Loana Application.
Loana is a friendly peer to peer lending and borrowing platform, that lets you lend or borrow small loans from people, using everyday items as collateral.
You can get a loan without employment or a credit history, you do not need to have a credit score as well.
Loan amounts range between ₦5000 to ₦30,000 with repayment periods from 2 to 6 months at monthly interest rates that range from 30% (APRs from 30% to 260%)
😍 Loan characteristics
Loan amount from ₦5000 to ₦30,000
Repayment periods from 2 to 6 months
APR from 30% to 260% per annum
🥰 An example
Borrow ₦10000 over 2 months
Interest (total cost of the loan): ₦10,000 (30% rate)
Total amount payable: ₦16,000
Representative: 120% APR
Most times people are forced to sell their items off, at an amount lesser than the actual value of this item, this action may later stir up regrets as soon as they get back on their feet. Loana lets you use this item to obtain a loan, rather than sell it off. This item could be household items, your TV set, basically things we use everyday.
Your loan can be granted by any member of the platform who likes your loan request, and is willing to part with the stated collateral, if you default in repayment.
The collateral is submitted to Loana after you post a loan request, so this item can be stored safely through out the loan term and easily be sent to the lender if you default in repayment.
Loana serves as a mediator between the lender and the borrower therefore we protect the identities of both parties through out the loan transaction.
Before joining Loana, your identity will be thoroughly verified. This is is done to ensure the safety and also protect the interest of both the lender and the borrower. You will be required to provide some basic information that can be used to verify your identity, your location and your contact information.
Loana as an Investment Platform
Loana gives you the ability to make profit, at the shortest possible time. You may have a little cash you do not need at the moment, you can easily lend this money to a borrower in need and profit off the transaction.
What you can use as a collateral
A collateral can be your everyday item I.e things of value we use everyday. It can be your household appliances etc. Once it appeals to a lender, you can easily get a loan.
You cannot use an item that belongs to someone else as a collateral. It must belong to you and you must present the receipt of purchase or any document that can prove ownership of the item.
Your collateral must be submitted at any of our offices, before your loan request can go live, so a lender can borrow you money. During this process, our agents at the office will properly verify this item, to make sure it is in good condition and it is of the stated value.
User Privacy and Security
Your privacy is our priority, on Loana we protect the identity of the lender and the borrower, through out the loan transaction the lender never knows the identity of the borrower. This measure ensures that both parties are protected and to ensure a smooth flow in the community.