Starloan is one of the most newly launched loan platforms in the country. This loan platform offers loans to individuals at a fast rate. How this loan platform works is unique, and its application process is quick and easy.
In this article, we will discuss how to apply for starloan, what their eligibility requirements are, and how to meet the eligibility requirements, we will discuss extensively how this loan platform works, and we will conclude this article by answering some of the most frequently asked questions you may have on this topic. Stay tuned and pay close attention.
Overview Of the Starloan Platform
If you need to obtain a loan from a loan platform that will not take up to 5 minutes to apply for and get accepted, then the loan platform you should opt for should be a starloan platform.
With an increase in technological advancement comes an increase in the rate of business development, birth, and expansion, and this causes an increase in the demand for a loan by businesses and individuals.
This is the reason for the establishment of the starloan platform. This platform gives loans to private individuals and businesses. This loan platform is well known by people for being fast in the rate of loan disbursement and ease of application.
Another notable thing you must take note of about the starloan platform is the fact that you do not need collateral to apply for the loan. All you need to do is to make sure that all your details are provided correctly and that you meet the eligibility requirements, which we will be discussing in this article.
The starloan platform, due to its uniqueness, has become one of the best loans most people opt for. With this loan, you don’t have to worry about embarrassment or a high-interest rate. The interest rate is low, making it easy for people who obtain a loan from the platform to pay it back. Read this article carefully before applying for a loan on this platform.
How Starloan Platform Works
Every loan platform across the country has a specific way and mode of operation, and the starloan platform is no exception. Here’s how the platform works;
- The first thing you need to do before you apply for a loan on this platform is to read the eligibility requirements in this article to make sure you meet all the eligibility requirements before you proceed to apply for a loan.
- Every loan platform has specific information and details they need from borrowers, and for the starloan platform, you will need to provide all your details correctly. One of the essential details you will need to give accurately is your Bank Verification Number. This number is of utmost importance to the platform, and this is because this BVN is used to check your eligibility status.
- With the BVN, the platform can check if you are eligible for the loan you wish to apply for, and they do this by checking your creditworthiness score, which is determined by how debt free you are. If you owe any loan platform, your creditworthiness score will be low, leading to your loan application process not being accepted.
- Another important thing you need to know is that the starloan platform operates on the principle of the most eligible. This means that if two people apply for the same amount of loan under the same condition. The one that will be given first is the one that meets all the eligibility requirements. This is why you need to read through this article very well to make sure you meet all the eligibility requirements.
Eligibility Requirements For Starloan
Before you proceed to apply for a loan on this platform, read the following eligibility requirements
- The first eligibility requirement is to be a citizen of the country. This means that foreigners are not eligible for this loan
- The minimum age requirement for this loan is 18 years. If you’re below this age, you will not be eligible to apply for this loan.
- The maximum age requirement is 60 years, so you must be between 18 to 60 years to be considered eligible
- Your BVN is required before you are eligible to apply for this loan, and we have told you why this is so. Always ensure a high credit score before applying for a loan on this platform.
How To Apply For Starloan
To apply for a star loan, make sure you follow the steps below;
- The first thing you need to do is to download the starloan app on the Google play store. Open your Google play store, and make sure you have a strong internet connection. This will make you download it faster.
- Install and open the app, and click on sign up. You will be required to input your details. Make sure that the details you input in the platform are correct.
- Afterward, you are to click on apply for a loan. This will take you to another display, where you will fill in all the required information, making sure they’re correctly filled.
- Choose the amount of loan you want and choose the repayment plan of the loan. You will be shown the loan interest rate, if it is ok by you, then you can click on apply for the loan.
- If your application process is successful, the loan will be disbursed to your standard bank account in a matter of minutes.
Benefits Of Starloan
There are so many benefits of star loan but in this article, we will list just a few of them
- Ease of application: it is very easy to apply for starloan, just follow the steps above and within a few minutes you will have applied for the loan
- No collateral: this is one of the most important requirements, you do not need collateral to apply for starloan, all you need to do is to make sure you meet the eligibility requirements.
- Low-Interest rate: The interest rate of starloan is low, and this makes it very convenient for individuals to pay back the loan they borrowed from the platform.
StarLoan Rates and Fees
The loan depends on the customer’s risk profile and loan tenure. StarLoan interest rate is from 10% to 30% per annum. The maximum Annual Interest Rate is 30 percent, while the Service charge is 0%.
Let’s calculate!
The period and annual interest rate for a loan of 10,000 are 100 days and 30%, respectively.
Therefore, the daily interest rate is 30%/365, the interest for 100 days is 10,000×30%/365, and the total repayment is 10,000 plus 822, which is 10,822.
How To Contact StarLoan
You can easily contact the starloan platform through the following methods, choose one that is most convenient for you.
Customer service email: [email protected].
Office address: 360 Herbert Macaulay Way, Yaba 101245, Lagos, Nigeria.
Frequently Asked Questions
Is the starloan platform legit?
Starloan platform is a very legit platform when it comes to giving loans to people. You can easily verify this by searching for starloan on the Google play store, you will find out that the platform has over 100,000 downloads with thousands of positive reviews and over 4.0-star ratings, this shows how legit the platform is.
How Much Can I Borrow from the platform?
The maximum amount of money you can obtain from the platform is N50,000 and the maximum amount of loan you can obtain from the platform is N300,000.
What Is The Interest Rate Of the Starloan Platform
The interest rate of a starloan platform is between 10% to 30% but this depends on the amount of loan you borrowed from the platform.
Conclusion
Starloan is one loan company that is reliable and ensures fast disbursement of loan upon approval. We have carefully researched through our team about this company and we believe that they are worth the tag.
For more questions regarding this topic, kindly use the comments section. We shall respond swiftly.
