Can loan apps block my BVN?
No loan app in Nigeria can block your BVN, as this is an imperative action that can only be executed by the CBN. Instead, if you fall short of mobile loan standards, your identity will be reported to the National Credit Bureaus.
This financial body will label you a high-risk borrower, making it more difficult for you to get a loan from any loan platform in the future.
Having a negative rating with the Bureau may seem trivial at the moment, but if you plunge into a financial crisis and require credit, no Nigerian loan app would provide you with one owing to your poor credit history.
For this reason, you should never cease paying your loans, and if you have not done so, you may contact the loan app for assistance in negotiating a reduction on your debt.
Which app gives fastest loan?
From our independent investigations and reviews, Money in Minutes gives fastest loans in Nigeria, with requests getting approval within few minutes. The platform is managed by MIM Finance Company is a UK-originated lending platform with presence across three (3) continents and Nigeria’s 1st Credit Membership that gives access to quick and affordable quick online loans. Loans From Money in Minutes range between ₦5,000 – ₦5m. Interest Rates could be as low as 3%.
Can I go to jail for not paying online loans in Nigeria?
In simple straightforward answer, NO! This is because in most situations, failure to repay an online loan or any loan for that matter does not constitute a criminal offence since it is strictly a civil issue. Civil debts are those incurred via personal loans, wages, mortgages, or credit cards; thus, nonpayment of a loan does not result in imprisonment.
Nigerian law does not recognise nonpayment as a ground for incarceration since a person who loses his job, becomes ill, or is involved in an accident cannot continue paying his debt. Given this viewpoint, you mustn’t believe that halting payment has no repercussions since loan defaults may result in the seizure of assets or even your house.
If it can be proven that you sought a loan with the aim of never paying it back, you may be imprisoned. In the event that there is substantial evidence that you intended to perpetrate fraud, the nonpayment will be considered a “patrimonial offence”.
The preceding mostly relates to individuals or organisations committed to scamming financial institutions or, concurrently, stealing the identities of individuals in order to obtain finance in their names.
Never borrow more than you can afford to repay, and if you fall behind on payments, negotiate with the loan platform or seek employment at a high-paying Nigerian job.
How can I get immediately loan?
You can get an immediate loan by downloading apps of instant immediate loans from Google Play Store and applying for money wherever you are. The money will be disbursed into your bank account in a few minutes.
Which are the best instant loan apps in Nigeria?
QUICK LOAN ARENA carried out an independent review which monitored the performance, reputation, highest loan amount, operational ethics, customer service, customer feedback, loan recovery method and by highest number of downloads for 2022 year period among other criteria to determine our best loan apps in Nigeria list. They are the following:
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