The Bell Loan App is an online lending platform that is relatively new to the business of providing personal loans to Nigerians without requiring them to provide any documents.
Bell does this by using its loan bots to collect information about potential clients, such as phone records, banking transaction alerts, and BVN numbers, to determine each borrower’s credit score.
If you keep your bank transaction messages up to date and do not have any outstanding debts from other loan applications, you will be able to get bigger loan amounts.
It is simple to put into practice. You only need to submit some information about yourself after downloading the app from the Google Play store. Within a few minutes, the Bell loan algorithm will perform an analysis of your data, determine your credit score, and make a loan proposal for you.
What are the requirements for getting Bell loan?
- You can either be a citizen or a resident of Nigeria.
- At least 18 years old to participate.
- A source of income every month.
- You should link your debit card or ATM card to the account.
- Provide two of your closest relatives and provide their contact information, including their phone numbers.
- You have an excellent credit score and no other loan obligations to any other financial institution.
- Keep your bank account in good standing.
- Your phone number is required to be listed on your BVN.
- You are required to present a legitimate identification card that was issued by the government.
How to apply for Bell loan
- The first step is to Download the app for a personal loan from Bell, which is only available on the Google Play store.
- Create an account by registering with your phone number on this website.
- It is strongly recommended that you perform the verification process using the phone number that is associated with your BVN.
- To complete your Kwow-your-customer KYC information, please fill in the blanks. Your home address and the contact information for your next of kin are included here.
- In addition to that, your Biometric Verification Number, or BVN, will be required.
- There will be an N50 fee assessed to your account to link your ATM card with your account. Because of this, the likelihood of you being approved for a loan of a greater amount will improve.
- A one-time OTP password will be issued to you to verify the information you provided.
- Following the submission of your loan application, the Bell loan software will do a credit check and determine your score. The completed task is going to be displayed in the APP.
- You shouldn’t have to wait more than a minute and a half to get the result. If you are approved for a loan, the funds will be wired electronically to the account you specify in the application.
- Because you will need to shoot a high-quality selfie to prove your identification, check to see that your mobile device has sufficient storage space.
You are eligible to receive a refund for the N30 fee that was assessed to your account to link your ATM card. On the other hand, it could take anywhere from seven to twelve business days for the money to be deposited into your bank account.
Your credit score is connected to your BVN in some way. Your application will be declined if you have loans that are still outstanding with other lenders or if you have not paid other lenders on time in the past.
Your credit score is essentially a record of all of your loans and other financial dealings.
To download the Bell loan app, you will be required to agree to grant it access to your phone contacts, SMS to examine your banking transaction data, and apps on your smartphone to observe how other loan apps are utilized.
Is the Bell loan app legit?
The Bell Loan app is an official and legitimate loan app. Despite this, the app has just been released to the Play Store. Customers can get loans through it, but they must exercise caution before applying for an online loan.
Read evaluations written by previous borrowers in Nigeria first, before applying for a loan there.
The Central Bank of Nigeria (CBN) and any other government institution in Nigeria have not provided any accreditation for any of these loan applications.
So you should know that the app is the one who is responsible for your transactions, and you have no recourse in the event of poor customer service.
The fact that it can be downloaded through the Google Play store does not in and of itself guarantee that any transactions carried out on it are risk-free. When utilizing loan apps in Nigeria through the Google Play store, you are solely responsible for maintaining your safety.
Bell loan interest rate
Loan rates as well as any applicable fees
The loan amounts range from 5,000 to 50,000 N.
In the Interest of Service Fee: 2% – 35%
Maximum Annual Percentage Rate (APR), 66.21% – 2740.44%
The fee for being late is a one-time charge equal to 8.8% of the total amount owed.
Minimum repayment period: 61 days
Maximum repayment period: 180 days
Consider the following illustration of how interest on a loan is computed:
Principal: 100,000.00
Lender Interest: (APR: 30%)
Tenure: Four Months
Interest accrued annually equals 30,000 Naira and is calculated as follows:
The total interest for the first four months comes to 10,000 Naira and is calculated as follows:
The interest rate is 2,500 Naira per month.
The amount that must be repaid each month, including principal and interest, is 27,500 Naira.
Total Repayment:110,000 Naira
When someone is borrowing money for the first time, the interest rate and the length of the loan are typically more favorable. You can increase your amount if you maintain accurate records and make prompt payments toward repaying the loan.
What are the repercussions of my inability to make timely payments on my loan?
A daily fee of 2% of the outstanding balance is assessed for overdue loan repayments. As a result, it is essential to complete the task by the specified deadline.
If you can return the loan on time, you will be eligible for larger loans in the future.
If you are late with your payments, you will not be eligible for any larger loans or any other loan products that may become available in the future.
If you are more than 30 days late with any of your payments, the First Central Credit Bureau will be notified.
You could be placed on a “blacklist” by the First Central Credit Bureau, which would limit the amount of money you could borrow from other creditors.
In what ways may the Bell loan app increase your credit limit in their app?
The interest rates on short-term loans offered through the Bell Loan App are quite high. In most cases, first borrowers receive anywhere from $6,000 to $10,000 in one week.
A large majority of loan applications are turned down due to the high rejection rate. Some are stored for an extended period.
There have been some problems with the app’s networking capabilities, which may hinder users from smoothly registering their ATM cards.
In addition, it takes some time to acknowledge that loan repayments have been made.
After you have paid off your loan, it may take some time for the “clear” status to appear on your dashboard. Be patient, and always keep a copy of your payment receipts on hand.
Sending verification to consumers might be challenging because many of them do not receive it.
When you get a loan, you need to be conscious of your strategy for paying it back. On the date that the first payment of a loan with a 60-day term is due, the app can make an effort to automatically deduct money from your account.
Additionally, it may charge you outstanding fees before the conclusion of the 60-day grace period.
You can stop automated withdrawals from your account by changing the password on your ATM card. After users make payments through bank transfer, the app is known to automatically deduct money from their accounts.
The initial term of the loan is for seven days. This is a shorter period than the minimum 30 days that the CBN advises for personal loan providers who offer short-term loans.
