Are you seeking to borrow a loan from BGloan App? Then you have come to the right place. In this article,we shall not only walk you through the exact step by step guide on how to obtain a loan on BGloan, we shall also reveal to you the legitimacy status of BGloan and if this is the best loan app for you.
There are hundreds of loan apps out there, and finding the right ones can be very crucial. But, we have saved you all the stress and streamlined and simplified all you need to know about this platform before obtaining a loan on BGloan.
Today, we dive into the world of Fintech within the Nigerian sphere. We will talk extensively on a fin-tech loan app ‘BGloan’, a loan app that has emerged with a mission to solve a larger proportion of Nigerians’ financial needs.
Kindly make use of the table of contents below to enable you navigate through this article with relative ease. Without further ado, let’s begin!
What is BGloan App?
BGloan app is a lending app that was introduced into the Nigerian Fintech market in the year 2022. The loan app grants micro or rather personal loans to Nigerians and since its release it has been serving the financial needs of the Nigerian populace.
BGloan app grants loans between N3000 to N100000. Loans within this range are known as micro or personal loans. This means you can get loans for settlement of personal needs and pay back when convenient for you.
How Does BGloan App Work?
BGloan app works pretty much like every other loan app. The first requirement to receive a loan from the app is having the loan app downloaded on your phone. Once you have gotten the BGloan installed on your mobile phone, you are required to register or sign up by providing the requested information on the app.
Once you have successfully registered on BGloan app, you will be granted full access to all the features of the app including Application for loan and loan repayment after approval.
Is BGloan App Legit?
The answer as regards the authenticity of the BGloan app is not a straightforward one. Does the app actually lend money? Yes. Is it safe and advisable to use? No!
BGloan app is one of those mischievous lending apps that are out to frustrate and stylishly defraud customers in the name of lending them money. Several complaints have been lodged against the app for their unscrupulous and criminal activities via their customers account. These activities include but are not limited to giving customers unauthorised loans with crazy interest rates, deceiving customers into borrowing unwanted loans, etc.
Users and intending users of BGloan should tread with caution on the app to avoid regrets and bad business with the app.
How to Download and Get Started on BGloan App
To get the BGloan app on your phone, follow these easy steps;
1. Open your Google play store
2. Search for ‘BGloan app’
3. When the search results appear, select the BGloan app and hit the install button
4. Wait for the app to finish downloading then automatically install on your phone.
How to Sign up or Register on BGloan App
To sign up or register on BGloan legal cash loan app, follow these steps;
1. Open the app on your phone
2. Grant the app access to your phone features
3. Accept the terms and conditions by clicking ‘agree’
4. Enter your mobile number
5. Provide the OTP that was sent to the number and click ‘log in’
6. Now provide the onscreen requested information and click ‘next’ when you are done.
Note that you will be required to bind your bank card during registration on BGloan app, a N30 fee will be deducted from your bank as binding fee.
How to Borrow Loan on BGloan Legal Cash Loan
After registration or sign up on the BGloan app, you can now apply for loans on the app. However, you must meet their eligibility criteria. Although there are not many restrictions as to who can borrow money on BGloan, you must be up to 18 years or age and not above 60 before you can be considered eligible for a loan on the platform. You must also be in possession of a Bank Verification Number – BVN before you can apply for loan on BGloan legal loan cash.
If you are eligible for a loan on BGloan app, follow these easy steps to apply;
1. Login to the app
2. On your home page, click the ‘borrow now’ button below a loan offer
3. If your loan offer is too small or too big, you can adjust it.
4. Follow the on screen instructions to complete your loan application
5. Your loan will be disbursed to your bank account minutes after approval
How to Repay Loan on BGloan legal loan app
After your loan has been approved and the repayment period is getting due or you are ready to pay back, you can follow these easy steps to repay your BGloan;
1. Login to the app
2. Click on ‘loan repayment’
3. Select what method you want to repay with
4. Follow the on screen prompt to complete loan repayment.
You can repay your BGloan two methods, bank transfer or through your binded card. Whatever method you choose, as soon as payment is made, the platform will confirm and your debt will be cleared.
Pros of BGloan App
The pros of BGloan legal loan is as follows;
1. It offers instant loan
2. The eligibility requirements are minimal
3. The app is easy to use
Cons of BGloan App
The following are the cons associated with BGloan App;.
1. The loan app is not genuine, its customer representatives trick users into borrowing high interest loans
2. The interest rate on BGloan is quite high
3. BGloan offers very minimal amount to first time customers
4. BGloan sometimes lends money to users who do not apply and force them to pay back the interest and the loan within some days.
5. BGloan customer care representatives are rude and trickish
6. BGloan might disburse a loan to your account which you will not receive and you will still be asked and forced to pay without receiving the money.
7. Before your loan is due, you will receive incessant calls from their customer service asking customers to repay their loan, some might use harsh words and threats .
8. BGloan app conclusively is a loan shark.
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Frequently Asked Questions and Answers
Is BGloan legal loan app legit?
Yes but at the same time, the platform is not genuine, in fact, BGloan is a loan shark that shoves loans down their customers’ throat.
What are the requirements for getting a loan on BGloan app?
You must be up to 18 years and not below 60, you must have a good credit score and worthiness, you must have a BVN and lastly, you must be Nigerian residing in Nigeria
How much can I borrow on BGloan app?
BGloan app grants loans between N3000 to N200,000
What is the loan duration for BGloans
BGloans duration ranges from 7 days to 180 days
What is the interest rate on BGloan App?
The interest rates on BGloans are 0.75% to 1.9% per month and 9% to 23% per annum depending on your credit score.
What happens if I fail to repay my BGloan App?
The customer care representatives alone might call you to glory even before your loan expiration date, you will be harassed by their customer care representatives and your credit score will be affected negatively, this might prevent you from borrowing on other loan apps.
How can I contact the BGloan app?
Through their customer service.
Final Verdict
If you love your peace of mind and sanity, stay away from the BGloan app. The app will frustrate you till you start having regrets. Although they have a satisfactory rating on the Google play store, a lot of their reviews on the platform are unsatisfactory. While some users complained of high interest rates on their loans, others testified that the app borrowed them loans which they did not apply for and are being harassed to pay back.
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