This programme is believed to purposefully auto-debit its customers even after they have made a bank transfer payment.
The bulk of these applicants are loan sharks because there are no rules in Nigeria, and if you don’t pay back the amount, they’ll threaten to send messages to your family calling you a scam artist. Avoid using these programmes if you have other options.
On this Facebook group, you can find support and read about the experiences of other people who have been bullied by loan applicants if you are being intimidated or harassed by a loan shark in Nigeria.
What other borrowers have to say about applying for a loan through FirstNell
“Please, I didn’t apply for your loan because I noticed the amount of N1,600 in 7 days to pay N2,435, but you credited my account without my consent,” wrote Adegbuyi Omobolanle in an email. In any case, I’ll pay you on time, but please remove my data from your system once I’ve paid you because your offer is too low.
Excellent software; I got paid right away, Sarumi Selimot wrote.
“How can you lend me N9000 and expect me to repay N17+ in 6 days?” asked Omoye Dennis in a letter. Isn’t this clearly fraudulent? Since I saw on your application that I would have to pay back N13,000, kindly understand that I do not need your loan. Please take note that I won’t be covering the cost of dinner.
Interest rate on a FirstNell loan?
What is available from First Nell
Loan amount: between 50,000 and 250,000
The loan length ranges from 91 to 365 days, with 91 being the shortest.
Interest compounded daily: 0.0057%
maximum rate of interest each year APR: 20.55%
The maths is not difficult. For instance, the following details will be shown if you choose a 12-month loan principal of 100,000:
Installment schedule: Principal: n
Spending totaled 100,000 yen. Principle less costs equals the amount spent; 100,000 – 0 = 100,000
Cost: O. Monthly payment amount (PMT): 10045.8 PMT = 100,000 times (1 + 20. 55%) divided by 12 equals 10045.8.
20.550 in total interest accrued
The entire sum is 120,550. The total is equal to the principle plus all interest, or 120,550.
20.55% is the overall interest rate. Total interest rate is calculated as follows: 120,550/100,000*100%, or 20.55%.
Monthly interest: 1.71% Monthly interest is calculated as follows: total interest rate = 20.55% / 12 = 1.71 percent.
Please take note that this loan duration and interest rate are only examples. Even though you will actually pay considerably less in interest and over a shorter period of time, you can still benefit by making on-time loan payments and having a positive credit history.