Going to the bank whenever you need a quick loan to solve a problem is stressful, and it’s even more frustrating to ask friends for money. Why not try out Starloan, which is always ready to loan you the money you need?
Starloan is an application that allows Nigerians to lend money easily without collateral.
And in this article, you will learn how to loan money from Starloan, their interest rate, calculate it yourself, and much more.
How to Loan Money from Starloan
Now that you have decided to loan money from Starloan, here is how you can apply for a loan from Starloan.
To loan money from Starloan,
● Firstly, you must download the application from Google Play and install it on your mobile phone.
● Secondly, you should create an account with your most used phone number.
● Thirdly, you will be asked to fill in necessary information such as your name and much more.
● Fourthly, your account and submitted details will be reviewed.
● And lastly, after review, if accepted, your loan will be disbursed into the bank account linked to the application; if not, they will tell you what to fix.
Starloan Loan Requirements
Unlike banks that would frustrate you to submit collateral, Starloan isn’t so. But to be eligible for their loan, you must be a Nigerian and reside in Nigeria. You must also be at least 22 years and above.
How Much Can You Get as a Loan from Starloan
You can get a loan of as much as ₦10,000 to ₦300,000 from Starloan, but it all depends on how active your credit score is before you can be loaned bigger money.
Starloan Interest Rates
Starloan interest rate starts from 10% to 30% per annum with an annual interest rate (APR) of 30% and 0% service charge.
For instance, you applied for a loan of ₦20,000, and you are repaying your loan in the next 100 days. And the annual interest rate of Starloan is 30%.
The amount you will pay will be calculated this way:
₦20,000 × 30% ÷ 365 × 100 = ₦1,644.
So, if you borrowed ₦20,000 from Starloan, the total amount of money you will repay them if calculated properly, would be ₦21,644.
Starloan Loan Terms
Starloan loan includes that you pay your loan in time so you will be able to access bigger loans. And failure to repay your loan on the due date would result in an additional fee. In addition, they have a loan term of 60 days for short periods and 120 days for long periods.
How to Repay for Starloan
If you want to repay your Starloan, you can do so on the application. Moreover, Starloan has a way of deducting each amount from an individual bank account linked to the application when the due date of repayment reaches. You can also make payments before the due date to prevent them from deducting from your bank account.
Starloan head office
Starloan has its head office at 360 Herbert Macaulay Way, Yaba 101245, Lagos, Nigeria.
Starloan Customer Care
To contact them for an emergency or inquiries, you can contact them by visiting their head office or contacting their customer care through an email or phone. Though here is their phone number and email.
Phone Number: +2348095695759
Starloan app has had over 100k downloads recently on the google play store, and If you want to get the application—you can get it on StarLoan – Apps on Google Play.
Unfortunately, Starloan does not have an official website you can visit except for their application you can find on the google play store.