If you’re in a dire need of cash to meet your urgent financial needs, a Growly loan is one of the options to consider.
Growly loan platform is a fintech company that offers digital financial services to both borrowers and investors alike.
With Growly loan app, borrowers can take a collateral free loan of up to N250,000 while investors can earn up to 24% of their invested amount on a yearly basis.
Growly providers stress-free financial transaction experience for both investors and borrowers. However, they still have their terms and conditions when it comes to transacting business with them. Hence, it is best to understand their mode of operation before opting for their services.
1. How Much Can I Borrow From Growly?
The loan amount that a borrower can take from Growly is not fixed because it varies depending on some factors.
However, the loan amount that a borrower can take from Growly platform ranges from N1,000 – N250,000.
2. Growly Loan Repayment Plan
The repayment plan for the Growly loan is between 61 days – 365 days.
3. Growly Loan Interest Rate
The Growly loan monthly interest rate is 20% but its Annual Percentage Rate(APR) is 240%.
Breakdown, let’s assume you take a loan of N200,000 from Growly for a two month plan. The interest would be N80,000[40% rate]. You would repay N140,000 monthly while the total amount payable would be N280,000.
4. Growly And Investors
Growly platform allows investors to give out loans to verified borrowers. Interestingly, you can start with as little as N100.
However, this investor’s money is not secured but happens is that, if the borrower fails to repay the money, Growly will bear the burden of refunding the main amount to the investor.
Meanwhile, Growly pays off the monthly interest of 2% for loans with quick payout.
Breakdown, if an investor gives out a N200,000 loan on a two month plan, the monthly interest would be N4,000. The total interest would be N8,000. Finally the total amount you would receive back is N208,000.
5. Why Choose Growly?
There are many reasons why Growly platform worth giving a trial, some of which include but are not limited to:
- Your data is properly protected.
- It has an operating license from CBN.
- There’s no hidden charges.
- Their app is easy to navigate because of its user-friendly nature.
- They have good customer support who will always help you when need be.
6. Growly Loan App Review
Just like other digital lending companies, Growly users have divergent views about the mode of operation of the platform and their app.
Some of the users expressed satisfaction with the financial services offered by Growly platform while others are of the view that they should keep upgrading in their services noting that there’s still room for improvement.
Our check on Google Play Store reveals that more than 10,000 users have downloaded the loan app. Also, reviews from 117 users rated the app 3.9 stars which is averagely good for the app of its nature though they need to improve on their services.
Sarah Collins has this to say about the Growly loan app: ‘’They seem to be good and reliable but since I tried filling out my Date of birth it kept saying error YYYY/MM/DD. Please I need your support with it’’.
According to Victor Gbesimi Odele: ‘’Great service, honestly I’m a very strong critic of loan apps but growly have proven themselves different. Fair rates and long repayment options. Customer service is 100%’’.
Growly Loan Summary
|Loan amount||N1,000 – N250,000.|
|Interest rate||20% monthly 240% APR|
|Repayment plan||61 – 365 days|
Growly offers a platform for both investors and borrowers alike. The platform enables borrowers to take a loan and meet their urgent financial needs while giving their investors monthly returns on their investment.
However, before taking a loan from Growly, it is important to understand their interest rate and repayment plan to enable you to make informed financial decisions.
Borrow responsibly and spend wisely.