Bingo Loan is a novel app in Nigeria that enables individuals to borrow money stress-free. This post contains all pertinent information, including their interest rate, repayment terms, requirements, etc.
What exactly is Bingo Loan?
Bingo Loan is a Nigerian personal immediate online cash loan application that offers loans between 50,000 and 350,000.
The application provides a simple and convenient method for gaining access to funds without the need for lengthy lines, document preparation, or lengthy approval periods.
Loan Details
Bingo Loan provides loans with terms ranging from 91 to 365 days at a daily interest rate of 0.0057%. The utmost annual percentage rate (APR) is 20,55 percent.
The loan amount, total interest, and total amount are computed in accordance with the repayment schedule, principal amount, and interest rate.
For instance, if you take out a loan with a principal of 100,000 for 12 months, the total interest would be 20,550 and the total amount due would be 120,550. The monthly rate of interest would be 1.71 percent.
How to Request a Bingo Loan
The Bingo Loan application requires only a smartphone and the Bingo Loan app. Follow these straightforward procedures to request a loan:
- Download the Bingo Loan mobile application and create an account.
- Complete the loan application details.
- Submit an application for a loan.
- Expect loan approval.
- After approval, the loan is deposited into your collection account immediately.
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Loan Eligibility
When determining your eligibility for a loan, Bingo Loan considers a variety of factors, including past loan performance, credit scores, etc.
It is essential to provide accurate information during the application procedure, as any falsification could result in the rejection of your loan application.
Loans from Bingo Loans: Pros and Cons
Pros:
- Utilises cutting-edge technology to locate the ideal loan for each applicant.
- Functions as both a direct lender and a lender-matching service.
- Provides a transparent rating system
- Reports to credit agencies and therefore can assist in improving your rating
- Allows debtors up to 14 days after receiving funds to cancel loans.
- Rapid loan approval and funding within a day’s working hours
Cons
If you obtain your loan through a third party, the rates may differ from those displayed on the website.
Bingo Loans may need to provide your information to third parties in order to find you a lender.
Due to the credit review, applying for a loan through the platform may affect your score.
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How do Bingo Loans loans operate?
Bingo Loans utilises cutting-edge technology to provide a quick and efficient loan application procedure. Typically, the lender will offer you financing without discrimination as a direct lender. They accept all credit histories, and the entire application process is conducted online.
With a concentration on convenience and swiftness, they provide applicants with online calculators to confirm loan terms prior to application. And if they cannot fulfil your request, they will refer you to an alternative lender.
If you are matched with one of the provider’s partner lenders, your application will be transferred to that lender’s website. After completing the procedure, the funds will be deposited directly into your account.
You will never need to make a phone call because you can complete all necessary procedures online. However, if you have any questions about the application, you can contact customer support. If you have been transferred to a third-party lender, the provider will connect you with the appropriate individual(s).
Fees and expense
However, they may receive a commission from partner lenders. The platform offers loans ranging from as little as £50 to a maximum of £1,500. On the other hand, the loan terms range from one month to twelve months.
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Review of Bingo Loans Loans
In some instances, you can receive your loan the same day or the following business day. It depends entirely on when the application is submitted and when it is approved.
Given its extensive network of business associates, the lender also claims to offer high acceptance rates. This is due to the fact that there will almost always be a lender willing to meet your needs and provide the terms you desire.
If your bank does not take accelerated payments, you might have to wait longer than the standard 24 hours. The utmost wait time is roughly three days.
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Credit report
The website provides services to everyone, including consumers with poor or no credit. It asserts there is no such thing as “bad credit.” Due to their adaptable approach, they finance all debtors and seek to assist you in enhancing your credit score.
When you first apply for a loan on the website, the lender may conduct a credit check and verify your references. They may use information from credit reference agencies and credit checks to determine your creditworthiness during the eligibility evaluation procedure.
Through these exhaustive tests, they are able to confirm the borrower’s identity and prevent fraudulent applications. If you provide false or inaccurate information, this constitutes a violation of the terms. Consequently, it may result in the initiation of criminal proceedings.
You have the right to rescind a lender-approved loan up to fourteen days after receiving the funds. You must contact the lender directly in order to cancel a loan, whether Bingo Loans or a third party on the platform.
This will necessitate written notification of the phone call to the business. Note that you will also be responsible for paying any interest that has accrued since the credit was granted. You must do so immediately and no later than 30 days after giving your notice of withdrawal.
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Bingo Loans Client Service
Very little information is available online about Bingo Loans or its customer service team. Before applying for a loan, you may wish to contact them in order to gain first-hand knowledge of their policies. They can be reached via phone and email, and their contact information can be found on their website.
Is borrowing from Bingo Loans secure?
Bingo Loans is a regulated service provider, and it appears that borrowing from the platform poses no security risks.
The website employs standard encryption protocols to safeguard user information.
In addition, as a matching service, they collaborate with reputable UK lenders. However, before obtaining a loan from a third-party lender, you must always conduct a background check and read reviews.
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Conclusion
Bingo Loans is a reputable, regulated financial institution that functions as both a direct lender and a matching service. They ensure that everyone has access to loans by providing access to alternative lenders when they are unable to provide services themselves.
Although their rates are comparable to the average rates charged by short-term lenders, you cannot be certain of the applicable rates until you identify the lender. They conduct credit reviews and report to credit agencies, which may have a positive or negative impact on your rating, depending on your repayment.
Overall, it is a good option when you need cash quickly and have no other options. Before signing any loan agreement with Bingo or any of its partner lenders, however, you should always read the fine print. Bingo Loan provides a simple and convenient method to access cash when you need it.
Bingo Loan is an excellent choice for Nigerians in need of a personal loan due to its user-friendly app, reasonable interest rates, and fast approval times.
Contact Bingo Loan at +234 8166698237 or [email protected] for more information.
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