Kobogo loan app provides convenient options for quick, short-term loans. Simple, so if you are looking to download and borrow from Kobogo loan app, read this review till the end before you jump in.
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KoboGo Loan App Overview
Kobogo is one of Nigeria’s daily used loan apps, recognized and registered with the FCCP (Federal Competition & Consumer Protection Commission), but not licensed by the CBN. It has over 500,000 downloads and counting on Google Play Store. This is a personal review, meaning that it’s based on research and personal use of the writer.
How to Apply for KoboGo Loan?
- Download the app from the Play Store (not available for iOS users)
- Register using a valid phone number.
- Submit BVN
- Apply for loan
You will be asked to confirm the loan amount you are applying for by signing a contract (just a confirmation, not one long contract, so don’t be afraid):
Below was the contract based on my last loan with KoboGo before writing this review:
The main points of the contract
Account number: ******386Name of the bank: Bank
Amount: NGN 11000
Term of the discount period: 30 days
Frequency of interest payments – every 30 days
Discount interest rate: 1.36%
Standard interest rate: 3.10%
The total cost of the loan and interest at the end of the discount period is as follows: NGN 15488
KoboGo Loan App Requirements
Based on personal experience, the only thing Kobogo will request is your BVN (this is based on the last time we checked, which was November 2024). Meaning, for you to apply for a loan with Kobogo, you need to provide a BVN (bank verification number), first and last name, and phone number. No additional documents or data will be required.
So, below are the documents/details needed before applying for KoboGo loan:
- BVN (Bank Verification Number)
- Personal Details: Phone Number, First and Last Name, Address, Email, DOB.
Advantages of Taking KoboGo Loan (PROS)
Since I initially said it’s based on personal experience, so below are the good side of taking a loan (especially short-term loans) from KoboGo:
Instant Loans
KoboGo goves instant loans, that is, you get the money (loan) instantly to your added bank account once you’ve registered and submitted all necessary details/documents.
Security/Duly Registered
The KoboGo loan app is secured and the business itself is registered with CAC and also registered with FCCP.
Repayment
You can pay your loans in installments. (Which I won’t advice you to do, pay the loan at once to avoid high interest)
Promotions and Discounts
KoboGo gives you the opportunity to reduce your loan interest by sending you a promo code via text (especially if you have taken loan from them once or twice). The promo code will be used as you can see in the image below to reduce the interest you will pay.
Disadvantages of taking KoboGo Loan (CONS)
Also, based on my personal experience, the only thing I see about KoboGo loan app is there interest on the loans.
High Interest Rate
A 35% interest rate is exorbitant, far exceeding industry standards for even short-term loans. Such excessive rates can quickly trap borrowers in a cycle of debt, making timely repayments difficult. Late fees and penalties further exacerbate the issue, potentially leading to a debt spiral. Long-term financial consequences include strained budgets, reduced disposable income, and limited opportunities for savings and investment.
APR (Annual Percentage Rate) For KoboGo Loan (KoboGo Loan Interest Explained)
Annual percentage rate (APR) is the yearly cost of borrowing money, expressed as a percentage.
So, for better explanation on the interest to be paid (which I earlier said you can reduce with a promo code if KoboGo sent a promo code via text):
Interest rate from 0.017% to 3.70% per day
Actual annual interest rate, percentage per annum from 36.5% to 1095%
Maximum loan amount from 5,000 naira to 100,000 naira
Borrower’s age from 20 to 60 years
Amount of the first loan from 5000 naira to 100000 naira
Loan term from 1 to 90 days
Application consideration up to 5 minutes
Requirements BVN, Nigerian citizenship
How to use the loan. Order of repayment.
The loan agreement term is 90 days. During this term, the maximum interest rate on the loan is 3.70% per day.
In the calculator of the personal account, the borrower chooses a Grace Period. The Grace Period can last from 1 to 30 days from the date of loan issuance, at the borrower’s choice.
During the Grace Period, the loan rate will be from 0.01% per day to a maximum of 1.7% per day (may be less for repeat borrowers or in case of a change in the borrower’s risk level, or when using a promo code).
After the end of the Grace Period, the borrower can either pay off the loan in full or, in the absence of funds, extend its term, paying the interest accrued to date.
In this case, the Grace Period will be extended for the term chosen by the borrower in the personal account. The borrower can extend the Grace Period an unlimited number of times.
Thus, each time when the Grace Period ends, the client pays the accrued Grace Period interest and uses the loan funds at the preferential rate.
If the borrower paid the interest for the use of the Loan e within the term of the previous Grace Period, the client in the personal account chooses the next Grace Period, in the meaning from 1 to 30 days.
If even after this term the payment is not received, the Grace Period will end and every subsequent day, until the end of the loan term, interest will be calculated at the Standard rate of 3.70% per day.
The company will definitely remind the borrower that the term of the Grace Period is coming to an end.
After the end of the loan term, as well as after the end of quarantine restrictions, penalties may be charged according to the terms of the contract.
Loan calculation example:
Commissions, additional and accompanying services and loan payments – none
Situation #1
(payment made during the Grace Period up to 30 days)
Loan received on August 1st.
A 30-day Grace Period has been chosen in the loan calculator.
Loan amount – 20000 naira.
Interest rate during the Grace Period – 1.7%.
The loan is fully repaid after 10 days, that is, on August 11th.
Total amount to be paid 20000 naira loan + (20000 * 1.7/100 * 10) = 23400 naira.
Where:
3400 naira accrued interest for 10 days;
20000 loan amount;
The total cost of the loan is 23400 naira.
Situation #2
(choosing a new Grace Period, extended term)
The loan was obtained on August 1.
A Grace Period of 30 days was chosen in the loan calculator.
Loan amount – 20000 naira.
Interest rate during the Grace Period – 1.7%.
On August 31, the borrower didn’t have the full amount to close the loan, so he only paid the interest accrued to date, 20000 * 1.7/100 * 30 days = 10200 naira.
A new Grace Period was chosen (extended) for 15 days, that is, until September 15.
On September 15, the loan was fully repaid. The borrower paid 5100 naira of interest of the new Grace Period and 20000 naira of the loan principal. A total of 25100 naira was paid.
Situation #3
(interest for the Grace Period of the loan, the loan principal is not paid within 30 days, and the loan is repaid on the 65th day)
The loan was obtained on August 1.
A Grace Period of 30 days was chosen in the loan calculator.
Loan amount – 20000 naira.
Interest rate during the Grace Period – 1.7%.
The standard rate is 3.70%.
On August 31 (end of the Grace Period) the borrower didn’t make any payments.
The repayment took place on September 20.
The total amount to be repaid is 20,000 naira of the loan + (20,000 * 1.7/100 * 30) + (20,000 * 3.70/100 * 35) = 56100 naira.
Where:
10,200 naira is the accrued interest of the Grace Period for 30 days;
25,900 naira is the accrued interest of the Standard Period for 35 days;
20,000 naira is the loan amount.
The total loan cost will be 56,100 naira.
KoboGo License details:
- License name: Money Lender’s License
- State agency: Lagos State Government Ministry of Home Affairs
- Full name of the company: KoboGo Nigeria Limited
- Date of issue: 27/05/2023
- Identification code: 101233
- Legal address: 48, Awolowo Road, Ikoyi, Lagos State
KoboGo Loan Customer Service Number
- Email: [email protected]
- Phone: +234 170 024 64, +234 170 024 65, +234 20170 024 64, +234 20170 024 65
General Questions about KoboGo (FAQ)
How much can I borrow and for how long?
KoboGo offers loans from loans of up to 100 000₦ for a period of up to 30 days. The better your lending history and positive behavior, the more you can access and the longer the period!
Do I need to submit any document?
No. To get a KoboGo loan, you do not need to submit any document. We will only need you to provide phone number linked to your BVN, accurate answer a few questions and confirm your identity.
*NOTE: Please ensure you provide accurate answers on the required fields. You would be barred from accessing KoboGo loans if any detail is falsified.
How did I return the loan?
You can return the money using a bank card through your personal account. You can pay in part or in full, the main thing is to settle the debt before the contract expires.!
How can I get an instant loan?
You need an Android phone and a BVN. That’s all! Download the KoboGo app from the Google Play. Sign up with the phone number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer. If you accept it, you will receive your loan instantly!
Do I need documents or a collateral?
No document, no collateral! You will only need to share your BVN details during the loan application and connect your card or bank account to authorize us to debit your account for the repayment.
Why KoboGo?
KoboGo is a payday loan service. We make it easy for you to apply for a loan and receive your loan to your card in minutes 24/7.
So, Is KoboGo Loan App Legit?
Yes, KoboGo Loan App is a legitimate loan app in Nigeria. However, based on my personal review it’s crucial to understand that it’s most suitable for individuals seeking short-term financial relief. The high-interest rates associated with these loans make them less ideal for long-term borrowing. It’s essential to borrow responsibly and only use the app when necessary, ensuring you can repay the loan on time to avoid additional fees and penalties.
KoboGo Loan App: Important Information for Borrowers
This document outlines key details about KoboGo Loan App, including its registration status, consumer rights protection mechanisms, and potential fraud concerns.
1. State Registration of a Financial Institution
KoboGo is operated by KOBOGO NIGERIA LIMITED, a legitimate company registered under number 2020625 and headquartered at 48 Awolowo Road, Ikoyi, Lagos State, Nigeria.
2. Mechanism for Consumer Rights Protection and Dispute Resolution
KoboGo takes consumer rights seriously and offers various avenues for raising concerns and resolving disputes:
- Email: If you believe your consumer rights have been violated, please send a detailed email with the subject line “Complaint” to [email address removed]. The company aims to respond to email complaints within 7 business days.
- Government Bodies: If the issue cannot be resolved through email communication, you have the right to contact government agencies responsible for protecting financial service consumers.
- Legal Action: As a last resort, you have the right to pursue legal action if an out-of-court solution cannot be reached.
3. Potential Fraud and Data Protection
KoboGo prioritizes data security and urges users to be vigilant against potential fraud:
- Do not share: Never share your phone, SIM card, login credentials, passport, ID, Taxpayer Identification Number, or bank card details with anyone.
- Report suspicious activity: If you suspect unauthorized access to your information or fraudulent loan activity, immediately report the incident to [email address removed].
By understanding these points, you can make informed decisions about using the KoboGo Loan App and safeguard your financial security.
Conclusion
What KoboGo loan app does is that it provides a convenient option for quick, short-term loans to those who need quick financial needs without the hassle of extensive documentation. So, there you have it, KoboGo loan review. Ensure to pay your loan back to avoid stories and unnecessary calls.
