FirstNell loan reviews, app download, interest rate

What is firstnell loan and how can you borrow from them? In this guide you will learn everything about the app and its benefits.

The FirstNell loan app is a Nigerian online personal lending platform that provides micro and medium loans quickly and securely. First Nell enables its customers to borrow from 50,000 naira up to 100,000 without collateral and with minimal paperwork

The FirstNell loan app simplifies the process of obtaining a personal loan by using your phone’s data, including your personal information, to authenticate your identification and generate a credit score.

Obtaining a loan through banks and other legitimate sources in Nigeria can be time-consuming and needs documents such as collateral, which the majority of people lack. Because of this, services such as these can be particularly valuable in times of emergency.

Although the firstnell loan is still relatively young, users feedback has been positive. The app has received mixed reviews and over 10,000 downloads on Google Play.

First Nell employs a loan software to collect information about prospective clients, such as phone records, banking transaction alerts, and BVN, in order to determine each borrower’s credit score.

To qualify for larger sums, you must maintain positive bank transaction messages on your mobile device and have no outstanding debts with other loan applications.

How to Download APK and Obtain a Loan Using the FirstNell App

Install the FirstNell personal loan application from the Google Play Store on your Android device.
Register your phone number with your account.
The phone number associated with your BVN is preferred, as a one-time password will be provided to it for verification.
Fill out your Know-your-customer (KYC) information, including your home address, next of kin, and employment information.
In addition, you must give your Biometric Verification Number (BVN).
You will be charged N30 to link your ATM card to your bank account in order to boost your chances of obtaining a larger loan.
A one-time password will be sent to your phone to verify your information.
After submitting your loan application, the software will assess your credit score and display the final result in the APP.
The outcome should be revealed in less than two minutes, and if you are approved for a loan, the funds will be deposited into your bank account within five minutes.
You will be required to take a clear, live selfie for identification, so make sure you’re using a phone with sufficient memory space.

Note that tying your ATM card with N30 does not guarantee you will be approved for a loan; you must still pass the credit check.

The N30 fee incurred to link your ATM card to your account is refundable; however, it may take between 7 and 12 business days for the funds to be returned to your account.

Your BVN is tied to your credit score, therefore if you have outstanding loans with other lenders or have not repaid other lenders when due, you can anticipate your application to be denied.

Your credit score is comprised of, among other things, a record of your prior borrowings, payment timeliness, and incoming and outgoing cash transactions.

When you download firstnell loan app, you must grant permission for it to access your phonebook contacts, which will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps, and other information used to determine your credit score.

Although FirstNell app does provide loans to some consumers, others have stated that the program withdrew funds from their accounts after binding their ATM cards; hence, caution should be exercised when utilizing this loan application.

Is FirstNell loan legit?

FirstNell loan app is a legitimate lending app that offers micro and medium term loans up to a maximum of N100,000, however it has extremely high interest rates and faults that make registration difficult.

FirstNell asserts that all loan applications are approved and sanctioned by the Central Bank of Nigeria (CBN) and notified during the Loan application process.

But there is no data to support this. As the CBN has no record of granting or sanctioning any online loan application, this assertion is more of a marketing ploy. When taking out online loans, you are responsible for ensuring your own safety and security.

Do not use an internet loan application to fuel your lifestyle. When compared to long-term loans, short-term loans can be fairly expensive and so should be handled with caution.

Before accepting any online loan, vigilance should be exercised. Before applying for a loan in Nigeria, you should always read evaluations from other customers.

You should be aware that these loan applications are not recorded with the Central Bank of Nigeria or any other government body in Nigeria. You are responsible for ensuring the security of your transactions with them, and you have no recourse for poor customer service.

Additionally, firstnell loan app being on the Google Play store does not render its transactions secure. You are responsible for your own security when utilizing loan apps in Nigeria. The Play Store merely provides a download portal.

The Good and the Bad

Pros
Simple and streamlined registration procedure.
Unlike the majority of lending apps functioning in Nigeria, it does not slander borrowers who fall short on loan repayment.
Can be utilized in times of emergency by students
The administrator has confirmed that they do in fact offer loans.
Online-only service with no collateral necessary.
Maximum loan amount of $80,000.

Cons
The minimum loan duration for first-time borrowers is merely seven days.
Small loans with exceptionally high interest rates
High rate of rejection.
The app is only compatible with Android handsets.
There are sometimes network difficulties that hinder card binding.
Can disburse loan to your account even if you do not agree to the terms, but you must pay a high interest rate.
Typically, the initial loan amount for new consumers is 10,000 naira.

Repayment

When taking out a loan, consider the payback schedule. If you take out a 60-day loan with two installments, the app may attempt to debit your account on the due date of the first installment and even charge you late fees before the end of your 60-day loan term.

You can alter the PIN on your ATM card to avoid automatic debit. It has been alleged that this software purposely auto-debits its consumers even after they have paid via bank transfer.

Due to the absence of laws in Nigeria, the majority of these applications are loan sharks who may threaten to send messages to your family members labeling you as a con artist if you fail to return the debt. If you have other options, you should avoid using these programs.

If you are being intimidated or bullied by a loan shark in Nigeria, you can receive assistance and learn about the experiences of others who have been bullied by loan applications in this Facebook page.

What other borrowers say about the FirstNell loan application

Adegbuyi Omobolanle emailed, “Please I didn’t apply for your loan because I noticed the sum of $1,600 in 7 days to pay $2,435, but you credited my account without my consent. Anyway, I’ll pay you on the due date, but kindly erase my information from your database after payment because your offer is too low.”

Sarumi Selimot wrote, “Excellent applications; I received payment within a minute.”

Omoye Dennis wrote, “How can you lend me $9000 and expect me to repay $17+ in 6 days?” Is this not blatantly fraudulent? Please, I do not require your loan, since I saw on your application that I would need to repay $13,000. Please note that I will not be paying for dinner.”

FirstNell loan interest rate?

What First Nell has to offer
Amount of the loan: 50,000 to 250,000
The shortest loan term is 91 days and the longest is 365 days.
Daily rate of interest: 0.0057%
Maximum annual interest rate APR: 20.55%

The calculation is quite simple. For instance, if you select a 12-month 100,000 loan principal, the following information will be displayed:
Installment plan: 12. Principal: ₦100,000.
One hundred thousand yen were spent. Amount spent = principle minus costs; 100,000 – 0 = 100,000
Monthly payment amount (PMT): 10045.8 PMT = ₦100,000 x (1 + 20. 55%)/ 12 = ₦10045.8.
Cost:₦O.
Total interest accrued: 20,550
Total amount: ₦120,550. Total sum Equals principle + Total interest = ₦120,550.
The overall interest rate is 20.55%. Total interest rate = total interest / principal * 100% =, ₦120,550 / ₦100,000 * 100% = 20.55%.
Interest per month: 1.71% Monthly interest = total interest rate / payment = 20.55% / 12 = 1.71 percent.

Note that this interest rate and loan term is merely an example. Your actual interest rate and loan term will be much lower, but you can improve it by repaying your loan on time and maintaining a good credit history.