Access to money is a constant need for many people, and fintech startups that provide solutions to this need are in high demand. In space, companies like Carbon, Evolve Credit, Branch, Kiakia and Renmoney have already created services that provide microloans to individuals and businesses in need.
Changes in interest rates on loans as well as in terms and conditions from one fintech to another provide an array of options to choose from. Fewchorefinance is another financial technology company that provides a solution to the “I need a loan” problem.
While it can take over several hours to apply for loans and get a response from banks and some fintechs, this startup makes it easy to borrow money online in under an hour.
Also read: Renmoney, a credit and loan company, lays off 391 employees as it moves more towards technology
How to get a loan from Fewchorefinance
To obtain a business or personal loan from the startup, there are three steps to follow. The first is to indicate the amount of money that needs to be borrowed as well as the date when it will be fully repaid. The least amount that can be borrowed is 50,000 naira and the minimum repayment term is 3 months, according to information on its website.
You can like: Nigerian fintechs grapple with growing number of defaults due to job losses and economic hardship
Depending on the amount and the duration, Fewchorefinance calculates the interest to be reimbursed. The interest is higher when the loan is larger or when the repayment period is longer. If, for example, we borrow 500,000 N for a period of 3 months, the sum that will be repaid is 567,500 N at 189,166.67 NN per month. If it is repaid over 5 months, the loan + interest becomes N612.500.
Before a loan is approved, the startup collects Know Your Customer (KYC) information from the user. This includes the official email, salary statement for the last 3-6 months as well as ATM card details. Only employees can obtain loans from the startup and applications will be rejected from those who are not.
The fintech company has an app, Fewchorepay, which allows users to invest money in credible businesses and access their lending service. Fewchorefinance also provides services ranging from asset finance and fund management to local and international trade finance.
KiaKia offers easy access to loans, shorter repayment terms and higher interest rates than many others
“The loan process is transparent” – User reviews
On his Playstore account, the opinions of other people who have used his application are mixed but mostly positive. Bolaji Olusanjo said: “Simple, fast and reliable. I was able to get my loan in minutes.
Another user, Lawrence Uzochukwu, said: “Wonderful experience. Access to the loan was done without problem. Customer service is exceptional, responds to your complaints on time. I never would have asked for more. Fewchore Finance, you have my 5 stars. I wish I could give you more.
Some of the negative comments are about the incessant bank charges while using the app. Rotimi Oluwatobi said: “I sent a mail, no response from you. I applied for a loan, my account was debited twice for an account statement, but I did not receive any loan disbursements on my account. It is unfair.”
Ikeh David also said, “It keeps charging me every time I try to add a card, but it doesn’t add. It’s really annoying. Please repair your app or remove it altogether, as you are swindling people with their N40 every time they try to add a card and it doesn’t add.
Fewchorefinance responded to the negative comments with suggestions for remedial action for those affected.
The loan service works and the customer service is excellent. For employees, this is another addition to the pool of loan providers in Nigeria.
If you would like to be featured on our Entrepreneur Spotlight, click on here to share your startup story with us.
Receive the latest tech news, reviews, business-related content with a deliberate focus on the African narrative and insightful Nigeria analysis – straight to your inbox.