Fint is an innovative financial technology enterprise that acts as a conduit, connecting individual and corporate lenders who aim to generate returns and contribute positively to Africa, with verified business borrowers actively seeking alternative credit resources. Throughout the subsequent sections of this article, we will provide a comprehensive exploration of the wide range of features that Fint brings to the forefront.
How To Use the Fint Web Application: Is there a Fint Mobile app?
Fint offers an entirely web-based application with a seamless user experience by providing an easy-to-navigate user interface. The web application offers users to sign up as either a borrower or a lender and the steps for both are pretty different. As of the time of writing this article, Fint does not provide its users with any form of mobile application.
When signing up as a borrower, you would be required to provide your Full name, Date Of Birth, Gender, Email, BVN linked phone number, Employment status, Employer, Salary Payday, and you’re able to calculate the amount you’re qualified to receive before proceeding to the next and final step.
When signing up as a lender, you would be required to provide your Full name, Date Of Birth, Gender, Email, password, phone number, home address, and country of residence, and then proceed to the next steps.
With both steps, there are some general requirements such as:
- Ensuring you’re a Nigerian above 18 years of age.
- Possessing a valid means of Identification (Driver’s license, National Identification Number (NIN), International Passport, Voters Card, etc.)
- Possessing a valid Nigerian account number linked to your Bank Verification Number.
- A stable source of income too.
Upon registration as a borrower, you have the flexibility to select the loan amount that aligns with your current financial requirements, with options starting from NGN 20,000. Your loan application is then submitted to Fint for review and approval. Once your loan is greenlit, you will receive the terms and conditions, giving you 24 hours to either accept or decline the offer. By accepting, you electronically endorse the loan agreement and provide your debit card particulars for repayment. The disbursal of the loan takes place promptly into your designated account, allowing you to repay it in convenient monthly installments. These installments are automatically deducted from your bank card, while making early payments can effectively reduce the interest incurred on the loan. This user-friendly process ensures both flexibility and convenience for borrowers.
Fint Loan Options and Terms (Interest Rates and Payback Duration)
Fint provides an array of services catering to both individuals seeking loans and investors aiming to achieve financial growth through lending opportunities in sectors like agriculture, assets-backed lending, corporate employees, buy-back loans, automobiles, agency banking, premium financing, and electricity loans. One remarkable aspect of Fint’s offerings is its provision of collateral-free loans, with interest rates ranging from 2% per month to 39% per annum, contingent on your credit score and loan duration. Loan repayment periods vary based on the specific loan product and the chosen payment timeframe. Notably, the interest rate increment of 2% each month for delayed payments sets Fint apart with a more lenient structure compared to traditional banks. For individuals, loan amounts span from 20,000 NGN to 1,000,000 NGN, while businesses can access loans of up to 20,000,000 NGN. This diverse range of loan options makes Fint a versatile financial platform catering to a wide spectrum of borrowers and investors.
Pros and Cons of Fint App
Pros
- Versatility of Loan Options: Fint offers a diverse range of loan options catering to both individuals and businesses. This versatility allows borrowers to choose loan amounts and terms that align with their financial needs.
- User-Friendly Application: The web-based application provides a seamless user experience with its easy-to-navigate interface. This makes the borrowing and lending process straightforward for users, enhancing overall usability.
- Collateral-Free Loans: Fint’s provision of collateral-free loans is a significant advantage for borrowers who may not possess substantial assets to secure their loans. This accessibility increases the platform’s appeal to a broader audience.
- Flexible Repayment: Borrowers benefit from the flexibility of repaying loans in convenient monthly installments. Additionally, the option for early payment to reduce interest charges provides a proactive approach to managing loan costs.
- Transparent Terms and Conditions: Fint’s process includes clear terms and conditions presented to borrowers upon approval. This transparency fosters trust and allows borrowers to make informed decisions about their loans.
Cons
- Limited Availability: As of now, Fint only offers a web-based application, excluding users who prefer mobile apps for convenience. This limitation may affect accessibility for users who primarily use mobile devices.
- Limited Loan Amounts for Businesses: While Fint offers substantial loan amounts for individuals, the maximum loan amount for businesses is capped at 20,000,000 NGN. This limitation may not fully accommodate larger business financing needs.
- Variable Interest Rates: While Fint’s interest rates range from 2% per month to 39% per annum, the variable nature of these rates based on credit scores and loan durations might lead to uncertainty for borrowers regarding the total cost of their loans.
- Risk of Late Payment: The increment of 2% interest each month for delayed payments might pose a challenge for borrowers facing financial difficulties. This could potentially result in higher repayment costs if borrowers are unable to meet payment deadlines.
Reasons People May Be In need of Some Extra Cash from Fint App
- Urgent Expenses: Unexpected emergencies, medical bills, or urgent repairs can arise at any time. A loan app offers quick access to funds, helping individuals manage unforeseen expenses without delay.
- Debt Consolidation: Loan apps can provide an avenue to consolidate high-interest debts into a single, manageable loan. This can lead to lower monthly payments and better financial organization.
- Opportunity Seizing: People may use loan apps to seize time-sensitive opportunities, such as limited-time discounts, investment opportunities, or business ventures that require immediate funding.
- Trading Cryptocurrencies: For those familiar with cryptocurrency trading, loan apps can be a way to secure additional funds for trading purposes. By leveraging borrowed money, individuals aim to capitalize on potential gains in the volatile cryptocurrency market.
Each of these reasons underscores the convenience and flexibility that loan apps offer in obtaining extra funds for various financial needs.
How To Sell Cryptocurrency For Fiat on Astro Africa
Some users find themselves in need of somewhere to exchange their crypto trading profits back for fiat so they can pay back their loan obtained from Fint App. Astro Africa stands as the premier platform for selling Bitcoin (BTC) and receiving Naira payments in Nigeria. Besides Bitcoin (BTC), Astro Africa supports the trading of various other cryptocurrencies including Ethereum, Binance Coin (BNB), Tether (USDT), USD Coin (USDC), Dogecoin, Litecoin, and DAI. This means that users can sell any of these cryptocurrencies with the same reliability as Bitcoin on Astro Africa. Noteworthy benefits of Astro Africa encompass top-tier security through robust measures like two-factor authentication, an intuitive user interface catering to all levels of expertise, a handy rate calculator to explore favorable rates, support for a diverse array of cryptocurrencies, full transparency in operations, zero selling fees, swift transaction processing, and dependable customer support. The convenience extends to their mobile app, allowing users to sell cryptocurrencies on the go via their mobile devices, anytime and anywhere. Astro Africa is a leading platform where you can confidently sell Bitcoin and various other cryptocurrencies, enjoying not only efficient transactions but also a secure, user-friendly, and transparent experience.
Fint’s emphasis on connecting lenders and borrowers in various sectors, including agriculture, corporate employees, and more, provides an avenue for investors seeking lending opportunities. The inclusion of multiple sectors adds to the platform’s versatility and attractiveness for both lenders and borrowers. Additionally, Fint’s commitment to transparency, flexible repayment, and providing collateral-free loans contributes to its reputation as an innovative lending solution within the Nigerian financial landscape.
