Happy Loan App Review

Happy loan is a Nigerian personal loan platform that gives short-term loans to its customers to meet their emergency needs. The loan app provides collateral free online loan services to meet customer’s financial needs for various requirements ranging from purchase of mobile phones, medical needs, bill payments etc.

Happyloan has been on the Google play store for a while now, with over 50k downloads and mixed reviews from users. The app uses AI to collect prospective customers information including phone records, bank 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!

How to Download and Apply for happy loan

  1. Download the Happy loan App exclusively available on the Google Playstore and install on your Android phone.
  2. Register an account with your phone number.
  3. Fill in basic information, including your residential address, next of kin and employment details
  4. You will also be required to provide your Biometric verification number BVN.
  5. Bind your ATM card to your account to increase your chances and get a higher loan amount.
  6. A one-time password OTP will be sent to your phone to confirm your details.
  7. After the submission of your loan application, the algorithm will analyze your credit score and the final result will be shown in the APP.
  8. If approved, the loan amount will be disbursed into the bank account directly.
  9. Loan disbursement on Happyloan can take a while, so be patient.

What are the requirements?

  1. Be a Nigerian citizen or legal Resident.
  2. Be between the age of 22 years old.
  3. Have a Monthly income source.
  4. Bind your ATM card to your account
  5. Provide details of two of your next of kins including their phone numbers.
  6. Have a good credit score with no outstanding loans from other lenders.
  7. Have an active Nigerian bank account.

Happy loan app interest rate?

Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 50,000.
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%.

Calculation example:
If the loan amount is ₦ 6000 and the interest rate is 2% per month with the tenure of 4 months.
The total interest would be ₦ 6000* 24%/12*4= ₦480, and the monthly interest is ₦120.
Total amount the user should repay is ₦ 6480. Before the due day, User could have 4 months to settle the payment, and the monthly payment would be NGN 1620.

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.

Is Happy loan app legit or scam?

Yes, Happy Loan app is legit and does give out loans to customers but with extremely high interest rates most especially for first time borrowers. Read other customer’s reviews on play store before you apply for a loan.

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 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.


  • Easy application process with easy to use interface.
  • No collateral required to get a loan.
  • Completely online and available 24/7.

What Happy loan app can improve?

  • Customer support is extremely poor on this app. No contact phone number is available, only one email is available for support.
  • Loan repayment can sometimes be an issue as the Paystack gateway integrated into the app can malfunction.
  • Some customers complain of getting only a one time loan with high interest and unable to access subsequent loans.
  • First time loan is small with short tenure, usually just 7 days.

Happy loan app customer service number


  • Email:[email protected]
  • Address: Plot 293 Younis Basorun Street , Victoria Island , Lagos , Nigeria


A writer! Columnist and an academic researcher


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