loan apps

PrimePay Instant Loan App Review: APK download, customer care number

PrimePay is a Nigerian loan app that offers instant and unsecured loans of upto N100,000. Interest ranges from 15%–60% with an equivalent monthly interest of 5%–20% and APR of 60%- 240%.

You can apply for the loan through PrimePay’s mobile app via Google Play Store and get money within minutes through a digitized process.

Loan amount₦4,000 to ₦100,000
Loan tenure91–180 days
Interest rate 5%–20% and APR of 60%- 240%.
Age Eligibility20-60 years old
Customer care number07048223498

How to Download APK and get a loan from PrimePay Loan app

  • Download the PrimePay personal Loan App exclusively available on the Google Playstore and install it on your Android phone.
  • Register an account with your phone number.
  • Preferably the phone number connected to your BVN as a one-time password will be sent to it for verification.
  • Fill in your basic know-your-customer KYC information, including your residential address, next of kin, and employment details
  • You will also be required to provide your Biometric verification number BVN.
  • You’ll be charged N30 to bind your ATM card to your account to increase your chances and getting a higher loan amount.
  • A one-time password OTP will be sent to your phone to confirm your details.
  • After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
  • The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
  • Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.
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Note that binding your ATM card with N30 does not guarantee that you will get a loan, you still have to pass the credit score check.

The N30 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.

Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.

Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.

When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.

Is PrimePay loan app legit or scam?

Yes, PrimePay loan app is a legit loan app that gives micro loans to a maximum amount of N100,000 to customers, but has really high interest rates and bugs that prevents smooth registration. caution should be taken before taking any online loan. Always read other customer’s reviews before you apply for a loan in Nigeria.

You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.

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Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.

Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.

If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.

You can take steps to check and remove your BVN from the credit bureau blacklist after repaying your loans and your loan app did not automatically clear you.

What other borrowers are saying about PrimePay loan app

Adegoke O wrote, “How can someone get a loan for 7 days to repay that huge amount and within 4 days you already debited the person’s account for repayment. I promise you won’t escape this. Wait for it.”

Luka Cornelius wrote, “Interest and charges rate is too high, imagine you borrow #2300 and end up being credited with 1500.”

Ife Oluwa wrote, “I can only give ur 3 stars for now because I’ve been on ur app since yesterday and this morning I tried it again and I received a message from the app that my loan has been approved and that I should withdrawal my loan which I tried to and the app asked me to bind my ATM card which I did and my account was debit and now for me to withdrawal the money is a big problem it keeps on saying try again tomorrow after deducting my money. Please fix it because I don’t like it.”

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Interest rate?

The maximum loan amount is ₦100,000, Loan limit range ₦2,000 – ₦100,000 and you can choose to repay in 91-180 days. Monthly Interest and service fee range 1% – 3%. Annual percentage Rate(APR)range 12%—36%, Online approval and the loan is issued directly to your bank account. Timely repayment gets higher credit on PrimePay.

-Example:If you choose a 3-month loan and borrow NGN20,000,NiceNaira charges an service rate of 6% and interest rate:0.5% per month, the APR is 12%. when 91 days due ,you need total amount repayments of NGN21,500.

Note that this interest rate and loan duration is just an example, expect your actual loan and duration to be much lower, but you can improve it by paying back your loan on time and keeping a good credit record.

Ibrahim Ismail

A passionate and highly skilled individual who has seamlessly blended the worlds of statistics, technology, and finance.

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