FINT Loan: Requirements, Interest rate, Get Up To 1million Naira

FINT Loan: Do you know that you can apply for a FINT loan and get up to 1million naira with a very good interest rate? The FINT loan is also called the cheapest loan because they provide their customers with a very low-interest rate.

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You might have heard about other loan apps and companies like Carbon, Fairmoney and other but in this article, we will focus more on the FINT loan review.
Let’s start by explaining what FINT loan is all about.

What is FINT loan?

FINT loan is a peer-to-peer marketable system that matches lenders who are looking for competitive returns with creditworthy borrowers who are in return looking for the most attractive interest rates.
Lenders here make a huge profit such as 26 to 39% for a one-year loan term. We advise you to invest your money in the platform by lending out on FINT loan platform instead of keeping the money in your bank account.

FINT Loan Review

FINT loan is a unique lending platform that brings borrowers and lenders closer. In FINT loan investors go and register as a loan provider and they are connected to borrowers who are seriously in need of financial assistance and their money returns with an interest rate which depends on the duration of the loan provided.
For personal loans, the minimum is N20,000 and a maximum of N1,000,000. The borrower has to go to the loan in the portal and click disburses.
It normally takes up to 2 to 5 business days for the borrower to receive the loan direct to his/her bank account.
Note that before you can access a FINT loan as a borrower, you must be 21 years of age and above with a well-paying job and you must leave and work in Lagos.

FINT loan requirements

No collateral and guarantor.
You must be above 21 years of age.
You must leave and work in Lagos state.
You must be employed with a good monthly income before you can access this loan.
Finally, you must be able to access the internet in other to apply for the Fint loan.

FINT loan repayment

Your FINT loan repayment will be automatically deducted on the agreed date that is because you provided your card details as of the time of application.
The FINT loan will automatically be sent to the lender of the money you borrowed.
Before the due date, FINT will send you a reminder about your payment via a text or email.
On FINT there is no early payment fee. Hence you can also pay back your loan at any time you wish before the due date.

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FINT loan application

Visit the website, click on “borrow” (if you want to borrow a loan) click on-lend (if you are an investor) but we will focus more on borrow in this article.
If you clicked on borrow you will see a screen that looks like the screenshot below.
Click on the Get started button, then borrower.
After that, you need to create an account or login if you already have an existing account.
Take the risk assessment test. This is because; FINT wants to obtain a risk score which will also determine your interest rate.
Accept the terms and conditions. Also, watch out for their assigned interest rate.
You are expected to pay a one time fee of N3,000 for FINT to check your credit score and confirm your address.
If your application gets approved you will also need to upload some documents on their platform.
Finally, your request will be saved and your funds will be sent to your bank account once an investor funds it.

Note that the National Credit Agency and FINT’s in-house proprietary risk algorithm will screen your application.
The screening is what the company uses to determine your risk, interest rate and also know whether the loan will be approved or not.

Other things you need to know before applying for a FINT loan

You will pay a commitment fee which is normally 8% of the requested loan amount after the loan is paid fully.

This is a lender who actually funds your loan. There is no guarantee that you would get the loan. This normally happens when the lender is not comfortable with your credit score.

The interest rate for a year is about 39%. Compared to other competitors, this is still very cheap.

As a borrower, FINT requires you to take insurance in other to cover for any loss of job, life or any future disability.
This is a good thing because you don’t have to worry if you develop a major illness, or if your source of income is suddenly cut short.

Wrap Up.

You need to be employed or a form of constant income before you can apply for a FINT loan
Also, don’t forget to pay N3,000 risk assessment fee and 8% commitment fee, Note that the N3,000 risk assessment fee does not guarantee your application approval.
Finally, instead of leaving money in your bank account, try to take part in the advantage of a 26% to 39% interest rate assuming you invest for a year. This interest rate is better than most bank saving account and fixed income market in Nigeria.
Source: Payglobal.com.ng