Coco Loan App Review

Cocoloan is a Nigerian Android based loan app that provides short-term loan services of between N10,000 to N50,000 in Nigeria. If you’re an Android user, you can apply for the collateral free loan and application process is 100% online.

Released in December 2020, Cocoloan has since gained over 10k downloads so far 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 a loan or higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!

Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all Within a few hours.

How to Download APK and get a loan from CocoLoan app

  • Download the CocoLoan Loan App exclusively available on the Google Playstore and install 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 Kwow-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 N50 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 directly.
  • Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identify.

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 it gets access to your phone book contacts, SMS, and other details it uses to build your credit score.

Is CocoLoan app legit or scam?

Yes, CocoLoan app is legit, the app does give out loans but caution should be excesissed 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 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 own security while using loan apps in Nigeria.

What CocoLoan app can improve?

Loan tenure is extremely small, and loan amount is also small starting from N2000, you get just 6 days to payback your loan plus interest. Although the app promises to give higher loan amounts with longer tenure for repeat customers, there is no guarantee you’ll get longer tenure on your subsequent loans.

Interest rate is also very high, one customer complained that they got N7600 to pay back N11800 within 7 days.

Cocoloan also has a very high application rejection rate. If you happen to receive a text, That’s just an ad campaign and it doesn’t guarantee you’ll be given a loan.

The customer service on cocoloan is also poor, customers complain that they sometimes get insulted by rude costumer service reps.

You and your contacts might get similar embarrassing message from CocoLoan should you default on your loan.

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.

Coco loan app interest rate?

Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 500,000.
Loan interest: the total interest range is from 2% to 24%. The equivalent monthly interest is from 1% to 2% and APR is from 12% to 24%.

Sample Loan Calculation
Loan amount: NGN. 10,000, APR: 30%, service fee: 0%, loan tenure: 91 days.
The total amount to pay on the due date is
Interest: 10,000 x 30%/365 x 91 = 748
Service fee: 20,000*0% = 0
Total amount disbursed: 10,000 (10,000 – 0)
Total amount to repay: 10,748 (20,000 + 748)
Monthly amount to repay:3,583 (10,748 / 3)

This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.

What are the requirements?

  • Be a legal citizen or legal Resident of Nigeria
  • Be at least 18 years old.
  • Have a Monthly income source.
  • Bind your ATM card to your account
  • Provide details of two of your next of kins including their phone numbers.
  • Have a good credit score with no outstanding loans from other lenders.
  • Have an active bank account.
  • Your phone number must be the one connected to your BVN.
  • Have a valid government issued ID card.

What will happen if I don’t repay my loan or pay my loan late?

Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.

Cocoloan app customer service number

Phone: 09021130189
Customer Service Email: [email protected]
Address: 212 Allen Ikeja, Lagos,Nigeria.


A writer! Columnist and an academic researcher


  1. Pls run from this people
    Imagine I got a message threatening me and same message was sent out to all my contacts on my due date tagging me a debtor meanwhile I paid the loan that same day

    Have requested that a message should be resent to correct the earlier message sent rather all I get is insult from the agents
    Have contacted a law firm because am going to sue them for defamatory…..

  2. Today is my due day,and av been picking calls from this people,not like I want to run and this is not my first time loaning from coco,now dis Soo call man,does not even know how to talk,laying curse on my family and my contacts,threnthing my life on top how much,with the high interest,I only av part payment which I explain and told him before evening,dis guy keep swearing for me haha when no be say I kill person,we all know the situation of the country for the fact I was willing and picking calls explaining,dis guy keep cursing and threnthing me,the worst part is not even days of overdue and I av never ever default before,mehhh karma is a bitch,mine is that if he done sending all those rubbish he wrote about me,and av the guts to call me for money or anything then that when I will act, manners of approach zero haha dis guy is very heartless and I know how to treat heartless people

  3. The worst Loan app ever, so insultive and threatens a lot! Imagine this 👇🏽

    “Have it at the back of your mind that you are solely responsible for the LIFE CHANGING event that will take place this evening by COCOLOAN management for defaulting your loan repayment , ranging from DEFAMATORY MESSAGES being sent to all of your contacts to the invasion of your privacy by our HACKING EXPERTS on your PERSONAL, BUSINESS and SAVINGS ACCOUNT through your BVN and BINDED CARD on our dashboard.


    Just because of a #10k loan and the person wasn’t overdue! It was on his due day.

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