About PrimePay Loan App

PrimePay, developed by UNI TECHNOLOGY NIGERIA Ltd., is a loan application that provides easy access to loans for individuals in Nigeria. With loan amounts ranging from ₦4,000 to ₦500,000, PrimePay aims to bridge financial gaps by offering quick loans without collateral or lengthy paperwork. The app’s interest rates range between 15%–60% APR, depending on the term and loan amount.

Example: For a ₦5,000 loan with a 15% interest rate over 91 days, the repayment would total ₦5,750, including ₦750 in interest.

Who Can Apply for a PrimePay Loan?

To be eligible for a PrimePay loan, you need to meet the following requirements:

• Be at least 18 years old.
• Hold a Nigerian bank account.
• Provide a Bank Verification Number (BVN) for verification.
• Have a valid phone number and a device compatible with the PrimePay app.

Meeting these requirements allows you to proceed with the application process and helps PrimePay determine your loan eligibility and credit limit.

How to Apply for a PrimePay Loan

Applying for a loan on PrimePay is straightforward:

1. Download the PrimePay App: Visit the Google Play Store, download the PrimePay app, and install it on your phone.
2. Register: Open the app and sign up using your phone number.
3. Provide Basic Information: Fill out basic details, such as your name, BVN, and bank details, to complete the initial verification.
4. Apply for a Loan: Select the loan amount you need and choose your preferred repayment term.
5. Receive Funds: Upon approval, the loan will be deposited directly into your bank account.

PrimePay partners with financial Apps institutions like Opay, GT Bank, Moniepoint, and Zenith Bank, ensuring secure and seamless transactions.

PrimePay Verification Process

Verification on PrimePay helps secure your account and determine your creditworthiness. Here’s how it works:

• Phone Verification: After entering your phone number, you will receive a one-time PIN (OTP) to confirm your identity.
• BVN Verification: Provide your Bank Verification Number (BVN) to increase your credit limit and establish trust.
• Identity Verification: Some users may be asked to upload an ID for additional security.

If you’ve forgotten your BVN, you can retrieve it by dialling *565*0# on your mobile device.

Benefits of Using PrimePay for Loans

• No Paperwork: All transactions are handled online, saving you time.
• Quick Approval: Loan approvals are usually completed within minutes.
• No Collateral Needed: Unlike traditional loans, PrimePay requires no collateral.
• Flexible Repayment Terms: Choose a repayment term that fits your financial situation.
• Transparent Fees: PrimePay offers transparent terms without hidden fees.
• Reliable Support: Reach out to customer service for assistance at any point during the process.

Interest Rates and Loan Terms

PrimePay provides loan terms from 61 to 180 days, with interest rates between 15% and 60% APR, depending on the chosen term and loan amount. The monthly interest rate typically ranges from 5% to 20%.

PrimePay ensures that users have a clear understanding of repayment obligations, making it easier to plan financially. By choosing a term that aligns with your needs, you can avoid late fees and manage your loan effectively.

Loan Repayment Options

Repaying a PrimePay loan is straightforward, with options that provide convenience:

• Direct Debit: Set up a direct debit from your bank account for automatic payments.
• Bank Transfer: Use your bank’s mobile app to transfer the repayment amount to PrimePay.
• In-App Payment: You can also make payments directly through the PrimePay app.

It’s crucial to repay loans on time to avoid penalties. PrimePay provides reminders to help you stay on track with your payments.

Frequently Asked Questions (FAQs)

1. Is PrimePay Safe?

Yes, PrimePay uses industry-standard security measures to protect user data and financial information. By partnering with trusted banks, PrimePay ensures secure transactions.

2. Can I Apply for a Second Loan?

Existing users with a positive repayment history may be eligible for additional loans, which can increase your credit limit over time.

3. What Happens if I Miss a Payment?

PrimePay may charge a late fee if you miss a payment. Late payments can affect your credit limit and your eligibility for future loans.

4. Are There Any Hidden Fees?

No, PrimePay is transparent about its fees. All charges are included in the loan agreement presented at the time of application.

PrimePay vs Other Loan Apps

PrimePay offers competitive interest rates and a streamlined application process, making it a preferred choice among Nigerians seeking quick loans. Unlike many competitors, PrimePay does not require collateral and provides a flexible repayment schedule.

Compared to other loan apps like Carbon, Palmcredit, and Branch, PrimePay’s credit limit is on the higher end, offering loans up to ₦500,000. This makes it ideal for users who need larger loan amounts.

Tips for Responsible Borrowing

While PrimePay offers quick access to funds, responsible borrowing is essential:

• Only borrow what you can repay.
• Choose a repayment term that aligns with your income schedule.
• Review the interest rates and ensure you understand the repayment amount.
• Set up reminders to avoid late fees.

Contact PrimePay

If you need help with your application or verification or have questions about repayment, you can contact PrimePay through the following: