How do I Apply for a FlyPay loan in Nigeria?

Through its mobile app and website FlyPay has evolved so fast there making it to the list of Nigerian lending company that offers personal loans to little business owners. With flexible repayment options, they advertise a quick and easy application process.

Approvals that are fast and getting funds directly deposited into your bank account are some of the priorities of FlyPay. let’s dig down and find more answers to how you can apply for a FlyPay loan in Nigeria.

What are the eligibility requirements for a FlyPay loan

Information regarding the FlyPay’s eligibility requirements are all laid down below:

Basic Requirements

• Be at least 18 years old
• Being a resident of Nigeria is compulsory
• Have a stable source of income
• Possess a valid Nigerian bank account

Documents Needed

Uploading documents to verify your information during the application process will be required, which means that FlyPay may ask you for:

• Proof of Identity: Government-issued ID like driver’s license or passport
• Proof of Income: Pay stubs, bank statements, or tax documents

Depending on FlyPay’s specific policies at the time of your application, there might be additional documents required

Steps to borrow

Applying for a FlyPay Loan? Here’s a step-by-step guide:

Download the App or Visit the Website

Primarily through its mobile app, FlyPay offers its loan application process which is also easy to understand. To download it use the app store or Google Play. another option aside from its application is to make use of its website [web.flypay.ng].

Register for an Account

Create a new account by providing your basic information. This might include your phone number, email address, and possibly setting up a password.

Apply for a Loan

Once logged in, navigate to the loan application section. Here, you’ll specify the loan amount you need and choose your preferred repayment term (usually within a range of 3 to 6 months).

Provide Supporting Documents

Request to upload documents to verify your identity and income stability might be requested by FlyPay.

Your government-issued ID

• Driver’s License issued by Nigerian Federal Road Safety Corps (FRSC)
• International Passport
• National ID card issued by the National Identity Management Commission (NIMC)

• Proof of Income:
  • Most recent pay stubs from your employer
  • Bank statements for the past 3 months showing salary deposits
  • Self-assessment tax return form (if you’re self-employed)

Submit your Application

Submit your application electronically after reviewing all the details.

Wait For Approval

Although FlyPay advertises a quick approval process. While they might offer instant approvals in some cases, there could be a short waiting period for them to assess your application. They will likely notify you of the decision via the app or your registered phone number.

FlyPay Loan Terms and Repayment

what are FlyPay Loan Amounts

NGN 5,000 to NGN 600,000 respectively are disbursed to FlyPay personal loans loan customers according to their credit score. This allows you to borrow an amount that suits your specific needs.

Note: This amount can equally increase as you work more and respond well to your debts

Repayment Term Options

Between 91 and 180 days (3 to 6 months) is the repayment time but can still be less according to your choice. This provides some flexibility in managing your repayments based on your income and cash flow.

What is the interest rate for Flypay loans?

While FlyPay advertises competitive rates, it’s important to understand their interest rate structure:

• Maximum Annual Percentage Rate (APR): 36% per year.
• Daily Interest Rate: They might present the interest as a daily rate (around 0.08% per day).

According to my calculations here’s how much you would repay if you borrow 25,000 naira from FlyPay for one month with a maximum APR of 36% (0.08% daily):

Interest:

• If your daily interest rate is = 0.08%
• Repayment term (month) = 1 month (considered 30 days here)

Total interest for one month = Loan amount * Daily interest rate * Repayment term = 25,000 naira * 0.0008 * 30 days = 60 naira (rounded to the nearest naira)

Repayment amount

Total repayment = Loan amount + Interest = 25,000 naira + 60 naira = 25,060 naira

Therefore, after one month, you would repay approximately NGN 25,060.

HEADS UP:

• My calculation is based on the maximum APR (36%) advertised by FlyPay. Your actual interest rate and repayment amount might differ depending on your specific creditworthiness and the loan terms offered at the time of application.
• FlyPay might have additional fees associated with the loan, so make sure you factor those in when considering the total cost of borrowing.

How do I need to pay Flypay loan in Nigeria?

FlyPay likely offers convenient ways to repay your loan. These might include:

• Online payment: Through their mobile app or secure online portal.
• Bank transfer: Transferring funds from your linked bank account.

FAQs

Is FlyPay a registered loan app?

FlyPay has been included in the list of approved loan apps by the Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria According to news reports.

Is FlyPay legit?

FlyPay appears to be a legitimate loan app operating in Nigeria with approval from the FCCPC. However, there have been some reports from its customers based on harassment so borrow with caution. Applying for any loan demands a careful review of FlyPay’s terms and conditions, interest rates, and fees to make sure you understand the full cost of borrowing.

Does Flypay cost money?

Yes, FlyPay charges interest on the loans they offer. The maximum Annual Percentage Rate (APR) is advertised as 36%. They also likely have additional fees associated with the loan process. Make sure you understand all the costs involved before borrowing.

What is the other name for Flypay?

FlyPay doesn’t seem to have a publicly known alternative name.

What is the meaning of Flypay?

There is no official explanation for the meaning of “FlyPay” available.

Is FlyPay on iPhone?

FlyPay likely has an app available for download on iPhone through the Apple App Store. You can search for “FlyPay” to see if the app is available in your region.

Summary

How you can borrow from FlyPay in Nigeria can be quick and easy with it’s personal loans if you have put into consideration every aspect we mentioned in this guide above

Download the FlyPay app or visit their website to see if their loan options fit your needs. Remember to borrow responsibly and understand all terms and fees before committing to a loan.