Do you find yourself needing that quick cash to get foodstuffs before your next stipend arrives at the end of the month?
Yeah9ja loan app can provide you with a quick loan, with minimal documentation requirements. All you need do is provide a few information about yourself, and provide a valid ID for identification.
These minimal documentation requirements make online loan apps ideal for students who are looking to access emergency cash before they get their next pocket money.
Note that because of their minimal documentation requirement and unsecured nature, online loans are very expensive with high-interest rates and should only be used for emergencies when there is no alternative. Do not rely on them to fund your lifestyle.
Yeah9ja loan app is an online loan platform that offers fast micro and medium loans to Nigerians. The Android app allows users to borrow between ₦3,000 to up to ₦50,000 unsecured with no collateral and minimal documentation. When a customer makes the online application, the computer will check their credit score and make them an offer, thereby giving customers 24/7 access to loans.
With over 10k downloads so far on the Google play store, this app has mixed reviews from users. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.
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.
How to Download APK and get a loan from Yeah9ja Loan app
- Download the Yeah9ja loan App 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 get 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 in about 5 minutes.
- Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identification.
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.
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.
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.
Also, its availability on the 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 security while using loan apps in Nigeria.
What are the requirements?
- Be a legal citizen or legal resident of Nigeria
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kin including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Have an active bank account.
- Your phone number must be the one connected to your BVN.
- Have a valid government-issued ID card.
What other borrowers are saying about Yeah9ja loan loan app
These reviews were written by users on the Google play store. Most of the reviews are fake bought reviews designed to make the app look good, but you can still search for genuine user reviews.
khadijah opeyemi wrote, “I dnt know y it’s taking so long to approve the loan, my loan as been under review since yesterday evening, nice app very easy to apply with no stress but the review is taking so much time”
Benjamin Rhoda wrote, “This app is not functioning well to take photos for verification its taking forever and it does not even let u know if its successful or not.”
Emmanuel! Ewuga wrote, “The app does not function well. Just to send verification code takes forever. For over 24hrs now I’ve been unable to get a verification code. This is not a true reflection of your claims about the company.
The major complaints is that the app has bugs that prevent smooth registration.
Yeah9ja loan app interest rate?
Tenure: We will require your repayment from 91 days to 365 days*.
Loan Amount: from NGN 3,000 to NGN 50,000.
Interest Rate: With a minimum of 0.1% up to 1%
Our interest rate is calculated on a daily basis. Annual Percentage Rate(APR) from 36.5% to 360%.
An example of a Yeah9ja loan
For example, 91-day loan payment terms，the interest is 9.1%. For the loan processed with a principal amount of NGN 3,000, the interest would be NGN 273, the total amount due would be NGN 3,237.The total amount due in the first month would be N1,093, the interest would be N93, the total amount due in the second month would be N1,090, the interest would be N90, the total amount due in the third month would be N1,090, the interest would be N90.
This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.
Yeah9ja loan app customer service number
- Phone number: 018883539
- Service Email: email@example.com
- Office Address: 27-21 Layi Oyekanmi St., Mushin 102215, Lagos, Nigeria