Need a Quick Loan in Nigeria? TouchLoan Might Be Your Answer

Life throws curveballs, and sometimes that curveball takes the form of an unexpected expense.

When faced with such a scenario, Nigerians often turn to loan apps for quick and convenient financial assistance.

Among these, TouchLoan has emerged as a popular option, promising swift loan approvals and flexible repayment terms.

But before you hit download, let’s delve deeper into what TouchLoan offers and see if it’s the right fit for your needs.

Loan Types and Services

TouchLoan operates primarily as an online platform, connecting borrowers with various lenders in Nigeria. This means you won’t be dealing directly with TouchLoan for the loan itself, but rather through their network of partner lenders. The good news is that this opens up a wider range of loan options to choose from:

Salary Loans: Perfect for salaried individuals needing a short-term cash advance between paychecks. Loan amounts typically range from ₦5,000 to ₦500,000 with repayment periods as short as 30 days.

Personal Loans: Suitable for larger expenses like medical bills, home repairs, or even travel. Loan amounts can go up to ₦1,000,000 with repayment terms spanning several months.

Emergency Loans: Designed for unforeseen financial emergencies. These loans offer smaller amounts (up to ₦50,000) with quick approvals and shorter repayment periods.

Eligibility and Requirements

To be eligible for a loan through TouchLoan, you must meet the following criteria:

Be a Nigerian citizen or legally resident in Nigeria.

Be at least 18 years old.

Have a valid means of identification (e.g., National ID card, driver’s license).

Have a verifiable source of income.

Possess a functional bank account.

Interest Rates, Fees, and Repayment

Remember, TouchLoan isn’t the lender; they connect you with lenders who set their own interest rates and fees. Generally, interest rates on TouchLoan loans range from 15% to 45% APR, depending on the loan amount, repayment term, and your creditworthiness. Additionally, some lenders may charge origination fees or late payment penalties. Be sure to carefully review the loan terms before accepting any offer.

Repayment terms are also determined by the lender and can vary from 30 days to 12 months. It’s crucial to choose a repayment schedule that aligns with your income and avoid getting into a debt trap.

Customer Service and Loan Application Process

TouchLoan prides itself on its user-friendly app and efficient loan application process. Download the app, register your details, and select your desired loan amount and term.

TouchLoan will then match you with potential lenders based on your eligibility. You can review the loan offers, compare interest rates and fees, and choose the one that suits you best. The entire process is paperless and can be completed within minutes.

For any queries or concerns, TouchLoan offers customer support through the app or their website. Their team is available to answer your questions and guide you through the loan application process.

Loan Repayment Options

TouchLoan makes repaying your loan convenient with various options. You can directly repay through the app using your bank account or debit card. Alternatively, some lenders may allow you to make deposits at designated partner locations. Choose the method that best fits your needs and ensure timely repayments to maintain a good credit score.

FAQs

Is TouchLoan safe and secure? 

TouchLoan claims to use industry-standard security measures to protect your data. However, it’s always advisable to exercise caution when sharing personal information online and review the app’s privacy policy before proceeding.

What happens if I miss a payment? 

Late payments typically attract penalties, and failure to repay altogether could damage your credit score and lead to legal action by the lender.

Can I get a loan extension? 

This depends on the lender’s policies. Contact customer support if you’re facing difficulties repaying your loan on time.

Are there any hidden fees? 

Always carefully review the loan agreement before accepting any offer to understand all associated fees and charges