7 iPhone Apps to borrow money online
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iPhone Apps to borrow money online
Another way through which one can obtain money without getting embarrassed include doing it virtually. Embarrassment, in this context, can manifest as physical insults or personal shame. Money can be borrowed to top up or finance a business, resolve a situation that requires money urgently, get school fees and house rents paid, invest, and much more. If you are reading this post, consider yourself lucky because you are on the verge of discovering top iPhone loan apps to borrow money from.
These apps are designed to discreetly preserve users’ information, provide a meaningful amount of money, and offer considerable repayment periods and interest rates. You may be seeking criteria for taking a loan from several apps; here are some things to consider:
Loan Amounts
If the amount the app offers will not be sufficient to solve the problem for which you are borrowing, then there is no need for you to proceed. First, find out the minimum and maximum amount of money the app issues.
Interest Rates
Compare the interest rates of various loan-giving apps and choose the one with a lower interest rate. By doing so, you will reduce the sum of money you have to pay. Also, don’t forget to consider fees and charges in this sector.
Loan Terms/Repayment Flexibility
Can you pay back a loan with a short-term? If not, look for an app that offers a longer loan term. Some apps may have features like repayment flexibility; you can utilize it and schedule your repayment based on your income or financial situation.
Other Considerations
Before obtaining a loan from any app, check eligibility, approval time, customer reviews, and the app’s security and privacy. Now check out several iPhone apps that you can confidently borrow money from;
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iPhone Apps to borrow money online
CreditWave
The CreditWave loan app is a user-friendly platform where customers can borrow a substantial amount of money at very low interest rates, with no additional fees charged. The app sets a maximum loan limit of N500,000 and a minimum of N10,000. Moreover, users enjoy flexibility in repayment, with the option to pay within a generous 180-day period.
Pros:
- The CreditWave loan app conducts a responsible and thorough assessment of borrowers, contributing to a sense of security for users.
- No outrageous interest rates at all.
Cons:
- Poor customer service.
- Takes a long period of time to disburse money.
LendQuick
At LendQuick, users can borrow in accordance with their eligible loan amount. Business entities, individuals, and experts have the flexibility to borrow as much as needed and can repay within a term ranging from a minimum of 62 days to a maximum of 336 days. The borrowing process is stress-free, requiring no collateral or bank visits, and funds are transferred directly to your wallet. Instant cash disbursal is a key advantage.
The interest rates are attractive, with a minimum of 3% per month and a maximum of 10% per month, resulting in an Annual Percentage Rate (APR) of 36%. Note that for specific loans, a guarantor may be required and that users’ past loan performance and credit score could impact their eligibility on this app.
Pros:
- Quick cash disbursal
- Attractive interest rates
- Flexible repayment terms
- Minimal documentation required for loan eligibility
Cons:
- Potential delay in processing the loan
- Lack of information on loan processing time
- Users may face persistent loan denials, leading to frustration
- Poor customer service response
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FairMoney
FairMoney stands out as a leading Fintech App in Nigeria, renowned for its swift loan disbursement capabilities. Each day, FairMoney extends financial support to over 10,000 individuals. Accessible on the Apple Store, the app streamlines the borrowing process, requiring only a valid ID, an active payment card, and contact details of the next of kin.
With FairMoney, borrowers can secure loans of up to 3 million naira, providing the flexibility to repay over a generous period of 540 days with attractive interest rates. The application process is remarkably efficient, with approval typically granted in less than 10 minutes.
Noteworthy for its commitment to regulatory compliance, FairMoney operates under the licensure of the Central Bank of Nigeria. Beyond its core lending function, the app offers a range of additional services.
Pros:
- Offers speedy and fast transfers of loan
- Users can access higher loan amounts and there’s an option for loan top-ups while servicing an existing loan.
- The app has a responsive customer service
- The platform offers interest discounts of up to 90% for early repayments
- Borrowers enjoy flexible repayment terms, ranging from 61 days to 24 months
- Offers a wide range of financial services asides loan
Cons:
- Users may receive frequent reminders, including calls and messages, especially during payment periods.
- You should encounter few issues when changing your password.
- Loan approval criteria is inconsistent.
- The platform imposes high-interest charges
- While the platform provides flexible repayment terms, it may not cover all possible preferences for repayment periods.
GoCash
GoCash is a fintech company located in Abuja that offers low-interest loans with easy verification through a BVN card. Prospective borrowers must be between 18 and 50 years old, possess an active bank account, and provide a mobile number because the app facilitates flexible fund disbursement and repayment through banks, including both traditional and mobile banking channels.
The loan amounts range from ₦20,000 to ₦80,000, with a repayment period of 91 to 180 days. The annual interest rate is capped at a maximum of 33%, resulting in a daily rate of 0.09%.
Pros:
- The simplicity and efficiency of the loan application process are worthy of appreciation.
- Users enjoy flexible disbursement and repayment.
Cons:
- Borrowing money here would entail high-interest rates and short repayment periods.
- The loan amounts and repayment options are very limited, and the disbursement process is slow.
- There is also an age restriction.
Renners
Renners Investment Limited is one of the newly established platforms in Nigeria, dedicated to helping people meet their bills and financial targets by providing loans. Loan limits range from NGN 3,000 to NGN 500,000, with a daily interest rate of 0.05%, which is relatively low compared to some apps. Since its creation in 2020, this app has maintained a standard of quickly disbursing loans. Users need only wait for a short period and repayment terms span from 91 to 365 days.
Pros:
- Easy Repayment process.
- Quick Loan Approval.
- The loan terms and characteristics, including loan term, amount, interest rates, and fees, are clearly outlined.
- Improves credit scores and extends credit limits through timely payments.
Cons:
- Users may not be able to reuse the registered bank card for subsequent transactions.
- Slow services.
Carbon
Carbon is a well-known financial app in Nigeria that provides diverse banking services, including high-interest savings and instant short-term loans. The platform offers a variety of features such as money transfers, savings, and shopping. However, its popularity stems from its loan offerings, ranging from ₦1,500 to ₦1 million, with flexible interest rates spanning from 1.75% to 30%. Borrowers enjoy the comfort of repaying loans over a maximum period of 64 weeks, equivalent to 448 days.
Pros:
- Carbon boasts robust security features, including PIN verification, to safeguard against unauthorized access.
- It provides loans with flexible interest rates and extended terms.
- The company promptly addresses customer reviews, enhancing customer service.
- With quick loan disbursement and transparent processing, Carbon ensures an easy user experience.
Cons:
- Many users encounter challenges with account verification.
- High-interest rates.
- Ineffective support responses.
sofri
Sofri’s primary goal is to cater to Nigerians seeking a platform for obtaining loans to meet various financial needs, offering competitive interest rates. Launched two years ago, this mobile banking app is a product of LINKS Microfinance Bank, a member of the DLM Capital Group.
Pros:
- Easy and fast installation
- User-friendly interface
- Quick access to loans and investment plans
Cons:
- Ads discrepancies
- Customer support and responsiveness
Conclusion:
Dear iPhone users, taking a loan virtually will save you tons of embarrassment and protect your name or business name from any sort of shame. Additionally, it will give you a longer-term range to pay back. All apps above are very easy to access; you just have to download them and follow every instruction. If you know about other apps that fit into the function of the ones above, please let us know in the comment section.