Fastcent loan requirements shows they need access to your phone’s location to verify that you are within Nigeria. This helps ensure that the app can provide services only to users in the intended geographic area.
Introduction
Fastcent is a loan app that helps people get quick cash when they need it. The app makes it easy to borrow money without needing a credit card or any other complicated process.
Fastcent offers loans that can be paid back in small parts over time, which makes it easier for users to manage their money.
With them you can borrow between ₦5,000 and ₦500,000. The shortest time to pay back the loan is 91 days, and the longest time is 365 days.
The interest rate is low, with a maximum of 14% per year. There are no extra fees, so you only pay back the loan and the interest.
For example, if you borrow ₦10,000 for 180 days, the interest would be ₦10,000 x 14% x (180/365), which is ₦690. This means the total amount you would pay back is ₦10,690. If you choose to pay it in 6 months, your monthly payment will be ₦1,782.
it makes the loan process very simple. You can do everything on your smartphone. There is no need to provide anything valuable as collateral, and the app does not ask for difficult requirements.
To apply, you must be at least 18 years old, have a valid ID card, and have a bank account. Once you meet these requirements, you can apply and get approved for a loan.
they also allows borrowers to repay their loans over a longer time. This helps people who may not be able to pay back everything at once.
The app’s low interest rate and the option to pay back in small amounts over time make it a good choice for people who need help with money but do not want to feel stressed by big payments.
In short, it is a simple and reliable loan app. It offers loans with easy repayment terms, no extra fees, and no need for collateral.
With them, you can borrow money when you need it and pay it back over time in small, affordable amounts. It is a great option for anyone in Nigeria looking for a fast and easy way to get a loan.
History and overview
Fastcent Loan is a loan app in Nigeria that helps people get quick cash. The app is run by Emeka Iloelunachi, who is the CEO.
Fastcent is made for people who need money fast without any complicated process. The app allows people to borrow between ₦5,000 and ₦500,000.
it is approved by the Central Bank of Nigeria (CBN), which means it is safe to use. The company is based in Lagos, Nigeria. The app offers loans that can be paid back over time, with a repayment period of 91 to 365 days.
One of the best things about them is that it has a low-interest rate, with a maximum of 14% per year, and there are no hidden fees. This makes it affordable for many people.
To use them, you need to be 18 years or older, have a valid ID card, and have a bank account. Once you meet these simple requirements, you can apply for a loan directly from your smartphone.
The process is fast, and you can get approved quickly. You don’t need to provide anything like collateral or security to get the loan.
it is popular because it is easy to use and helps people manage their money better. You can pay back the loan in small amounts over time, which makes it less stressful. Many people in Nigeria trust Fastcent for quick and easy financial help.
In short, it is a simple and reliable loan app that helps Nigerians get money when they need it, with flexible repayment options and no hidden costs.
Requirements
Nigerian
Being a Nigerian means that you need to be a citizen or resident of Nigeria to use the Fastcent loan app. This requirement ensures that the app only serves people within Nigeria, as it is designed specifically for the country’s financial system and regulatory environment.
Age limit
If you are between the ages of 20 and 55, you are eligible to apply for a loan through the Fastcent app. This age range helps the app target individuals who are likely to have stable financial situations and the ability to repay the loan.
It ensures that borrowers are at a stage in life where they are financially active and responsible enough to handle the loan terms.
Phone location
Fastcent requires access to your phone’s location to verify that you are within Nigeria. This helps ensure that the app can provide services only to users in the intended geographic area.
It also helps in preventing fraudulent activities and confirming that the loan application is being made from a legitimate location
Basic information
When using the Fastcent app, you need to manage your personal information, which includes your name, age, and email. Providing accurate details helps the app process your loan application effectively and ensures that all communication is directed to you.
Your name and age are used to verify your identity and eligibility, while your email is crucial for sending updates, loan approvals, and other important information related to your loan. Proper management of this information is important for maintaining your account’s security and accuracy.