Although Liberty Loan is a newcomer to the scene, they are surprising its rivals by entering the loan app market late. Liberty Loan offers loans to individuals up to #50,000 at a time and to businesses up to #4 million.
You don’t need a guarantor and there is no collateral for their personal loan. You can secure the loan using your phone from the comfort of your home.
Overview Of the Liberty Loan App
In addition to providing loans to individuals and businesses in Nigeria, Liberty Loan Company also allows you to invest your money there and earn up to 30% interest annually.
Conditions For Obtaining A Loan From Liberty Loan
Like other loan companies, this one has requirements you must follow in order to be approved for a loan. Their specifications are
Possess a means of support
You must have a bank account and BVN in order for them to calculate your credit score
Possess a working email address
You cannot have previously defaulted on a loan.
You must have access to the internet.
Applying For A Liberty Loan
Obtain a liberty loan by visiting their website.
Sign up and access your dashboard.
You’ll notice a loan option on your dashboard; select it.
The loan amount you are eligible for will be displayed on the following page.
Your BVN and other crucial details about you will be requested during registration.
Real also about Which Is the Best Loan Apps In Nigeria and you can also get a loan using The Branch Loan App
USSD Code For Liberty Loan
It is quick and easy to get a loan from Liberty using the USDD code *347*505#, but you might not be able to get a business loan using this USD code.
For more information, see Fair Credit Loan App: how to apply, interest rates, and legitimacy.
The Maximum Loan Amount Offered by Liberty Loan
With Liberty Loan, you can get an individual loan of up to #50,000 and a corporate loan of up to #4,000,000.
If you’re using the site often, you’ll be able to borrow more. As a first-time borrower, don’t expect this amount; it will almost certainly be less.
The Cost Of The Liberty Loan
Depending on the amount of the loan you want and the length of the repayment period, their interest rate ranges from 5% to 30%. Repayment terms range from 91 to 180 days and are also based on credit score.
How To Repay A Loan From Liberty
You can contact them and request their account number, or you can repay your loan using an ATM card.
How long does getting a liberty loan take?
They issue loans quickly; within 24 hours of applying, your account will be credited.
Legitimacy Of Liberty Loan
The loan is legitimate, but as of the time this article was written, neither the CBN nor the NDIC has approved it.
Why I Like Liberty Loan
• They offer quick loans
• They provide loans to both individuals and businesses.
• No collateral or guarantors are required.
Reasons Why I Don’t Like Liberty Loan
• They have a higher interest rate.
• For first-timers, their repayment period is brief.
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