How to Apply for FastCoin Loan In Nigeria
Facing a temporary cash-flow gap doesn’t depend on whether you’re a business owner or an individual needing a quick solution, access to fast and easy loan options is crucial. Fastcoin Loan App comes in just right on time at this stage. To offer a streamlined solution to Nigerians seeking convenient loans.
Each step taken towards the Fastcoin loan application process in Nigeria is what I’ll walk you through to ensure you have a smooth and successful experience.
Is Fastcoin Loan App Legit in Nigeria?
Sounds funny right? yet it’s an important question to ask, and before applying for any loan it’s wise to exercise caution. There are some factors to consider regarding fastcoin’s legitimacy in Nigeria even though it parades itself and also advertises itself as a convenient loan solution. find out below;
Limited Regulatory Information
Aha, I said it! In my course of research and cross-checking the list of loan apps that are approved in the country, I discovered that Fastcoin isn’t listed among the approved lenders by the Central Bank of Nigeria (CBN) or the Federal Competition and Consumer Protection Commission (FCCPC).
Real User Reviews
Coming from some real-time reviews of Fastcoin from the complaint room, you will notice that almost all reviews are mostly reporting negative experiences they got from the app and I also saw someone raising concerns about not funding his account yet billing them for repayment. Is that not dubious of them?
Fastcoin Loan App Eligibility Requirements in Nigeria
Are you ready? because I am about to ride you down the Fastcoin loan application process, seriously, i want to ensure you meet their eligibility criteria that’s if you wish to apply. so here is a breakdown of what Fastcoin typically requires from Nigerian borrowers:
- Minimum age requirement: At least you must be 18 years old.
- Nigerian residency: Must be a resident of Nigeria.
- Valid Nigerian ID verification: you might be asked by Fastcoin to provide a valid government-issued ID, such as:
- National Identity Number (NIN)
- Voter’s Card
- International Passport
- Income requirements (unspecified): Explicitly Fastcoin’s website doesn’t mention income requirements. Your income stability however is likely considered when assessing your ability to repay the loan.
- Additional requirements (unspecified): Other eligibility requirements that aren’t publicly available on their website might be required by Fastcoin. Contact them for the most up-to-date information on their eligibility criteria I strongly recommend you consult their app or directly contact them by any means necessary.
How to download the Fastcoin app
Information about Fastcoin’s legitimacy is still limited, assuming it’s available through a legitimate app store here’s a general process for downloading the loan application :
- Android Users: Google Play Store would likely have the app if Fastcoin has a legitimate app. However due to regulations regarding loan apps. You might need to download it directly from the Fastcoin website (if available). Proceed with caution if this is the case, as mentioned earlier.
- iPhone Users: Loan apps with similar characteristics are unlikely to be available on the Apple App Store due to their App Store policies.
Maybe you do not want to keep the app anymore here is a guide on how to uninstall loan apps so they can’t access your contacts anymore.
How to create an account on the fastCoin loan app
Decided to proceed? alright, know that the app allows account creation, the process might involve:
- Opening the Fastcoin App.
- Locating a “Sign Up” or “Register” option.
- Providing your personal information, following the app’s instructions.
- Verifying your phone number or email address (if required).
Fastcoin Loan Interest Rate and Repayment in Nigeria
Obtaining clear information about Fastcoin’s loan terms in Nigeria can be challenging due to the limited verifiable details available. Here’s what we can potentially expect, but always prioritize user safety and verify details directly if you choose to proceed:
Loan Interest Rates:
Fastcoin’s website might not explicitly advertise their interest rates for Nigerian borrowers. I researched their website and have not found any section where they openly discussed their interest rate. I visited their FAQ section and yet nothing to show for it. so it seems they are hiding something. This can be an indication of not being legit.
Update on Fastcoin loan interest
I went deeper into research and I was able to dig out some of their old Facebook post where they openly stated their interest rate I wouldn’t know if that page is theirs but it is something to hold onto.
Above you in the pic is calculated based on the Indian rupee but below we did our calculations and provided you with the right amount in our dear Naira.
Loan amount: From ₦17,549 to ₦3,510,350 (assuming an exchange rate of ₹1 = ₦17.55)
Interest rates: From 0% to 29.95% per annum
Tenure: 91 days to 15 months
Important Note: This is an estimate based on the current exchange rate and based on the fastcoin’s loan app. The actual loan amount you may qualify for will depend on the lender’s exchange rate and underwriting criteria I have been charged an exchange rate of 18.23% for borrowing just 10k in a week.
Conclusion
Fastcoin offers a potentially fast and convenient loan option in Nigeria, but there are uncertainties surrounding its complete legitimacy.
Responsible borrowing is crucial. Before applying for any loan, thoroughly understand all the terms, including interest rates, repayment timelines, and any potential fees.
My academic background in financial management, economic principles, and market analysis provides a solid foundation for understanding the intricacies of the loan market.
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