🇳🇬 TLoan App - How To Apply, Repay, Interest rate, Contacts.
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The app pioneered in the playstore on February 2021 and has since managed to achieve 1M+ downloads together with a 3.6/5 star rating against 5.8K+ reviews.
TLoan Requirements/Eligibility Criteria
To be eligible for the loan, you are required to be a Nigerian resident with an active bank account, phone number and BVN card.
TLoan Registration & Application
1. Download TLoan app from the playstore
2. Register and create an account by filling out the required personal details
3. Upon completion of registration, proceed and choose your preferred loan amount from your allocated loan limit
4. Once the loan application is approved, the funds will be sent straight to your bank account.
Pros: Easy registration & application process
TLoan Amount Limits
Tloan amounts range from between ₦10,900 to ₦200,000
Pros: Quick loan disbursements
Cons 1: In some instances, loans are erroneously disbursed without the borrower’s input
Cons 2: Loan amounts disbursed is less than the approved loan amount i.e if you are approved for ₦16,900, you will receive ₦11,900 due to prior deduction of service charge and you will be required to repay ₦17,000
TLoan Interest Rate
Tloan charges upwards of between 30-40% interest rate on its loans
Cons: This interest rate is considered very high compared to other digital lenders
TLoan Repayment Duration
Tloans disbursed are to be repaid within 7 days.
Cons 1: This repayment period is considered too short compared to other digital lenders
Cons 2: Incessant calls, SMS and Whatsapp messages to make repayment before loan due date
Cons 3: Contact phonebook contacts in the event of non-repayment upon due date.
Cons 4: Unprofessional collection agents who are rude and abusive
Cons 5: No option for partial repayments