PhastMoney is a digital lending platform operating in Nigeria that offers loans to individuals and SMEs without the need for collateral or guarantors.
The platform allows Nigerians to apply for loans quickly and easily via their mobile devices, eliminating the long queues and wait times associated with traditional lending institutions.
In this blog post, we will delve deeper into PhastMoney’s loan offerings and features.
How to Apply for a Loan with PhastMoney
To apply for a loan with PhastMoney, simply follow these steps:
- Download the loan app for free
- Sign up to create an account (It takes less than 2 minutes)
- Apply for a loan (you don’t need any collateral)
- Your loan is approved, and you get the money straight into your account in minutes.
PhastMoney Personal Loans
PhastMoney offers personal loans that can be used for various purposes, including medical bills, paying house rent, buying a new vehicle, school fees, family expenses, fun, and emergencies.
The interest rates for personal loans start from as low as 5% monthly on the first loan. The loans range from ₦1,500 to ₦500,000 with terms from 91 days to 1 year.
The interest ranges from 2% to 30%, with an equivalent monthly interest rate of 1% to 21%. The annual percentage rates (APRs) range from 30% to 260%.
For instance, if you borrow ₦100,000 over 6 months, the interest rate is 13% p.m. (fixed). The total interest is ₦50,000, and you will make three repayments of ₦50,000.
The total amount payable is ₦150,000, and the representative APR is 13%.
PhastMoney Business/SME Loans
PhastMoney also provides working capital finance to SMEs in Nigeria. The platform offers flexible, short-term, uncollateralized loans that can be used to purchase inventory, service new orders, or optimize cash cycles.
The loan amounts range from ₦50,000 to ₦30,000,000, and the tenure ranges from 3 months to 6 months. The APR ranges from 36% to 72% per annum, and the processing fee ranges from 0.5% to 1%. The disbursal time is between 24 hours to 72 hours.
For example, John borrowed ₦1,000,000 for 2 months, and the interest was ₦80,000 at 4%. The total repayment was ₦1,080,000, and he made weekly repayments of ₦135,000. The APR was 48%.
Repayment
To repay your loan, log in to your PhastMoney app and pay your loans before the expected due date to improve your credit score and gain access to higher amounts with longer tenures and lower interest rates.
Contact Phast Money Loan
If you have any questions or concerns, kindly send an email to support@phastmoney.com or visit www.phastmoney.com.
Conclusion
PhastMoney is a digital lending platform that provides loans to Nigerians without the need for collateral or guarantors.
The platform offers personal and business/SME loans with flexible repayment terms and low-interest rates.
The application process is straightforward and can be completed within minutes via the mobile app. Contact PhastMoney today for all your lending needs.
