Updated on August 19, 2023
P2Vest is a peer-to-peer online loan app in Nigeria. Founded in 2020, the services include fee-free lending to investors, alongside personal and business loans to borrowers.
The P2Vest app also has a product dedicated to businesses looking to make money through lending. Built to deliver competitive returns for investors, credit is easily accessed by people while also helping them build a credit history.
This lending platform uses Artificial Intelligence to ensure that only creditworthy borrowers have access to quick loans on the app.
On the other hand, It would be worthy to note that P2Vest is not a money lender. P2Vest is a peer-to-peer lending platform that connects screened borrowers to lenders and investors who are looking for better returns on their capital employed compared to savings accounts and fixed deposits.
As a lender with P2Vest, you get free lending support, free money withdrawals and free account servicing. Borrowers can obtain loans directly from the lenders on this online P2P service; minimizing the lengthy process of traditional lending significantly and the high-interest rates of online loan apps in Nigeria.
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What are P2P (Peer-to-Peer) Loans?
Peer-to-peer (P2P) lending is also called direct lending, alternative business funding, debt crowdfunding or crowdlending. The difference between peer-to-peer lending and other types of crowdfunding is that P2P lending is about loans — rather than buying equity, rewards or donations.
P2P loans are loans made by individuals and investors rather than banks. People looking for alternative investment opportunities offer to lend that money to others (individuals and businesses) in need of cash.
P2P loans are offered using P2P lending services or platforms – such as a website or an app, by making the whole process of matching willing lenders/investors and borrowers easy for all involved.
How Legit is P2Vest Loan App?
P2vest is a legit loan app where over 105,000 Nigerians have gotten quick loans through P2Vest for all types of needs like business, house renovations, Car loans, paying rent, school loans, and medical bills. At a fast rate and without delay. While allowing users to borrow more as long as they continue to pay back.
Going by the number of users on this platform as well as its highly secure technology, its respect for users’ privacy and its upfrontness about not being a money lender but a platform for P2P loans in Nigeria proves that it is a legit lending app
P2Vest At a Glance
- Dynamic Interest Rate for Loans depending on Credit rating (estimated interest rate is 2% -20% per month).
- Up to 10% interest for Lenders and Investors who can lend a maximum of N2,000,000.
- Best Suited for good credit borrowers in Nigeria and high-earning investors/lenders.
Is P2Vest Right for You?
If you are looking for a loan app in Nigeria where you can borrow an instant loan without going through traditional methods like banks or the popular high-interest loan apps in Nigeria, then a great alternative is P2Vest.
All loan applications on P2Vest have to be credit scored and if it meets a minimum of 50% credit score, it will proceed to a guarantor for approval after which it is sent to lenders on the platform.
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Lenders who are investors in this case can also place funds on P2Vest and give out loans to borrowers. They earn the interest while P2Vest charges a platform fee of 30% from the interest earned.
Are you an investor looking to earn more interest on your funds? Are you a borrower wanting to pay less than what the banks in Nigeria and other money lenders are charging? Then you should consider P2Vest.
How to Use P2Vest for Lenders/Investors
You can make your money work for you and take steps toward financial freedom by lending someone their dreams. You can connect to thousands of borrowers across Nigeria on your own terms using the P2Vest loan app.
It doesn’t matter if beginner or an experienced Lender or investor. With the P2vest loan app, you can co-invest in opportunities and lend to thousands of borrowers, and enjoy attractive and steady returns on your funds while you manage your own risks.
Borrowers on this P2p platform pay back loans plus interest in regular instalments, and you can always see when the next loan repayment is scheduled.
The P2Vest app delivers seamless transactions between lenders and borrowers. With this platform, lenders also get various tools and guidelines that will help them through the lending process in order to make smart investment decisions to help them succeed.
As a lender with this lending platform, you get to give out loans tailored to you and your income, while earning attractive returns.
Lenders or Investors can earn up to 10% in returns by lending to borrowers across Nigeria using the P2vest app.
For lenders who want to know if there are guarantees for their funds when they lend on the P2vest app, the platform’s policy on this is that they make the best effort to help lenders recover funds through direct debit from borrowers’ accounts. they also report loan defaulters to the Nigerian Credit Bureau.
P2vest also give lenders the option to insure their funds with their insurance partners but claims are subject to insurance policies as detailed in the Lenders agreement. They also connect lenders with our recovery agents to help.
P2Vest App Review for Borrowers
As we’ve covered earlier the P2Vest loan app offers access to instant business and personal loans with no collateral.
P2Vest has a network of reliable lenders who are willing to offer borrowers loans at great interest rates to meet their needs with zero paperwork involved.
To borrow money from the P2Vest loan app follow these steps:
- Create an account on the P2Vest App.
- Set up your loan profile and add your lending preferences
- Apply for a loan
- Then your creditworthiness is scored
- If it is above 50 and your guarantor approves your loan, an available lender on the app would fund your loan and your account would be credited.
- You can Increase your loan limit when you complete your KYC, after settling your loan without defaulting.
P2Vest interest rates are flexible and are calculated based on the credit scores of the borrowers. They could be as low as 2% per month and as high as 20% per month. This means an Annual Percentage Rate (APR) of between 24% to 48%. The loan amounts of this platform range from N5,000 to N100,000. The loan tenor for this lending app can be between 60 to 180 days, customers are allowed the option to choose a tenor.
All borrowers must be at least 18 years at their last birthday to be considered for a loan.
However, the loans a borrower can access depend on the Tiers you sign up with. At the onboarding stage (sign up), you are signed up to Tier 1 with your Bank Verification Number (BVN), where you can access an N5,000 loan.
If you repay your loan and upload a verified identity card, you are upgraded to Tier 2 where you loan up to N10,000. If you sign up for address verification (this is billable at a one-off fee of N1,000), then you are upgraded to Tier 3 where you could borrow up to N100,000.
Depending on the loan amount, you can choose repayment terms for up to 180 days on the app.
When you make a loan request on this platform, P2Vest assesses the borrower’s information based on a standard algorithm, such as your credit score, your past loan performance, etc.
So your loan applications must be filled with the correct information as any falsification could delay your loan request, or your profile may be blacklisted.
How P2Vest for Business work?
The P2vest for business platform (P2VFB) enables licensed lenders to seamlessly access the vast volume of borrowers on the lending platform.
For businesses seeking alternative ways to make money, signing up as a lender on P2VFB is your best option. P2VFB allows businesses to set up their agents to lend on their behalf.
Businesses get a trusted and reliable system with flexible customer support, multi-tenor loans and credit scoring.
The key features of the P2VFB platform are:
- Loan disbursement based on preferences.
- Flexible rate and tenor settings.
- Agent creation.
- Central Agent Wallet & performance monitoring.
- Single and bulk loan creation.
P2Vest Lending Calculator for Lending & Borrowing
On the P2Vest website and app, you can access a calculator that helps analyse how much you would like to lend and calculate the possible interest rate you will get in return as a lender. For borrowers, the calculator helps with analysing how much you can get as an instant loan and calculation of your repayment plan.