First Nell – Best Loan App up to ₦250,000

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First  Nell offers loans ranging from ₦50,000 to ₦250,000, with loan terms ranging from 91 to 365 days. The daily interest rate is 0.0057%, with a maximum annual APR of 20.55%. Calculating the number is very easy. For example, if you choose a 12-month 100,000 loan principal, we will show the details below:

  • Installment plan: 12.
  • Principal: ₦100,000.
  • Amount of expenditure: ₦100,000. Amount of expenditure = principal – expenses ₦100,000 – ₦0 = ₦100,000.
  • PMT (monthly payment amount): ₦10,045.8. PMT = ₦100,000 x (1 + 20.55%)/ 12 = ₦10,045.8.
  • Cost: ₦0.
  • Total interest: ₦20,550.
  • Total amount: ₦120,550. Total amount = principal + Total interest = ₦120,550.
  • Total interest rate: 20.55%. Total interest rate = total interest / principal * 100% = ₦120,550 / ₦100,000 * 100% = 20.55%.
  • Monthly interest: 1.71%. Monthly interest = total interest rate / installment = 20.55% / 12 = 1.71%.

At First Nell, we make it easy to get a loan. To apply, follow these four simple steps:

  1. Create your account.
  2. Apply in seconds.
  3. Receive your loan straight into your bank account.
  4. Increase your loan limit every time you repay a loan.

To be eligible for a loan with First Nell, you must be a Nigerian citizen above 18 years old, have valid documents and proofs, and have an active bank account.

About First Nell

Merit Finance Credit Corporation Limited is a Systemically Important Microcredit Company within the companies carrying the Soft Naira brand. FirstNell is a free app, and all loan applications are approved and sanctioned by CBN (Central Bank of Nigeria) and communicated upfront during the loan application process.

Contact us at:

  • Address: Trans Amadi industrial layout of community secondary school road, Port Harcourt, Nigeria
  • E-mail: service@firstnell.co
  • Mobile: +234 8056294848

Our working hours are:

  • Monday to Friday: from 9:00 am to 6:30 pm
  • Saturday to Sunday: From 10:00 am to 6:00 pm

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Here are some notes: Please ensure your device meets the minimum system requirements. The app is regularly updated with new features and improvements. Make sure to check for updates frequently to get the best experience. If you encounter any issues, please contact the support team for assistance. You agree to our terms and conditions and privacy policy. Please read these documents.

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