An instant loan app is a mobile application that allows users to apply for and receive a loan quickly, often within a matter of minutes.
These apps typically use advanced algorithms and data analysis to quickly determine a borrower’s creditworthiness and offer loans at competitive interest rates.
Many instant loan apps also offer features such as the ability to track loan payments and view account balances. Some examples of instant loan apps include FidoLoan, Ghlending, MomoLoan, and many other financial institutions.
Below are the Highlights of Personal Loan offered by Loanfinder:
(1) Loan Amount ranges from ₵1,000 to ₵100,000 according to Loanfinder
(2) With a Repayment Tenure from 91 days to 365 days
(3) Loanfinders Rate of Interest / Annual Percentage Rate is (APR): 10% to 30%
(4) Loanfinders Service Fees: ₵0 to ₵500
An Estimate of an LoanFinder Personal Loan:
* if choose Loan amount: ₵ 20000
* if choose Tenure: 6 months (180 days)
* Interest Rate (APR): 18% per year
* Repayment Amount: ₵ 21800
* Total Interest : ₵ 20000 x (18%/12)*6 (6 months) = ₵ 1800
* Service Fees : ₵ 0
* Monthly installment : ₵ 3633.34
* Total Cost of the Loan: Interest Amount + Processing Fees = ₵ 1800 + ₵ 0= ₵ 1800
Eligibility Criteria to Apply for Loan with The Loanfinder Instant Loan App includes:
● Ghana citizen
● Between the age of 18-60 years
● Need have a wallet account.
Documents Required are:
Below are the Documents you’d need to apply for the Loanfinder Instant Loan.
● Fill Ghana card info
● OR Fill Voter info
● Fill basic info
How to apply for the LoanFinder Loan?
To apply for the Loanfinder Instant Loan, you must follow these simple steps to commence your loan application process.
✔ First, Download the LoanFinder app
✔ Second, Sign up using the phone number
✔️ Third, Complete your KYC information
✔️ Last, Start transacting with LoanFinder
Contact Loanfinder Instant Loan on:
Reach out to Loanfinder for any queries, feedback, and suggestions via.
Loanfinder Instant Loan App it’s simple to use and has a user-friendly interface that makes it easy for customers to apply for a loan.
It also reduces the amount of time and paperwork required in the loan approval process.
However, I’ve outlined some advantages and disadvantages that instant loan apps come with so you’d be very much aware of it consequences when using them.
Advantages of Instant Loan App:
- Convenience: Instant loan apps provide a fast and easy way to apply for a loan without having to visit a bank or lending institution.
- Speed: The approval process for instant loans is typically much faster than traditional loans. This means that borrowers can get the money they need quickly and without having to wait for long periods of time.
- Easy to use: Instant loan apps are usually very user-friendly and easy to navigate. This means that even those who are not familiar with technology can easily apply for a loan.
- Low credit score: Some instant loan apps provide loans to people with low credit scores.
Disadvantages of Instant Loan App:
- High interest rates: Instant loan apps often have higher interest rates than traditional loans, making them more expensive in the long run.
- Limited loan amounts: Instant loan apps may have lower loan limits than traditional loans, which means borrowers may not be able to get the full amount they need.
- No credit check: Some instant loan apps don’t perform credit checks, which can put borrowers at risk of defaulting on their loans.
- Privacy concerns: Instant loan apps may collect personal information from borrowers, which could lead to privacy concerns if the data is not properly protected.