If you lack cash but you need to sort out some financial issues you might approach a friend or a family for a loan which is very much likely.
Micro loan in Nigeria
Let’s see the appreciate you very well or they really care you might get a loan without interest. However whether there is interest or not experience must have taught you that taking loans from friends and family has its own repercussions.
Yes it doesn’t always end well.
Taking a look at another alternative I might want to try taking a loan from your bank but Nigerian banks also have limitations. Nigerian banks charge a high amount of annual interest rates and not just that they insist on several procedures which include the provision of collateral. this is very risky because you might also lose your precious assets in a bit to get a loan if you don’t pay up on time.
These are just why getting a loan in Nigeria could be very difficult. Due to this particular problem fintech startup – Aella credit provides a solution.
This is an online lending platform that enables people get loans instantly. and that instantly is been emphasized because there are fewer hassles or collateral tendering before the acquisition of the loan.
You could easily apply for loans on their website and within minutes you get your loan approved and alert to your bank account.
Aella credit just in a few months has become Nigeria’s fastest-growing startup. It’s a financial business that is based in Lagos that deals with personal loan lending.
It has direct integration with credit bureaus in Nigeria and is standing tall in the Nigerian market.
The credit company was founded by Akinola Jones.
He had established the business due to personal pain people pass through in a bid to secure loans.
According to him Banks turn to reject loan applications from individuals most family and friends that have been in need of credit facilities because no solution to their problems at the point of need so what is the use of going to the bank for help?
Even companies find it difficult to get credit facilities from Bank due to the stringent processes and procedures involved in acquiring loan.
That was the point where Aella credit was discovered because they saw the problem as an opportunity.
But while setting up this financial institution it was very crucial to put some risk into consideration like the means of getting the funds back, means of keeping defaulters below 3% but this didn’t last long because they consulted the professional risk manager by the name of Adedoyin Onayemi.
Adedoyin was poached from Ren money and he was a specialist in microfinance. he is now in charge of operations and risk at Aella credit.
After setting of necessary strategies the inculcated the means where people could easily fill forms and get their loans immediately leveraging technology. But the success of these automated loan system depends on the credibility of the loan applicants.
The company did this using a proprietary algorithm and this process is the applicant’s eligibility by scoring the eligibility for loans in a scale of zero to 100. for this to be successful it considers some factors which could be social and demographic also in addition to that is their debt to income ratio.
Simple terms this means that the algorithm gives more access to loans on the platforms to creditworthy individuals.
After the establishment of the company in the first month alone, it has processed over 27 million in loans and by the following month, the company did first of the 63 million naira in Long setting the company’s growth rate to be above 100%.
The company currently has a collective database of over 15 million.
However, the company is making sure it uses already has bvn before applying for a loan your today central bank’s policy to aid in the prevention of fraud.
Why do banks give out 26% interest rate on loans, Aella credit gives only 4% per month on loan which my make it 48% yearly.
For the company’s first seed round it got how to restore net amount of $1,000,000. And it’s yet to get more from other investors.
Aella credit loans is an individual loan that has been created with the purpose of helping people gain financial independence. The Aella loan app is available for Android on Google play store and all you need to do is install and other processes are very fast.
The long-range for Aella credit loans can be as high as from N1,500,000 to N90,000,000 but these long have a duration for payback between 30 to 60 days.
The loan rates are very competitive and depends on your credibility score for you to get as high amount as you want. the good thing about this company is there are no hidden charges all you need is to install the app sign up and apply when you get approved you get your money the processes are very simple.
Aella Credit Loans
The credit loan range for Aella credit loans is from 4% to 29% depending on how much you apply for.
Aella Credit Loans application:
To apply for loan on Aella credit all you need to do is go to Google play store download the app which is available currently for Android users sign up fill-up the form there for personal and financial information then make sure you include the amount of money that you want to borrow and the duration. After the completion of the application, you will get a response that might be negative or positive depending on how the algorithms cause but it just takes a few minutes to process.
if your application is successful within few minutes you get your alert immediately.
Documents required for application
Just before you apply there are some documents that are needed but they are not much you will need to provide some financial information which includes your bvn number, aside from that you also need to add your personal information like your name, address, age, and others.
After this is just input how much you want to borrow.
you’ll get an automatic response if your application is being accepted or rejected.
So you see just as promised no paperwork required.
Contact Aella Credit
- Website: https://www.aellacredit.com/get-a-loan
- E-mail: [email protected]