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19/02/2024
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Description

Tiger Credit is one of the many online financial support organizations that offer a variety of loans with flexible repayment terms. Here, not only is the borrowing process simple, but the approval rate for loan applications is also high, and the disbursement time is very quick. Tiger Credit provides loans without restrictions, super fast, helping you solve urgent financial issues. However, is this online lending platform a scam?

Tiger Credit is an online personal loan app with flexible operating hours. You can apply for a loan anytime. The loan process on this website is also very simple.

Advantages and disadvantages of the Tiger Credit lending website:

Strengths of the Tiger Credit website:

  • Flexible repayment terms from 91 to 182 days (depending on the loan package), allowing borrowers to ensure their repayment ability.
  • No transaction fees, consultation fees, or service fees.
  • Support for loans with 0% interest for students and first-time borrowers.
  • The app has an automated credit scoring system, providing convenience for future loan applications.
  • Loan limits can reach up to ₦50,000, depending on the borrower’s financial capability and credit history.
  • Disbursement time is within the same day or even as quick as 30 minutes after the loan application is approved, depending on the information provided by the borrower.
  • Simple loan procedures, only requiring the borrower to provide a photo of their identification card.
  • No requirement for personal income proof or evaluation of friends/family during the loan application review process.
  • For students, Tiger Credit offers a 30% interest rate reduction for all loan amounts.
  • Please note that the translation provided is a direct translation and may not be an accurate representation of the original text’s nuances or intended meaning.

Limitations of the Tiger Credit website:

  • Compared to the interest rates for loans at banks, the interest rates for loans on this app are higher.
  • The loan limit is not very high compared to banks, with the website only offering loans of around ₦50,000 at maximum. However, there are few online credit organizations that provide loans up to ₦50,000.
  • If the borrower repays the principal late, the interest rate will increase significantly. The following example will help you understand it better:
  • If you borrow ₦100 here with a repayment period of 91 days, the amount you will receive is only ₦99. Tiger Credit deducts the interest directly from the loan amount.
  • If you fail to make timely payments, you will have to consider several issues:
  • Late interest = 3% of the total loan amount + 0.75% per overdue day.
  • If overdue for 15 days, the interest rate is calculated at 1% of the principal per overdue day.
  • If repayment is delayed for 60 days, the interest rate is calculated at 1.1% of the principal per overdue day.
  • The total calculated interest will not exceed 100%.

In general, the longer you delay loan repayment, the higher the late payment fees will be. However, the loan limit is quite high compared to many other online lending platforms, and the repayment period for borrowers is quite long. As long as you repay the money on time, Tiger Credit is a worthy lending option to consider.

Guidelines for borrowing money on Tiger Credit:

To borrow money on this financial support app, you can complete the process entirely online without having to visit a physical location to receive the loan. Here are the specific steps:

Step 1: Loan registration

Access the Tiger Credit app settings.

Choose the loan limit, and the repayment period will be automatically suggested.

Enter the phone number you are using to receive the OTP code.

Enter the OTP code you just received.

Select “Register for a loan.”

Step 2: Provide personal information to strengthen the loan application

Fill in the required personal information on the form.

Take a portrait photo and photos of the front/back of your identification card.

Step 3: Loan application review, which typically takes 30 minutes to 24 hours, depending on the loan amount and the information provided by the borrower.

Step 4: Receive the loan online once your loan application is approved. The money will be sent directly to the bank account you registered beforehand.

Does Tiger Credit, with its large loan amounts, show signs of being a scam?

It is still not certain whether this personal loan website is deceiving customers. Despite the lack of clarity regarding its origin, operating period, and the fact that the interest rates change over time, as well as the absence of licensing and tax identification numbers, the loan terms and conditions on the website are still transparent. Users can make their own decisions to borrow or decline.

The above are the basic information about Tiger Credit. Despite its many advantages, it is also a lending platform that carries inherent risks if you repay the loan late. Therefore, if it is not truly necessary and urgent, you should carefully consider before registering for a loan.

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