Pocket Loan is the most flexible personal loan platform in Nigeria, providing financial services for people between the ages of 20 and 55. You can borrow up to ₦500,000 from Pocket Loan. The registration and application process is simple and easy to understand. After the loan is successful, you will receive the loan from your bank account. We make getting loans and paying bills fast and easy. When you pay it back on time, you'll get a higher credit next time.
? Loan characteristics:
– Loan amount for our instant personal loan application: ₦ 5,000 to ₦5,00,000
– Daily interest rate: 0.066%
– Loan Term: the shortest is 91 days (Minimum Period), the longest is 365 days (Maximum Period)
– Interest rate: from 12% (Minimum Annual Percentage Rate) to 36% (Maximum Annual Percentage Rate ). according to the eligibility of the applicant
– Handling fee: 2% of loan amount
? A representative example of the total cost of the loan, including all applicable fees：
For example, you need a loan of 10,000, divided into 3 repayments, the interest you need to pay is ₦400, and the handling fee is: ₦200. Total debt: ₦10,600
Monthly interest calculation formula = annual interest rate (APR) 24% / 12 = 2%
Daily interest rate = annual interest rate (APR) 24% / 12/30 = 0.66%
Total interest for repayment = (number of months of repayment + 1) * loan amount * monthly interest rate / 2 = (3 +1) * ₦10,000 * 2% / 2 = ₦400
Handling fee = loan amount * 2% = ₦10,000 * 2% = ₦200
Total debt = total interest + principal + handling fee = ₦400 + ₦10,000 + ₦200 = ₦10,600
Monthly repayment = total debt / number of months of borrowing =
10,600 / 3 = ₦3533.33
? Why choose Pocket Loan?
We are more than a loan app. We are working hard to provide you with the best services to make your life better.
– All you need is your phone number and BVN to apply for a loan of up to ₦300,000 from your phone.
– You will receive your loan in only 10 minutes!
– Spread repayments in multiple instalments for more flexibility and ease.
– We encrypt the data you choose to share with us to protect your privacy.
– Get an instant loan or make payments with no hidden charges or transaction fees.
– Build your credit score and get access to higher loans, discounts or flexible interest rates when repayments are made on time.
– Track your loan history and transactions to stay on top of your finances.
? Privacy and Permissions
Pocket Loan makes getting a personal loan simple by using the data on your phone like device Information to verify your identity and provide loan service. We will do our best to protect your privacy and encrypt it. And we promise never share your data with third parties.
? How to apply for a loan
– Install the APP;
– Register with your mobile;
– Follow the process and fill in required information
– Submit and wait for approval;
– Money credited to your bank account after approval;
– Repay your loan on time to get your credit re-evaluated;
? For more information, comments or suggestions
– Send us an email at [email protected] from 9am-6pm every Mon-Fri.
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