Bear Wallet Loan App Review: Instant loan app in Nigeria

Bear Wallet loan app is an instant personal loan platform that uses AI to assess a customer and offer fast micro and medium loans to Nigerian residents. The Android app allows users to borrow between ₦1,000 to up to ₦500,000 unsecured with no collateral and minimal documentation. When a customer makes the online application, the computer will check their credit score and make them an offer, thereby giving customers 24/7 access to loans.

An unsecured loan is a type of loan that does not require collateral or a downpayment to obtain. It is usually short-term with very high-interest rates.

Do be careful when taking loan from this app as most of the reviews on their play store page is fake. App developers that buy fake reviews are usually up to no good.

Do not borrow from an online loan app to fund your lifestyle. Short-term loans are helpful in emergencies but can be quite expensive and should be used with care.

This app has so far gained over 10k downloads on the Google play store with mixed reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build the credit score of each borrower.

Because lending decisions are made by the computer, to qualify for higher amounts, be sure to keep good bank transaction messages on your phone and not have outstanding debts with other loan apps!

How to Download APK and get a loan from Bear Wallet Loan app

  • Download the Bear Wallet Loan App available on the Google Playstore and install it on your Android phone.
  • Register an account with your phone number.
  • Preferably the phone number connected to your BVN as a one-time password will be sent to it for verification.
  • Fill in your basic Know-your-customer KYC information, including your residential address, next of kin and employment details.
  • You will also be required to provide your Biometric verification number BVN.
  • You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
  • A one-time password OTP will be sent to your phone to confirm your details.
  • After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
  • The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account in about 5 minutes.
  • Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identification.

Note that binding your ATM card with N30 does not guarantee that you will get a loan, you still have to pass the credit score check.

The N30 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.

Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.

Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.

When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.

Although this app gives some customers loans, others have complained that the app deducted money from their banks after binding their ATM cards, be careful when using this loan app.

Is Bear Wallet loan app legit or a scam?

Yes, Bear Wallet loan app is a legit loan app that gives micro and medium-term loans up to a maximum amount of N500,000 to borrowers but has high-interest rates and bugs that prevent smooth registration. caution should be taken before taking any online loan. Always read other customers’ reviews before you apply for a loan in Nigeria.

You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.

Also, its availability on the Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your security while using loan apps in Nigeria.

Requirements to obtain a Bear Wallet loan

  • Have a bank account and bvn; your eleven-digit BVN will be used to check your credit score.
  • Have source a of income
  • Have a good credit score; if you have a history of late payments with other loan apps you might be denied a loan or be given a very high-interest rate.
  • Reside in Nigeria
  • Have a smart phone with which to download the app; the app is only available on the Google play store accessible only with an Android smartphone.

Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.

If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.

What other borrowers are saying about Bear Wallet loan loan app

Ayobami Ajayi wrote, “I’ve downloaded this app for 3 days now and I’ve not been able to open it. It doesn’t go past the loading page and then it just says something about my network not being good. Even when I changed locations and have good network it still says the same thing. Its so frustrating.”

Najib Abubakar wrote, “All the reviews here are fake. I applied for a loan worth 3500,due amount was 4000 and due date 28days. Quite alright, but what I received is 2200 to pay 4000 in 7 days. This is just CHEATING and I’m not happy about that. O can’t recommend such a team to anyone.”

Clara Gold Joseph wrote, “I would have given this loan app 5stars, because my loan was disbursed in less than 10minutes with low interest. I paid back before the due date with immediate account giving out on the app, it will be fourth week on 24th of September my loan is yet to be cleared and different agent keep calling, I have send proof to them and they keep calling me, I thing the management should do something on this.”

Interest rate?

Loan period: 91 days – 180 days
Loan Amount: 1,000 NGN – 500,000NGN
Maximum APR: 26%;
Service fees: 8 NGN
Interest calculation: Lending amount is 10,000 NGN, APR is 14%, service fees is 8 NGN and the Loan period is 91 days.
On the due date, the amount payable is 10,357 NGN (10,000 * (14% / 365 * 91) + 10,000 + 8)

Note that this interest rate and loan duration is just an example, expect your actual loan and duration to be much lower, but you can improve it by paying back your loan on time and keeping a good credit record.

Bear Wallet loan app customer service number

  • Consumer hotline: 09162827890
  • Customer Service Email: [email protected]
  • Office: No.86 Hakeem Balogun St. Alausa Ikeja, Lagos


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