Why You Should Use Only CBN-Approved Loan Apps

I believe at this point we all know what the CBN stands for right? So we don’t assume wrongly, CBN stands for Central Bank of Nigeria. The CBN regulates and controls all our financial institutions ensuring they practice fairness, transparency, and overall economic stability.

Why You Should Use Only CBN-Approved Loan Apps

Now that we know what CBN is and what it does, we are going to delve into why it is very important for you to use CBN-approved loan Apps.

Using loan apps can be a difficult task, especially with the Fintech space littered with an avalanche of fake apps and fraudsters that are ready to cash in on customer’s ignorance. Below are some of the benefits of using CBN-Approved loan apps.

Safety

This is easily the number one benefit of using CBN-approved loan apps. Safety is very important when dealing with money, especially with the surge in cyber threats and crimes. These CBN-approved apps provide security for your personal and financial information. They do this by following strictly cyber security standards.

Terms and Conditions

Another benefit of using CBN-approved apps is the transparency exhibited in their terms and conditions. They have no hidden fees and their terms are clear. All the necessary details from interest rates to repayment timelines are clearly stated.

Interest Rates

CBN-approved apps ensure they adhere to the CBN standards and that is also reflected in their interest rates. They follow the regulatory interest rate caps set by the apex bank. CBN-approved apps do not charge ridiculous charges and this means you can access loans at competitive pricing.

Regulations

As stated above, CBN-approved apps adhere strictly to CBN guidelines that are put in place to protect you and other borrowers. They are consistent in following regulations and whether it is loan disbursement, collection practices, or grievance redressal, CBN-approved apps act within the confines of CBN guidelines.

Credit Score

CBN-approved loan apps ensure borrowers who borrow and repay loans regularly are rewarded with improved credit scores. If you want to have a very good credit score, ensure you repay your loans within the stipulated period.

Customer Service

CBN-approved apps have the best customer care service. If you are facing any issues or you have queries, these apps always ensure you are swiftly and effectively attended to

Hitch-free Application Process

CBN-approved apps do not expose borrowers to the rigour of lengthy paperwork or long waiting times. These apps operate a hassle-free, streamlined application process, quick verification, and faster loan disbursements.

Repayment Plans

CBN-approved apps offer several convenient repayment plans. They allow bank transfers to mobile wallets and several other easy-to-use repayment channels. These easy repayment options make repayment simple for borrowers.

Financial Education

Aside from giving or lending you money, Many CBN-approved apps also educate borrowers by providing educational resources, tips, and financial advice to help them make informed decisions and better manage their finances.

List Of CBN-Approved Loan Apps In Nigeria

Now that we are done with all the benefits you stand to gain by using CBN-Approved loan apps, below is a comprehensive list of some of them you can use in 2023: