To U Loan app is one of the top loan platforms for those who require a rapid loan. The fact that most people don’t know how to apply for this loan is one of their biggest issues.
They are unaware of the conditions and steps that must be taken before your loan will be authorized. We will go into great detail about a few of the prerequisites in this article so that your loan can be authorized.
App Overview
One of the best businesses with a base in Abuja owns this credit lending app. The goal of this loan platform is to give Nigerians quick access to loans. Read on to learn more about this financing platform.
Conditions must be met before receiving a To U Loan
You must fulfill all of the standards listed below in order to be qualified to borrow from this platform. If you don’t, your loan will not be authorized, thus you must take this article seriously. Several of the prerequisites are;
1. You must be a Nigerian citizen.
2. You must be between the ages of 22 and 55; applicants who are younger or older than this range will not be accepted.
3. You must have a solid credit score, which suggests that you must not owe any standard banks nationwide and that you must owe any lending platforms nationwide. Your loan application will be automatically denied if you owe money to any of these institutions.
How Does the To U Loan Platform Work for Loan Applications?
These steps are listed below in order to apply for this credit loan and quickly receive approval. Keep in mind that if you fail to follow any of the stages, your loan will not be granted. You should therefore take this article seriously.
• The To U mobile application must be downloaded first; we’ll go through how to do this in more detail below.
• The following step is to install the app and create an account on the platform, which you must do using your personal data.
• After successfully completing the previous step, the following step is for you to apply for the required loan amount. If you fulfill the conditions, your loan will be authorized after some time, and you will receive an alert shortly thereafter.
What Is The APR For Loans Made Using The To U Loan Platform?
The quantity of the loan you take out from this site will determine the interest rate. The To U platform charges a service fee that ranges from 4% to 6%, with a maximum annual percentage rate of 30%.
Read also about The Branch Loan App or NewCredit Loan App
For instance, if the amount of the loan you wish to take is $2,000 and the loan tenure is 180 days after all subsequent deductions have been made, the customary processing fee has been deducted, and other costs have been subtracted, this is what the interest rate is anticipated to be;
• The interest due is equal to #2000*30%/365*180, or #2958.
• The service cost equals 2000*6%, or #1200.
• After receiving #20000, you should only remit #24158.
What Is the U Loan’s Loan Term?
The amount of money you borrowed from this platform determines the length of the loan. The loan term ranges from 91 to 210 days on average.
But as we’ve already mentioned, this depends on how much money you borrowed from the platform in loans. Following that, we’ll talk about some of this loan platform’s benefits, so pay close attention and stay tuned.