flypay offers Personal Loan Online to Nigerians. You may quickly check your Personal Loan eligibility criteria if you are an existing flypay customer.
Personal loans give you the opportunity to make your dreams a reality. Personal loans online are becoming increasingly popular, with more people turning to them for a variety of financial reasons.
A personal loan can be used for anything, including the purchase of a laptop, Android or an iPhone. Personal loans aren’t just for home improvements, education, and trips. It might be anything from purchasing new furnishings to purchasing an electrical device that can be funded with a personal loan online.
However, you must determine whether you are eligible for a personal loan. To avoid loan application rejection, use a personal loan eligibility calculator to evaluate your eligibility criteria and make sure they satisfy the lender’s terms and conditions.
Personal loan eligibility is determined by a borrower’s creditworthiness, which is represented in his or her credit score. To avoid being turned down for a personal loan, double-check your eligibility requirements.
Check your eligibility criteria using the personal loan online
Salaried and self-employed individuals are eligible for a personal loan with the below-mentioned criteria you need to verify while applying for a personal loan. If the eligibility criteria meet the lender’s terms and conditions, you will be eligible for applying for personal loans. Things you need to submit while checking your eligibility criteria on the personal loan eligibility calculator are:
Age – A salaried and self-employed individual must be in an age limit between 20 to 58 years.
Nationality – Borrower must be a resident of Nigeria
Income – Your minimum Income must be around ₦5,000 monthly or above. Personal loan eligibility criteria depend on your disposable income. This should be at least 30% to 40% of your net monthly income.
Credit score – The Lender must find the borrower’s credit report satisfactory to approve the loan instantly. You can negotiate the interest rate if your credit score is good. But this varies from lender to lender.
Monthly expenses – You also need to indicate monthly expenses or multiple loans, if any. Your monthly expenses will decide whether you are capable of paying monthly
Total work experience – For salaried/self-employed individuals, working in a private or public sector company with a minimum work experience of 6 months – 1 year is mandatory & this varies from lender to lender.
How to check your eligibility criteria for a Personal Loan with flypay
With the launch of complete digitized platforms for a personal loan, checking the eligibility criteria before applying for a personal loan has become a hassle-free process with the help of a personal loan eligibility calculator.
flypay, an instant personal loan app powered by BetterLending has developed a user-friendly personal loan eligibility calculator, which will display the loan amount borrowers are eligible for, after checking the monthly income and creditworthiness of salaried and self-employed individuals.
flypay’s in-built loan eligibility calculator created within the instant loan app and official website allows one to check the eligibility criteria in terms of the loan amount, and tenure. flypay personal loan eligibility enables you to clearly define whether you are eligible for a loan application or not.
How to quatify for a personal loan flypay?
The flypay requires basic eligibility criteria like your age, income, loan amount, work experience, and interest rate, to check the eligibility criteria for a personal loan for salaried and self-employed individuals:
- Age 20 – 58 years
- Minimum Income ₦5,000 monthly
- You should have a minimum CRC credit score of 750
- Minimum work experience 6 months – 1 year
- You need to be a resident of Nigerian
- KYC documents
- Employee ID card
- Last 2 months’ salary slips
Along with these, the lender will also look at your CRC score and repayment history before approving your personal loan application.
Therefore, with the above eligibility criteria, you can avoid loan rejection and delay approval status when you are clear about the eligibility being negative.
Hence, to avail of a loan amount between ₦5,000 – ₦500,000 via flypay, check your eligibility criteria for a personal loan using the loan eligibility calculator for speedy loan approvals online.