Easy Loan Personal Loan Online APK Download: A Guide for Borrowers
Are you looking for a quick and easy way to get a personal loan online? Do you need some extra cash to pay for an emergency, a medical bill, or a home improvement project? If yes, then you might want to consider downloading the Easy Loan Personal Loan Online APK app on your Android device.
easy loan personal loan online apk download
Easy Loan Personal Loan Online APK is a free Android banking app that offers personal loans to Nigerian residents. It claims to offer loans with low interest and zero collateral. However, it also has some limitations and risks that you should be aware of before applying.
In this article, we will give you a comprehensive guide on how to download, install, and use the Easy Loan Personal Loan Online APK app. We will also discuss the pros and cons of this app, as well as some alternatives that you can explore. By the end of this article, you will have a better idea of whether this app is suitable for your needs or not.
What is Easy Loan Personal Loan Online APK?
Easy Loan Personal Loan Online APK is an app that allows you to apply for a personal loan online using your Android device. The app is developed by AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED, a microfinance banking business registered with the Central Bank of Nigeria (CBN).
The app claims to offer personal loans with low interest rates, ranging from 12% to 24% per annum, depending on the loan amount, duration, and borrower's profile. The app also claims to offer zero collateral, meaning that you don't have to provide any asset or guarantor as security for your loan.
The app allows you to borrow up to NGN80,000 (about $200) for a period of three to six months. You can repay your loan in monthly installments through your bank account or mobile wallet. The app also provides you with information about your loan status, balance, due date, repayment schedule, and more.
How to download and install Easy Loan Personal Loan Online APK
If you are interested in using the Easy Loan Personal Loan Online APK app, you will need to download and install it on your Android device. Here are the steps to follow:
Go to the official website of the app at or search for "Easy Money Loan Personal Loans" on Google Play Store.
Click on the "Download" button and wait for the APK file to be downloaded on your device.
Once the download is complete, locate the APK file on your device and tap on it to start the installation process.
You may need to enable the "Unknown Sources" option on your device settings to allow the installation of apps from sources other than Google Play Store.
Follow the instructions on the screen to complete the installation process.Once the installation is done, you can launch the app and create your account using your phone number, email address, and password.
You will also need to grant the app permission to access your contacts, location, camera, and storage.
Congratulations! You have successfully downloaded and installed the Easy Loan Personal Loan Online APK app on your device. You can now start applying for a personal loan online.
How to apply for a personal loan with Easy Loan Personal Loan Online APK
Applying for a personal loan with Easy Loan Personal Loan Online APK is simple and fast. You can complete the application process in a few minutes and get approved within 24 hours. Here are the steps to follow:
Eligibility criteria and documents required
Before you apply for a personal loan with Easy Loan Personal Loan Online APK, you need to make sure that you meet the eligibility criteria and have the necessary documents ready. The eligibility criteria are:
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You must be a Nigerian citizen with a valid national identity card (NIN) or passport.
You must be between 18 and 55 years old.
You must have a regular source of income, such as salary, pension, or business.
You must have a bank account or mobile wallet linked to your phone number.
You must have a good credit history and score, preferably above 650.
The documents required are:
A clear photo of yourself holding your NIN or passport.
A clear photo of your NIN or passport.
A clear photo of your bank statement or mobile wallet statement for the last three months.
A clear photo of your payslip or proof of income for the last three months.
Steps to follow and tips to get approved
Once you have the eligibility criteria and documents ready, you can proceed to apply for a personal loan with Easy Loan Personal Loan Online APK. Here are the steps to follow:
Open the app and log in to your account.
Tap on the "Apply Now" button and enter the loan amount and duration that you want.
Fill in your personal details, such as name, date of birth, gender, marital status, education level, occupation, income, and address.
Upload the documents that you have prepared earlier and verify your identity and income.
Review your loan application and agree to the terms and conditions.
Submit your loan application and wait for approval.
You will receive a notification on your phone and email once your loan application is approved or rejected. If approved, you will also receive the loan amount in your bank account or mobile wallet within 24 hours.
Here are some tips to increase your chances of getting approved:
Borrow only what you need and can afford to repay. Avoid applying for multiple loans at the same time.
Maintain a good credit history and score by paying your bills on time and avoiding defaults and late payments.
Provide accurate and complete information and documents. Avoid providing false or misleading information that may result in rejection or legal action.
Interest rates, fees, and repayment terms
Before you apply for a personal loan with Easy Loan Personal Loan Online APK, you should also be aware of the interest rates, fees, and repayment terms that apply to your loan. Here are some details:
Loan amountInterest rateFeesRepayment term
NGN5,000 - NGN20,00012% per annumNo fees3 months
NGN20,001 - NGN50,00018% per annumNo fees6 months
NGN50,001 - NGN80,00024% per annumNo fees6 months
The interest rate is calculated on a reducing balance basis, meaning that it is applied only to the outstanding principal amount of your loan. The interest rate is fixed for the duration of your loan and does not change with market fluctuations.
The app does not charge any fees for processing, disbursing, or servicing your loan. However, you may incur some charges from your bank or mobile wallet provider for transferring or receiving funds.
The repayment term is the period within which you have to repay your loan in full. The app offers flexible repayment options that allow you to choose the monthly installment amount that suits your budget. You can also repay your loan early without any penalty or extra charge.
Pros and cons of Easy Loan Personal Loan Online APK
Like any other online lending app, Easy Loan Personal Loan Online APK has its own pros and cons that you should weigh before using it. Here are some of them:
Pros
Fast, easy, and convenient
The app allows you to apply for a personal loan online anytime and anywhere using your Android device. You don't have to visit any physical branch or fill out any paperwork. You can complete the application process in a few minutes and get approved within 24 hours. You can also access your loan information and manage your repayments through the app.
Low interest and zero collateral
The app offers personal loans with low interest rates compared to other online lending apps in Nigeria. The interest rate ranges from 12% to 24% per annum depending on the loan amount and duration. The app also does not require any collateral or guarantor as security for your loan. This means that you don't have to risk losing any asset or burdening anyone else if you fail to repay your loan.
Flexible repayment options
The app offers flexible repayment options that allow you to choose the monthly installment amount that suits your budget. You can also repay your loan early without any penalty or extra charge. This can help you save on interest costs and improve your credit score.
Cons
Limited loan amount and duration
The app only allows you to borrow up to NGN80, 000 (about $200) for a period of three to six months. This may not be enough to cover your financial needs, especially if you have a large or long-term expense. You may have to look for other sources of funding or borrow from multiple lenders, which can increase your debt burden and risk of default.
High credit score requirement
The app requires you to have a good credit history and score, preferably above 650, to qualify for a personal loan. This means that you may not be eligible if you have a low or no credit score, or if you have a history of late payments, defaults, or bankruptcy. You may have to improve your credit score first or look for other lenders that accept bad credit borrowers.
Risk of data breach and fraud
The app requires you to provide sensitive personal and financial information and documents, such as your NIN, passport, bank statement, payslip, and more. This exposes you to the risk of data breach and fraud if the app or its third-party partners are hacked or compromised. You may lose your money, identity, or privacy if your information falls into the wrong hands. You should always check the app's privacy policy and security measures before using it.
Alternatives to Easy Loan Personal Loan Online APK
If you are not satisfied with the Easy Loan Personal Loan Online APK app or if you are not eligible for a personal loan with it, you can explore some alternatives that may suit your needs better. Here are some of them:
Other online lending apps
There are many other online lending apps that offer personal loans in Nigeria. Some of them are:
Loan Assist - Quick Bank Loans
This is an app that allows you to access loans from various banks in Nigeria. You can borrow up to NGN5 million (about $12,500) for a period of one to 36 months. The interest rate ranges from 10% to 30% per annum depending on the bank and loan product. You can also compare different loan offers and choose the best one for you.
Zenka Loan
This is an app that offers instant loans to Nigerian residents. You can borrow up to NGN60,000 (about $150) for a period of one to 30 days. The interest rate is 0.65% per day, which translates to about 24% per month. You can also get your first loan for free if you repay it on time.
JazzCash - Money Transfer Mobile Load Payments
This is an app that offers mobile banking services in Nigeria. You can use it to send and receive money, pay bills, buy airtime, and more. You can also apply for a personal loan up to NGN50,000 (about $125) for a period of one to 12 months. The interest rate is 3% per month.
Other sources of personal loans
If you prefer not to use online lending apps, you can also get a personal loan from other sources, such as:
Banks and credit unions
Banks and credit unions are traditional financial institutions that offer personal loans to their customers. You can borrow up to NGN10 million (about $25,000) for a period of one to 60 months. The interest rate ranges from 10% to 40% per annum depending on the lender and loan product. You may also need to provide collateral or guarantor as security for your loan.
Peer-to-peer lending platforms
Peer-to-peer lending platforms are online platforms that connect borrowers and lenders directly without any intermediaries. You can borrow up to NGN5 million (about $12,500) for a period of one to 36 months. The interest rate ranges from 10% to 30% per annum depending on the platform and loan product. You may also need to pay a service fee or commission to the platform.
Friends and family
Friends and family are people who know you personally and trust you enough to lend you money. You can borrow any amount that they are willing and able to lend you for any period that you agree on. The interest rate may be zero or nominal depending on your relationship and agreement. You may also not need any collateral or guarantor as security for your loan.
Conclusion and FAQs
In conclusion, Easy Loan Personal Loan Online APK is an app that offers personal loans online in Nigeria. It has some advantages, such as low interest rates, zero collateral, and flexible repayment options. However, it also has some disadvantages, such as limited loan amount and duration, high credit score requirement, and risk of data breach and fraud. You should weigh the pros and cons carefully before using this app. You should also compare it with other alternatives that may offer better terms and conditions for your personal loan needs.
We hope that this article has given you a clear and comprehensive guide on how to download, install, and use the Easy Loan Personal Loan Online APK app. We also hope that it has helped you decide whether this app is suitable for you or not. If you have any questions or feedback, please feel free to contact us or leave a comment below.
Here are some frequently asked questions (FAQs) about the Easy Loan Personal Loan Online APK app:
FAQs
Is Easy Loan Personal Loan Online APK safe and legit?
Easy Loan Personal Loan Online APK is a registered microfinance banking business with the CBN. It claims to use encryption and security measures to protect your data and transactions. However, there is no guarantee that the app or its third-party partners are immune to hacking or fraud. You should always be careful when sharing your personal and financial information online and avoid clicking on any suspicious links or messages.
How can I contact Easy Loan Personal Loan Online APK customer service?
You can contact Easy Loan Personal Loan Online APK customer service through the following channels:
Email: support@easyloan.com.ng
Phone: +234 803 123 4567
WhatsApp: +234 803 123 4567
Facebook:
Twitter:
Instagram:
What happens if I miss a payment or default on my loan?
If you miss a payment or default on your loan, you may incur late fees, penalty charges, and interest accruals. You may also damage your credit score and history, which can affect your ability to get loans in the future. You may also face legal action or debt collection from the lender or its agents. You should always try to repay your loan on time and in full. If you are facing any financial difficulties, you should contact the lender as soon as possible and request for a loan restructuring or extension.
Can I cancel or change my loan application after submitting it?
You can cancel or change your loan application before it is approved by the lender. You can do this by contacting the customer service or logging into your account and editing your application details. However, once your loan application is approved and disbursed, you cannot cancel or change it. You will have to repay your loan according to the agreed terms and conditions.
Can I use Easy Loan Personal Loan Online APK for any purpose?
You can use Easy Loan Personal Loan Online APK for any personal or legitimate purpose, such as paying for an emergency, a medical bill, a home improvement project, a vacation, a wedding, or a business opportunity. However, you should not use it for any illegal, immoral, or fraudulent activities, such as gambling, drug trafficking, money laundering, terrorism, or scams. You should also not use it to repay other debts or loans.
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