First Nell is a reliable lending platform that offers loan amounts ranging from ₦50,000 to ₦250,000, with flexible loan terms from 91 to 365 days.
The daily interest rate is only 0.0057%, with a maximum annual interest rate APR of 20.55%. Applying for a loan with First Nell is fast and straightforward, and the repayment process is manageable.
Loan Calculation
Calculating the cost of a loan with First Nell is simple. For instance, if you apply for a ₦100,000 loan with a 12-month repayment term, the details will be as follows:
Installment plan: 12 Principal: ₦100,000 Amount of expenditure: ₦100,000 – ₦0 = ₦100,000 PMT (monthly payment amount): ₦10,045.8 Cost: ₦0 Total interest: ₦20,550 Total amount: ₦120,550
The total interest rate is 20.55%, calculated by dividing the total interest by the principal and multiplying by 100%: ₦120,550 / ₦100,000 * 100% = 20.55%.
The monthly interest rate is 1.71%, which is calculated by dividing the total interest rate by the number of installments: 20.55% / 12 = 1.71%.
Loan Eligibility
To be eligible for a loan with First Nell, you must be a Nigerian citizen above 18 years old, possess valid documentation and proof, and have an active bank account.
About First Nell
First Nell is a free mobile app developed by Merit Finance Credit Corporation Limited, a Systemically Important Microcredit Company under the Soft Naira brand. All loan applications are approved and sanctioned by the Central Bank of Nigeria, and communicated upfront during the loan application process.
You can contact First Nell via email at [email protected] or via mobile at +234 8056294848. The working hours are from Monday to Friday, from 9:00 am to 6:30 pm, and on Saturday to Sunday, from 10:00 am to 6:00 pm.
The address of First Nell is Trans Amadi Industrial Layout of Community Secondary School Road, Port Harcourt, Nigeria.
In summary, First Nell is a reliable and efficient platform that provides quick financial assistance to eligible Nigerian citizens.
With flexible loan terms and manageable repayment processes, First Nell can help you address your financial needs with ease.