NairaCat App Product Introduction:
Minimum loan Period: 180 days (The loan term is fixed)
Maximum loan Period: 180 days (The loan term is fixed)
Loan Amount: 100,000NGN
Service Fee: 2,000NGN
Received Amount: 88,000NGN
Daily Overdue Fee: 500NGN (Loan Amount * 0.5%)
Maximum Annual Percentage Rate(APR): 27.28%
For example, one customer applied a loan of 100,000NGN with terms of 180 days:
The customer will receive 88,000NGN once the loan is approved.
The interest fee is: 10,000NGN, interest rate is: 10,000 N/88,000NGN, which is 11.36%.
The service fee is 2,000NGN, which is a one-time processing fee.
This customer needs to repay exactly 100,000NGN before the due date of the loan(180 days later starting from the date NairaCat credited the user) to clean the loan, but if the loan is overdue, there will be an overdue penalty daily, which is 100,000 × 0.5% = 500NGN
The total cost of the loan for this customer is Interest fee + Service fee = 12,000NGN
Then APR is: 12,000×360/88,000/180 = 27.28%
How are we different?
1. You can apply for a loan with your credit. Don’t need any deposits or collateral.
2. Up to 100,000NGN. Disburse to your bank account in a while.
3. Paperless and digital process on your mobile. All the steps can be done online.
4. We do not share your data with any third parties without your consent. Your data is totally safe with us.
5. Don’t worry about forgetting repayment. We’ll send messages to remind you.
How does it work?
1. Install the NairaCat App from the Play Store.
2. Register an account and apply for the loan.
3. Get the disbursement and repay on time.
1. Nigeria Resident.
2. 20-55 years old.
Email: [email protected]
Address: 3 Tony Dim Close, Lake view phase 2, Lagos, Nigeria
* Please note, we will give you several options for you to select when do you want to repay the loan.
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