PP Loan App Review: By Kispa Nigeria fintech

Rating: 2 out of 5.

PP loan app is a personal loan service in Nigeria that offered by Kispa Nigeria Limited that gives micro and medium short-term personal loans of up to ₦20,000 unsecured.

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.

Please do not take a PP loan to fund your lifestyle or service long-term debts. Short-term loans are helpful in emergencies but can quite expensive when compared to long-term loans and should be used with care.

The app has so far gained over 10k 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!

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 PP loan app

  • Download the PP personal 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 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 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 identity.

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.

Is PP loan app legit or scam?

PP loan app is a legit loan app that gives micro loans to a maximum amount of N20,000 to customers, 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 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.

Pros

  • Easy and smooth registration process.
  • It’s legit, has been confirmed by admin that they actually do give loans.
  • Completely online with no collateral required.

Cons

  • Gives rather low loan amount, maximum is just 20k
  • Takes time to disburse loans after approval, some customers take days even weeks before seeing alert.
  • Short loan duration especially for new users, starts at just 6 days.
  • Very high interest rates on small loan amounts.
  • High rejection rate.

What other borrowers are saying about PP loan app


Animashaun Toyin wrote, “Actually, the app shows seven days, but it started counting 6days and the interest is a bit high, kindly work on it. But loan processing is stress free and quick disbursement.”

Chinawaeze Joy wrote, “Awful experience. Borrowed 6k but they sent me 3900 and deducted 2100 saying it’s for processing fees. However, I refunded 2950 to them immediately I got their alert because I’m not interested with that kind of transaction yet they said I should pay 2050 for as a repayment amount. NT: I’m not gonna pay any other money as I didn’t make you of your 3900 naira they sent to me instead of 6000 I requested. Regards, Prosper”.


titilayo ajayi wrote, “The app is quite easy and straight foward but looking forward for disbursment. I will give the remaining stars after being credited. Thank you.” read the other customer reviews here.

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.

interest rate?

Services offered to users by Creditup:
Loan term: We will ask you to repay the loan within 91 to 365 days.
Loan amount: NGN 1,000 – NGN 100,000
Interest rates: Up to 2.5% per month and up to 30% per annum only.

📝Example:
Loan amount: N10,000
Loan period: 91 days
Loan interest = 10,000 x 2.5% x 3 = 750
Repayment amount = 10,000 + 10,000 x 2.5% x 3 = 10,750
Monthly repayment amount = (10,000 + 10,000 x 2.5% x 3)/3 = 3,583

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.

PP loan app customer service number

  • Phone: +234 814 978 6116
  • Service Email: kispanigeriafintech@gmail.com
  • Our Office Address: NO. 214, ALLEN IKEJA, LAGOS,NIGERIA.

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