Swifund loan app is a reliable option, offering instant personal loans up to 500,000NGN with minimal documentation. Let’s delve into the features and details that make Swifund a noteworthy choice for those seeking quick financial solutions.
Key Features of Swifund Loan App
Versatile Usage
Swifund’s loan serves a multitude of purposes, from debt consolidation to funding weddings, travel, education, medical emergencies, home repairs, and more.
Loan Quantum
Borrowers can access amounts ranging from 1,000NGN to a maximum of 100,000NGN, with multiple withdrawals permitted in increments of 1,000NGN. The minimum withdrawal, however, should be 10,000NGN.
Flexible Tenure and EMI Options
Swifund provides the flexibility to choose the repayment tenure and EMI options separately for each withdrawal, accommodating varied financial situations.
Competitive Interest Rates
Interest rates range from 15% to 32% per annum, depending on factors such as loan quantum, customer profile, and tenure. Notably, interest is charged solely on the withdrawn amount.
Unsecured Loans
Swifund’s loans are unsecured, requiring no collateral, making it accessible to a broader audience.
Transparent Processing Charges
With a processing charge set at 2% of the loan amount, Swifund maintains transparency in its fee structure.
How to Download APK and Apply for Swifund Loan
- Install swifund Mobile App: Download the swifund mobile app from Google Playstore and complete the application process.
- Fill in Details: Provide necessary information during the application, ensuring accuracy.
- Document Upload: Upload required documents for review.
- Instant Approval: Upon review and verification, enjoy instant approval directly through the mobile app.
Swifund loan interest Rates and Fees
- Credit Limit: Ranges from NGN 3,000 to NGN 600,000.
- Service Fee: Varies from 1% to 10%.
- Interest Rate: Maximum APR at 30% per year, translating to 0.41% to 2.5% per month.
- Late Fee: A one-time fee of 3% of the outstanding amount.
- Repayment Period: Options ranging from a minimum of 91 days to a maximum of 180 days.
Example Fees: For a 4-month loan with a principal amount of ₦6,000, the interest would be ₦480, the service fee ₦240, totaling ₦6,720, with a monthly payment of ₦1,680.
Is Swifund Loan App legit?
While Swifund is a legitimate short-term personal loan provider in Nigeria, users should exercise caution as many loan apps in Nigeria lack CBN registration and regulation. Swifund, with a 3.2-star user rating on Google Playstore, stands as a credible option.
Eligibility Criteria
To avail Swifund Personal Loan:
- Age: 15 to 55 years.
- Minimum Monthly Income: NGN30,000.
- Residency: Nigerian taxpayer.
- KYC Verification: Mandatory.
- Employment: Salaried individual with at least 6 months of work experience.
Swifund loan Customer Care
For any queries, reach Swifund’s customer care at:
- Phone: 08168505208
- Email: services@swifundapp.com
- Address: Plot 2048, Akintola Williams House, Wuse Zone 7, FCT, Abuja.
In conclusion, Swifund emerges as a viable choice for those seeking instant personal loans in Nigeria, providing a user-friendly app, competitive terms, and transparent processes. Remember to assess your needs responsibly and consider the terms before proceeding.
