Black copper loan grant loan to applicant to settle both personal and business financial needs , this post will give you an insight on how to apply and download the loan app.
In an emergency, access to cash is made simple through online loan apps. To download the app, you typically only need a smartphone and a good credit history that is linked to your BVN number.
Therefore, make sure to maintain a strong credit score by making your loan repayments on time if you wish to benefit from these money in times of need. Additionally, because they might be pricey and have extremely high interest rates, these online loan apps should only be used in dire circumstances.
Nigerians can get micro and medium-sized cash loans between N10,000 and N500,000 with the Black Copper loan app. The applicant’s credit score will determine the interest rate and loan term. While some debtors might receive offers below N10,000, others might receive higher offers. Your prior borrowing behaviour with other loan applications will be a major factor.
This loan application is still quite new, and it has received mixed reviews while amassing over 10,000 downloads on Google Play. It gathers data on potential customers using loan software, including phone records, banking transaction alerts, and BVN, to create credit scores for each borrower.
How to Download APK and get a loan from Black Copper loan app
- Download the Black Copper personal Loan App exclusively 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 directly.
- Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.
It can take between 7 and 12 business days for the N30 that was charged to link your ATM card to your account to be returned to your bank account.
Your BVN is connected to your credit score, so if you owe money to other creditors or have a history of late payments, your application will likely be declined.
What other borrowers are saying about Black Copper loan app
The Google Play Store users who wrote these reviews.
Praise Believe wrote in response, “How can I request a loan of 14900 and then get credited with 10430 to pay back almost 16000 in the next 6days who does that then what’s the use of the loan now I don’t understand please you guys should come and collect your money back oo I don’t want again this is nounsenses and I don’t have any interest to pay oo just collect the money the way you gave me back thank you.”
“After inputting that bank information it just keeps rolling and never moves to the next page, please rectify it,” wrote Ladi Twin.
“After registering, the Bank Details option remained rolling forever. Work on it if you guys are serious. Sometimes I fault Play Store for not scrutinising all this software before granting it permission,” Adebanji Bright commented.
Black Copper loan 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 kins 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
Black Copper Interest Rate
Age range for eligibility is 18 to 65.
Loan duration: You have between 91 and 180 days to repay the loan.
Amount of loan: $5,000–$500,000
Interest Rate: 0.5% to 3% each month, 10% to 35% annual percentage rate, depending on your credit rating.
For instance, suppose you select a loan amount of $6,000.00 and a repayment period of 360 days.
The total interest must be paid, which is calculated as follows: 6000.00 * 0.05% * 360 = 1080; monthly interest must be paid, which is calculated as follows: 6000.00 * 0.05% * 30 = 90; monthly repayment bill including principle and interest must be paid, which is calculated as follows: 6000/12 + 90 = 590; total repayment bill including principle and interest must be paid, which is calculated as follows: 6000.00 + 1080 = 7080.
Note that this interest rate is merely an illustration; your actual interest rate will be determined by your credit score and the amount of data your smartphone can provide to the app. Keep a note of your banking SMS messages on your phone to improve your chances of receiving a larger loan.
Black Copper loan app customer service number
- Service Hotline: 0818883539 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
- Email: [email protected]
Address: PLOT 150A, IDEJO STREET, VICTORIA ISLAND, LAGOS