BGloan App Review: Cash loan app in Nigeria

BGloan app is a Nigerian instant personal loan platform that offers fast micro and medium loans. The smartphone app allows users to borrow up to ₦200,000 unsecured with no collateral and minimal documentation.

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

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

 This app has so far gained over 100k downloads on Google play store with mixed reviews. It uses a loan software to collect prospective customers information including phone records, banking transaction alerts, BVN to build the credit score of each borrower.

To qualify for higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!

How to Download APK and get a loan from BGloan app

  • Download the BGloan personal 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 BGloan does give loans to some customers, others have complained that the app deducted money from their banks after binding their ATM cards, be careful when using this loan app.

Is BGloan app legit or scam?

Yes, BGloan loan app is a legit loan app that gives micro and medium term loans up to a maximum amount of N200,000 to borrowers, but has really high interest rates and bugs that prevents smooth registration. caution should be taken before taking any online loan. Always read other customer’s 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.


  • Easy and smooth registration process.
  • Does not defame customers when they come short in repaying their loans unlike most loan apps operating in Nigeria.
  • Can be used by students in times of emergency
  • It’s legit, has been confirmed by admin that they do give loans.
  • Completely online with no collateral required.
  • High loan amount, up to 200k.


  • Short loan duration especially for new users, starts at just 7 days.
  • Very high interest rates on small loan amounts.
  • High rejection rate.
  • The app only works on Android smartphones.
  • Networking issues that can sometimes prevent card binding.
  • Poor customer service

When taking loan, be mindful of the repayment plan. If you take a 60 days loan with two repayment installments, the app might attempt to auto debit you on the due date of the first installment and even charge overdue charges before the end of your 60 days tenure.

You can change your ATM card password to prevent auto debit. This app has been reported to deliberately auto debit their customers even after they have made payments via bank transfer.

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 BGloan loan app

Awwal Oyerogba wrote, “This loan app is full off fraudulent activities, they don’t pay you the money you borrowed in full, neither do they testify to the fact that you payed back the loan, they will keep changing account number,telling you they didn’t see the payment you made all the while calling all your family members, also, the loan is automatic, once you borrow and do payback, they borrow you another without asking… It’s a fraudulent app,”

OLAWALE ALABI wrote, “Very good app and staffs but there is always an issue getting otp.. After the last update ive not been able to log in to pay back my loan cos the otp wont come.. And I’m scared to pay into any account sent to me aside the one on the app.. Please look into this.. I know many people like me woukd be out there too.. Ready to pay their due loan but cant get in xos of the otp.”

HOPE ABRAHAM wrote, “This loan app is real and easy,i love amd am enjoying it,just that the interest rate is too high for the duration of payment given Please kindly look into this because i actually want a longer duration for payment.”

Interest rate?

What BGloan offers
Loan amount: ₦50,000 – ₦250,000
Loan term: the shortest is 91 days, the longest is 365 days
Daily interest rate: 0.0057%
Maximum annual interest rate APR: 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): ₦10045.8. PMT = ₦100,000 x (1 + 20. 55%)/ 12 = ₦10045.8.
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%.

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.

BGloan app customer service number

  • Customer Service Email: [email protected]
  • Consumer hotline: 09162827890
  • Address: 28 Ondo street, Ebute-Meta Lagos


A writer! Columnist and an academic researcher
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