HiFund loan app review: this app doesn’t disburse loans
HiFund loan app is one of the plethora of loan apps that operate in Nigeria without licenses or any regulations from the authorities.
These online loan apps simply purchase loan software, create an Android app and run advert on Google play store to get customers to download their app and take loans.
To be sure, some of them do give loans but at extremely short repayment schedule, usually starting at just 7 days with high interest of over 50%. As if this is not cruel enough, some of these loan apps employ less than civilized methods to recover their loans including threats, persistent calls and calls to their debtors’ contacts as they do require access to contacts before disbursement of loans.
Potential customers are advised to to take online loans to fund their lifestyles. Short-term loans can be useful in terms of emergencies but can be harmful to your finances as they are extremely expensive with high interest rates.
Does HiFund loan app gives loan?
HiFund loan app is relatively new in the Nigerian online loan market, it was released in August, 2022 and has just over 10k downloads so far.
HiFund markets itself as a collateral-free credit loan platform that provides flexible and reliable loans with a credit limit of up to NGN 150,000, a platform that really helps you when you have an urgent need.
🏦 Loan Information:
Online money loan: ₦5,000 – ₦150,000
Tenor online loans: the shortest loan period is 91 days, the longest is 12 months
Maximum loan interest per Year (APR): 14%(APR) / no other costs
For example: if you apply for a loan of ₦5,000, the interest is 14% (APR) / year and the loan period is 120 days, so the amount to be paid is a loan of ₦5,000 + Interest of ₦5,000 x 14% (APR) x ( 120/360) days = ₦5,230 (no other costs)
Total monthly payments: ₦1,307= ₦5,230/ 4.
But in reality, most customers complain of not getting any loan disbursed into their bank accounts even after completing all the necessary application steps.
What other borrowers are saying about HiFund loan app
Okochi Emmanuel wrote, “After binding my card the didn’t give me loan and they already charged my account, this app is not helpful at all.”
Dolly Tega wrote, “If it was possible to give you guys no star I would have. Ontop your small money.. you have been reviewing it for the past 4 days now.. it’s so funny. I ought to report you as spam or misleading.. you can’t waste people’s data, and not give them what they want, your lucky I don’t have your customer care number.. infact am reporting you guys right now..”
joseph temitope wrote, “Have been trying to bind my card… But honestly to my greatest surprise, it has been so difficult… You guys need to do something about that.”
Ayo Olami wrote, “I don’t understand this app after they have debited me 20naira they now rejected my load pls refunded my money back oo, am just giving 1 star.”
It is possible that the app is just experiencing difficulty because it is new on the market and might start disbursing loans to customers in the future. For now, it is best to avoid HiFund loan app as it does not disburse loans to customers even after successful completion of registration.
HiFund loan app contact
If you have further enquires and will like to reach the app owners, you can reach them with the information below:
Operating hours: Monday – Friday, 08:30 -16:30
Address: The Venia Place , Plot 8, Providence Street, Lekki Phase 1, Lagos Nigeria