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?

1. Download the app from the Play Store (not available for iOS users)
2. Register using a valid phone number.
3. Submit BVN
4. 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: ******386

Name 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:

1. BVN (Bank Verification Number)
2. 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 gives 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: info@kobogo.ng
• 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.

The post Kobogo Loan App: 2025 Review appeared first on AFRICA EXPLAINED.

We find it important to really let you know what these loan apps are really doing exactly.

Instant loan apps have become increasingly popular in Nigeria in recent years, offering a quick and easy way to get the money you need in a pinch. But how do these apps work, and what are the risks involved?

In this blog post, we’ll take a closer look at how instant loan apps work in Nigeria and discuss the pros and cons of using them. We’ll also provide some tips for borrowers who want to use these apps safely and responsibly.

So whether you’re considering taking out an instant loan or are you are just curious about how they work, read on for the inside scoop!

As earlier stated that Instant loan apps are increasingly popular in Nigeria due to the ease with which people can access loans from them.

They can easily be downloaded on any smartphone, and with just a few registration details, money will be disbursed to one’s bank account.

No doubt, loan apps do provide some succor to Nigerians, especially to meet financial emergencies, but care should be taken to avoid using loans to fund one’s lifestyle, as most loan app operators have been reported to use less than civilized methods to recover their money from defaulting borrowers.

Instant loan apps in Nigeria are largely unregulated, and most of their loan terms are extortionate, with repayment periods starting at just 7 days and very high interest rates.

Here are some facts about how loan apps operate in Nigeria.

Can Instant loan apps block my BVN?

No, loan apps do not have the ability to block anyone’s BVN. Biometric Verification Number BVN is a unique 11-digit number that identifies every Nigerian as they interact with the country’s financial infrastructure. The number is given and controlled by the CBN in association with licensed commercial banks.

Only the CBN can blacklist your BVN in cases where you have seriously violated the country’s laws. Loan apps, however, can block your BVN on their app and even prevent you from getting loans from other loan apps if you default on your loan repayment.

Some loan apps have the ability to report your BVN to credit bureau agencies, which can in turn blacklist you as a loan defaulter and prevent you from getting a loan from other lenders.

What happens if I can’t repay my instant loan apps’ loans?

Most loan apps will disturb you with persistent calls and SMS, some will call the guarantor’s phone number you provided during registration.

They will also try to auto debit the ATM card you have linked to your profile.

Eventually, when you fail to repay your loan after a long period, most loan apps will report your BVN to the credit bureaus and hand over your profile to a loan recovery company that will try to recover the loan on their behalf.

Can I go to Jail for not repaying online loans?

No, you cannot go to jail for defaulting on your instant loan apps repayment. The loan company wants their money, and when you’re in jail, you definitely can’t repay. Some loan sharks have been known to threaten their customers with lawyers and jail terms; they cannot send anyone to prison. The only thing they can do is report your BVN to credit bureaus to prevent you from getting further loans.

Why do loan apps ask for BVN?

The BVN number is a unique identifier linked to every transaction performed in Nigeria. Because every Nigerian only has one, it makes it easier for the instant loan apps to identify loan defaulters and deny them loans. You cannot change your BVN; if it gets reported to the credit bureaus for default, the only way to clear it is to pay all outstanding loans.

Are loan apps legal in Nigeria?

Most instant loan apps available on the Google Play Store are not legally registered and regulated by the CBN as microfinance institutions. A handful, like Palmpay, Opay, FairMoney, and Carbon, are recognized by the CBN.

How do I block these Instant loan apps?

You probably want to prevent the loan app from removing money from your bank account without your consent. After binding your ATM card to your profile, the only way to prevent this is to block and deactivate the ATM card. You can do this through your bank’s app or by simply going to your bank to block your card and request a new one.

Changing your card password does not stop auto-debit. Also, loan apps can still auto-debit your bank account after they’ve been deleted from your phone.

Can Instant loan apps access my contacts even after they are uninstalled?

Yes, they still have your contacts; you grant them access to your contacts when you first download the app, and most loan apps make a copy of your contacts immediately.

You can still prevent defamation by deleting your WhatsApp picture or limiting access to it to only your saved contacts by changing your privacy settings.

Most loan apps that defame people usually get their pictures from the WhatsApp profile.

Which loan app has the lowest interest rate in Nigeria?

Branch, Carbon, Kuda, and commercial bank’s apps have low interest rates. The interest rate on loan apps is not uniform; it is influenced by factors such as the credit score and repayment history of each individual borrower.

If you have further questions related to loan apps in Nigeria, leave them in the comment section below and check back on this webpage for updates.

I did not request a loan, yet money was disbursed to my bank account. What should I do?

Sometimes, some instant loan apps disburse money into a customer’s bank account who did not request one, or a customer might fill out the form and later change their mind due to the high interest rate or short repayment tenure, yet money will be disbursed into their accounts.

If you are experiencing something similar, immediately deposit the principal amount that was sent to your bank account to avoid paying interest on it later.

I mistakenly overpaid more than I borrowed from a loan app, what should I do?

Maybe you’re supposed to pay back N12,000, but you mistakenly sent N120,000 to the loan app’s account. In such a situation, you should request another loan in the amount that you overpaid. That is N108,000 in this example. It is usually difficult to get reimbursements in such cases, which is why you should be very careful and double-check before confirming any transaction.

I repaid my loan, but the loan app did not increase my loan amount?

It is standard practice that most instant loan apps increase the loan amount for their customers when they repay on time, but they are not under any obligation to do so. There are a few reasons why a loan app might not increase your loan amount even after you repay on time:

Their loan limit: Most loan apps have a loan limit, and they cannot borrow you more than that amount. For example, if the loan limit on an app is 50k, they will not increase your amount even after you have repaid your previous 50k on time.

Availability of funds: loan apps have certain amounts they have programmed their computers to borrow from customers; the system might limit your loan amount if their are plenty of other borrowers also applying. So your loan amount might not increase through no fault of yours.

Loan history with other lenders: Your loan amount might not increase if you have outstanding loans with other lenders or have refused to pay them on time. Your general loan history can affect your loan amount because loan apps want to do everything to be sure that you will pay them back on time.

How do I report a Nigerian loan app?

Most of the online loan apps that operate in Nigeria do so without licenses or regulation from any government agencies. In cases of serious rights violations, you can, however, file a complaint with the Federal Competition and Consumer Protection Commission (FCCPC). They are the government agency for customer rights protection in Nigeria, and they have been known to take down erring loan apps in the past.

If you have any further questions, you can leave them in the comment section below. This article will be updated with new information.

Do loan apps ask for upfront processing fees?

There are some loan apps, like To U loan that will ask you to pay an up-front processing fee before they will disburse the loan to your account. These apps are fraudulent and designed by scammers.

Once you pay any processing fees, they will cut off communication and just keep your money. Legit loan apps don’t ask for any payment before disbursing loans. If there are any processing fees, they will be deducted from the loan amount disbursed to your bank account.

The post How Instant Loan Apps Work In Nigeria, READ NOW (SECRET) appeared first on AFRICA EXPLAINED.

An applicant can avail LinkCredit Loans purely based on his or her credit scores. The applicant can even get the recommendations on the size of the personal loan available and the possible loan repayment options based on the credit score. This is to make sure that the loan is affordable for the borrower. LinkCredit Loans Personal Loan is very easy to avail and provides you with great features like easy documentation and quick disbursal of the loans to ensure that you have access to funds whenever you require it.

How to download APK and apply for LinkCredit Loans?

Here is the easy process to avail of LinkCredit Loans. 

• Step 1: Download the LinkCredit Loans app from the Play store.
• Step 2: Register your account.
• Step 3: Once the mobile number is verified, fill in the personal details.
• Step 4: Upload a photograph of your NIN slip and enter the details.
• Step 5: Add details like the residential address, education, work experience, current employment, and salary.
• Step 6: Upload your bank statement.
• Step 7: Once the bank statements uploaded and verified, you can apply for the loan.
• Step 8: Choose the loan amount you can afford to pay monthly, the quantum of loan you require, the desired repayment tenure, and your loan purpose.
• Step 9: Upload the photo.
• Step 10: Upload the latest salary slips and proof of the residential address in PDF format.
• Step 11: Share the contact details of two references (one family and one friend).
• Step 12: The loan application is now complete and will be processed within 2 working days once approved.

Eligibility Criteria for LinkCredit Loans

The eligibility criteria for availing LinkCredit Loans may vary based on the applicant profile. Here are the generic criteria in which an applicant has to stand on to acquire LinkCredit Loans:

• Salaried applicants should be between 21 to 60 years of age.
• Employed for a minimum period of 3 months in the current job and have previous working experience also.
• Having a net monthly salary/income of NGN 12,000.

LinkCredit Loans- Features and Benefits

• LinkCredit Loans provides loan amount directly in the borrower’s bank account.
• The transferred loan amount can be used anywhere for any purpose.
• Top-up loan available after repayment of 50% of the current loan 
• Its process hardly takes few minutes depends on the information.
• LinkCredit Loans is a platform where a borrower can get a loan from NGN 2500 to NGN 50,000.
• A borrower has an option to choose any personal loan as per the requirement.
• LinkCredit Loans also offers a range of repayment tenures up to 4 months.
• An applicant can get a small number of loans for a short period as per his/her requirement.

LinkCredit Loans – Customer Care

LinkCredit Loans’ customer support team strives to assist you. In case of any query or complain you can call them on E-mail us at contact@linkcredit.ng

WhatsApp customer number: +234 7042855407

Website: https://www.linkcredit.ng

Email: contact@linkcredit.ng

Privacy policy: http://www.linkcredit.ng/html/web/privacy/index.html

What other borrowers are saying about LinkCredit loan

This is the worst credit lending institution I have seen so far! I applied for extension and charged 3k for 8 days yet they keep calling and threatening me to pay. I paid 7,023 all together for the extension but I think out of 7,023, 3k is the actual fee for extension. Initially, the total repayment was 16k but it's now 13k after paying 7,023. If the extension didn't work, they could have told me. And if it didn't work then my balance is supposed to be 9k not 13k as showing on the app.

– Okwo Ojobo

This is the worst app. I had issues repaying my loan cos of app error amd i was reported to the credit bureau. Despite that i have paid with the accumulated interest. All efort to reach them via mail or contact number provided proved abortive. I need a letter of Non indebtesness and no where to contact this people. They are quick to report you to credit bureau for their error and no way to reach them for correction..this is bad and fruadulent.

– Oyetunbi Fagbenro

Firstly, it’s easily accessible and very convenient. Also, it’s fast and the rate is quite reasonable, getting a loan was made very easy, and the repayment is made easy. I’ll definitely preach it’s gospel.

– Bakare Daniel

My experience so far has been great. The high interest rate with just seven days duration can be annoying sha. Please change that WhatsApp number if you won’t respond to customer’s complaint… it isn’t useful. Thumbs up to Customers Service, at least they pick and respond professionally when I call.

– Owoeye Kayode

FAQs

Is linkcredit loan legit?

Yes, Linkcredit loans are legit in that the app gives short term loans to customers. Online loan apps in Nigeria are not regulated, you are responsible for your own safety when you use these apps.

If my loan gets rejected, can I apply again?

Yes, you can apply again after you cleared all outstanding loans with other lenders.

What is the interest rate?

Linkcredit interest rate starts from 1.25% – 2% monthly flat. The exact interest rate applicable to the customer depends on the credit score and will be communicated after credit decisions.

Conclusion

Pros and Cons of LinkCredit loan app:

Pros:

• Quick and easy application process
• Convenient online platform
• Flexible repayment terms
• Competitive interest rates
• Registered and regulated financial institution

Cons:

• High interest rates
• Limited loan amounts
• Strict eligibility criteria
• Potential for late payment fees

Overall, LinkCredit loan app is a good option for Nigerians who need a quick and easy way to access personal loans. However, it is important to be aware of the high interest rates and limited loan amounts before applying.

Here are some alternatives to LinkCredit loan app:

• Branch
• FairMoney
• Palmcredit
• Carbon
• Okash
• Aella Credit
• QuickCheck
• Umba

These apps offer similar services to LinkCredit, but they may have different interest rates, repayment terms, and eligibility criteria. It is important to compare different apps before choosing one.

The post LinkCredit Loan App: 2023 Review appeared first on AFRICA EXPLAINED.

YES! WE KNOW!

Calm down to read this comprehensive review about KashCash so that you won’t later enter WAHALA! (problem)

They offer quick and hassle-free access to short-term unsecured personal loans of up to NGN100,000.

With competitive interest rates starting from as low as 4% per day (equivalent to 24% to 56% per month), Kashcash ensures affordability and flexibility for its borrowers.

Whether you need financial assistance for unexpected expenses, medical bills, or other urgent needs, Kashcash is here to help.

Furthermore, the repayment tenure provided by Kashcash ranges from 7 days to 30 days, allowing borrowers to choose a suitable timeframe that aligns with their financial capabilities.

This flexibility ensures that borrowers can comfortably repay their loans without undue stress.

The application process is simple and user-friendly. Through the Kashcash mobile app, you can easily apply for a loan and receive the funds within minutes.

This streamlined digitized process eliminates the need for lengthy paperwork and reduces the waiting time associated with traditional loan applications.

Kashcash is committed to providing efficient and reliable financial solutions to individuals across Nigeria. With its transparent and customer-centric approach, Kashcash aims to empower individuals with access to quick and convenient loans to meet their immediate financial needs.

Experience the ease and convenience of Kashcash loan app today!

Kashcash details

How to Apply for Kashcash Loan?

You can download the Kashcash loan app from Google Play Store. You will have to register to create an account and login to kashcash to check the eligibility to apply for the loan. You will be required to provide some basic details as given below:

• Name and address
• Mobile number
• Email ID
• Employment status
• Monthly income
• City of location
• Any other information, as required in the loan application, has to be provided.
• The details of the bank account have to be provided to disburse the loan amount.
• Before the disbursement, you will also be required to agree to the terms and conditions of Kashcash on the Mobile App.
• The loan application will be processed, and on approval and affixing e-signature on the loan document through the App, the amount will be credited directly to your bank account.

Kashcash Personal Loan Eligibility Criteria

The following are the Kashcash personal loan eligibility criteria:

• Easily available personal loan for salaried or self-employed
• A regular source of income is mandatory.
• The applicant should be in the age group of  18 to 56 years.
• The applicant should be a resident Nigerian.
• The applicant should have a valid BVN and Address Proof.

What other borrowers are saying about Kashcash loan app

This is a scam app, their loan 100% interest rate. Just to click on it to see loan options. i got an alert, with 100% interest rate. I have paid the money i they paid into my account. I’m not paying any interest, they’re scammers.

– Ray Lawson

This app belongs to scammers. If you make the mistake of downloading and installing the app, as soon as you complete registration and attach your credit card, they will offer you a loan instantly. It is a bait. Even when you did not want the loan, they will send to your bank account without your consent . Only for you to discover that what they sent is half the loan they approve. After paying them 31,000 for a loan of 19,000, they deducted 15,000 from my card. They don’t pick their number.

– Jibril Musa

I have tried every possible means to reach out to the management of this app, all to no avail. Take this as official compliant, since you will neither pick or respond to my message to you support email. I was on the process of registering for loan before you quickly and automatically subscribe a loan of ₦7,000 for me, transferred ₦4550 to my account and requested that I pay back ₦7,330+, where does that happen. This is fraudulent. Get back as soon as possible.

– Ikechukwu Splash Osuchukwu 

Is Kashcash loan app Legit?

Kashcash loan app is legit in that it gives people loans. Loan apps in Nigeria provide short term loans at extortionate interest rates. Do not take an online loan to fund your lifestyle, they should only be used for emergencies.

Kashcash is not registered or regulated by the CBN, you are responsible for your own safety when you use this app to get a loan.

Kashcash Customer Care 

Service Email: support@kashcash.loan or call 018883539
Office Address: 36, Yaya Abatan Rd, Ogba 101232, Ikeja, Lagos

Conclusion

So, now the ball is in your court.

Let me know what you think about the Kashcash loan app.

The post Kashcash loan app: A comprehensive review appeared first on AFRICA EXPLAINED.

Looking for the best Instant loan apps in Nigeria that offer competitive interest rates? Look no further! In this comprehensive blog post, we have compiled a list of the top 10 loan apps in Nigeria that offer the best interest rates.

Introduction

We both know here in Nigeria, accessing loans from traditional financial institutions can be (is) a challenge, especially for individuals with little or no credit history. (Wahala for go borrow from Palmpay without paying back)

Fortunately, technological advancements have given rise to innovative fintech solutions that provide easy and affordable access to credit.

Loan apps have become increasingly popular in Nigeria due to their convenience and ease of use. With a plethora of loan apps in Nigeria, it can be challenging to determine which app offers the best interest rates. In this blog post, we will discuss the top 10 Instant loan apps in Nigeria that offer the best interest rates.

Branch

Branch is a loan app in Nigeria that offers instant loans to individuals and small businesses. The app has a user-friendly interface that enables borrowers to access loans of up to N200,000 without collateral. Branch also offers competitive interest rates, ranging from 14% to 28%, depending on the loan amount and repayment period.

Carbon

Carbon, formerly known as Paylater, is one of the popular loan apps in Nigeria that offers loans of up to N500,000 without collateral.

The app offers competitive interest rates, starting from as low as 5% per month, depending on the loan amount and repayment period.

Carbon also offers a credit score system that rewards borrowers with better interest rates based on their repayment history.

FairMoney

FairMoney is a loan app in Nigeria that offers loans of up to N500,000 without collateral. The app offers competitive interest rates, ranging from 10% to 30%, depending on the loan amount and repayment period. FairMoney also offers a unique loan insurance product that enables borrowers to protect their loans against unforeseen events.

Migo (KwikMoney)

Migo (formerly known as Kwikmoney) is a loan app in Nigeria that offers loans of up to N500,000 without collateral. The app offers competitive interest rates, ranging from 5% to 15%, depending on the loan amount and repayment period. Migo also offers a unique referral program that rewards users for inviting friends and family to the app.

Renmoney

Renmoney is a loan app in Nigeria that offers loans of up to N6,000,000 without collateral. The app offers competitive interest rates, starting from as low as 2.5% per month, depending on the loan amount and repayment period.

Renmoney also offers flexible repayment options and a credit score system that rewards borrowers with better interest rates based on their repayment history.

Palmcredit

Palmcredit is a loan app in Nigeria that offers loans of up to N100,000 without collateral. The app offers competitive interest rates, ranging from 14% to 24%, depending on the loan amount and repayment period. Palmcredit also offers a unique credit scoring system that enables borrowers to build their credit history and access higher loan amounts.

Sokoloan

Sokoloan is a loan app in Nigeria that offers loans of up to N100,000 without collateral. The app offers competitive interest rates, ranging from 4.5% to 34%, depending on the loan amount and repayment period. Sokoloan also offers a unique loyalty program that rewards borrowers with better interest rates and higher loan amounts based on their repayment history.

Aella Credit

Aella Credit is a loan app in Nigeria that offers loans of up to N1,000,000 without collateral. The app offers competitive interest rates, ranging from 20% to 27%, depending on the loan amount and repayment period. Aella Credit also offers a unique credit scoring system that enables borrowers to build their credit history and access higher loan amounts.

Quickcheck

Quickcheck is a loan app in Nigeria that offers loans of up to N200,000 without collateral. The app offers competitive interest rates, starting from as low as 1% per day, depending on the loan amount and repayment period. Quickcheck also offers a unique credit scoring system that enables borrowers to build their credit history and access higher loan amounts.

Specta by Sterling

Specta by Sterling is a loan app in Nigeria that offers loans of up to N5,000,000 without collateral. The app offers competitive interest rates, starting from as low as 0.5% per month, depending on the loan amount and repayment period. Specta also offers a unique credit scoring system that rewards borrowers with better interest rates based on their repayment history.

BONUS (Best Instant Loan Apps in Nigeria)

OKASH

Okash is a popular loan app in Nigeria that offers quick and easy access to credit. With Okash, you can apply for a loan and get approved in minutes, without the need for collateral.

The app offers flexible repayment terms and low-interest rates, making it an affordable option for those in need of funds.

Okash is designed to be user-friendly, and the entire loan application process can be completed online. Whether you’re a small business owner or an individual looking for a personal loan, Okash may be the perfect solution for your financial needs.

Conclusion

In conclusion, loan apps have revolutionized the lending industry in Nigeria, providing easy and affordable access to credit for individuals and small businesses.

When choosing a loan app, it is essential to consider the interest rates offered, the loan amount, repayment period, and any additional features such as credit scoring systems and insurance products.

The loan apps discussed in this blog post offer some of the best interest rates in Nigeria and are worth considering when in need of credit.

Remember, borrowing money always comes with the responsibility of repaying it on time to avoid late fees, penalties, and negative effects on your credit score.

It is important to borrow only what you need and can afford to repay to avoid falling into a cycle of debt.

Furthermore, it is crucial to read and understand the terms and conditions of the loan before accepting it. Some loan apps may have hidden fees, high-interest rates for late repayments, or unfavorable repayment terms. Be sure to compare the offers of different loan apps and choose the one that suits your needs and financial situation best.

Overall, loan apps have made accessing credit easier and more convenient than ever before. With the right loan app, you can get the funds you need to finance your dreams and achieve your goals. However, it is important to use these apps responsibly and borrow only what you can afford to repay to avoid financial troubles down the road.

The post Instant Loan Apps in Nigeria: Compare the Best Options appeared first on AFRICA EXPLAINED.

If you’re thinking of getting a loan from Cashfarm, it’s important to take some time to think about it and make sure you understand these important things to be discussed in this article.

Read this article to the very end before you try out cashfarm.

Why?

Simply because if you don’t read it to the very end, you will surely start sending Cashfarm some dedicated and special curse (like my people from Ijebu in Nigeria) after taking the loan.

So, if you want to avoid insult and if you don’t want your eyes to get peeled (oju e abo! like it’s been said) it is better you grab a sit and read and also share to your whatsapp group or status for people that love taking loans from different loan apps.

So, let’s get started!

Consider these before applying for a loan with Cashfarm.

We all know Cashfarm is a reputable online lender that offers a variety of loans for personal and business use.

However, it’s crucial to understand the terms and conditions of the loan, the interest rates, and the repayment terms to ensure that you’re making the right financial decision.

So, in this article, we’ll explore some of the key factors to consider before applying for a loan with Cashfarm.

1. Loan Purpose

The first thing to consider is the purpose of the loan. Is it for personal use or for your business? Cashfarm offers a range of loans, including personal loans, business loans, and agricultural loans. If you’re taking out a loan for personal use, it’s essential to ensure that you’ll be able to repay the loan on time and that it won’t put you in financial distress. On the other hand, if you’re applying for a business loan, you’ll need to consider how the loan will impact your business’s cash flow and whether you’ll be able to make the repayments on time.

2. Loan Amount

The next factor to consider is the loan amount. Cashfarm offers loans ranging from as little as N20,000 to as much as N5,000,000. It’s important to consider how much money you need to borrow and how much you can realistically afford to repay. Borrowing too much money can put you in financial distress and make it difficult to make your repayments on time. On the other hand, borrowing too little money may not give you the financial assistance you need.

3. Interest Rates and Fees

Interest rates and fees are also essential factors to consider when applying for a loan with Cashfarm. Cashfarm offers competitive interest rates, but it’s important to understand how much interest you’ll be charged and any additional fees that may be associated with the loan. Be sure to read the loan agreement carefully and ask any questions you may have before signing on the dotted line.

4. Repayment Terms

The repayment terms of the loan are another important factor to consider. Cashfarm offers flexible repayment terms, but it’s essential to ensure that you can afford the repayments before agreeing to the loan. Be sure to read the loan agreement carefully and understand the repayment terms, including the repayment period and the amount of each repayment.

5. Credit History

Finally, your credit history will play a significant role in your loan application with Cashfarm. Cashfarm requires borrowers to have a good credit history to be approved for a loan. If you have a poor credit history, you may not be approved for a loan, or you may be offered a loan with a higher interest rate. It’s essential to review your credit report before applying for a loan and work on improving your credit score if necessary.

Conclusion

Applying for a loan with Cashfarm can be an excellent financial decision if you carefully consider the loan purpose, amount, interest rates and fees, repayment terms, and credit history.

It’s essential to read the loan agreement carefully and ask any questions you may have before signing on the dotted line.

By taking the time to consider these factors, you can ensure that you’re making the right financial decision and avoid any potential financial distress down the road.

MEANING OF SOME WORDS USED IN THIS WRITE UP:

oju e abo! = Literally means your eyes will peel. It further means you will land in trouble.

The post What to Consider Before Applying for a Loan with Cashfarm? appeared first on AFRICA EXPLAINED.

OKash is a Nigerian Money Lender that provides secure and easy short-term cash loans for both personal and business use to meet urgent cash needs. OKash is owned by Blue Ridge Microfinance Bank Limited. The app fulfills customers’ financial needs 7*24 completely online. The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account.

The app uses AI to analyze your bank records and validate your BVN to take lending decisions based on your credit score. The loan is 100% online, with no collateral required and you can apply at anytime, any day of the week.

How to Apply for OKash loan?

• Download the SwiftKash personal Loan App exclusively available on the Google Playstore and install it 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 Know-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.

Note that online loan apps are not licensed or regulated by any government agency in Nigeria, you are responsible for your own safety while taking a loan from them as there is no way to make complain about poor service.

OKash interest rate?

The interest rate charged by OKash is between 0.1% up to 1% daily. With Origination Fee Range from NGN 1,229 – NGN 6,000 for a one-time charge

For example, 91-day loan payment terms have a processing fee of 41% and an interest of 9.1%. For the loan processed with a principal amount of NGN 3,000, the processing fee would be NGN 1,229, the interest would be NGN 273, the total amount due would be NGN 4,502.The total amount due in the first month would be N1,512, the processing fee would be N419, the interest would be N93, the total amount due in the second month would be N1,495, the processing fee would be N405, the interest would be N90, the total amount due in the third month would be N1,495, the processing fee would be N405, the interest would be N90.

Note: expect both your loan amount and loan tenure to be significantly lower as individual interest rate, loan amount and loan tenure are calculated based on the applicant’s credit score and credit worthiness. Keep a good credit score and repay your loan on time to qualify for higher amounts. See how loan apps make lending decisionsSee how loan cisions for first time borrowers and how to increase your loan limits.

Is OKash legit?

Yes, Okash loan is legit and secure. The app is owned by BlueRidge Microfinance limited and uses European level encryption to secure its transactions. A lot of customers have testified to receiving a loan from them. Read other customer’s Review on Google play store.

When you download OKash, it will ask for your permission to scan your financial location data and other information in order to verify your identity, creditworthiness, and provide you with an instant loan. It also use this to help you better understand and improve your finances with us. The app takes privacy seriously – all data you choose to share is encrypted and your personal data will never be shared without your consent.

What OKash can improve.

OKash app is a great loan app and offer fantastic customer care services compared to other loan apps in Nigeria.

However, a lots of customers have complained about their high interest rates, especially for first time borrowers.

Others have also complained about a bug that causes the app to malfunction in its recent update. If you’re experiencing these malfunctions, contact customer service.

what borrowers are saying about Okash loan app

Okash offers high interest loans, but borrowers have mixed experiences with the lender. Reviewers mentioned the easy application process and professionalism of the lender’s customer care service throughout the borrowing process.

James Martins wrote, “Prompt payment, easy registration and loan application is simple. Payback is also easy and sometimes, you get stages of payment cleared when you meet up with the deadlines of previous stages. My disgust and the major reason for uninstallimg was the rudeness of the customer service agents.”

 Danny Dan wrote, “Credibility is at its lowest. You will not get a refund if you mistakenly transfered or pay more than what you owe. Ive experienced it twice(2nd time was deliberate). I expected to see the overpay on my dashboard but wait a minute, unlike fairmoney and other loan apps, they don’t even have a wallet ..”

Oladimeji Rabiu wrote, “The app is good, but they really need to work on two things, first the disbursement takes too long, and secondly, I tried repaying my loan but it doesn’t reflect on the app whereas my account has been debited. They need to work on this two things.”

Aluko Temitope wrote, “I seriously dont know why all of a sudden my credit limit will drop from a high rate to the nearest minimum all in the name of system error. I have being building my credit record for a long time now and always make sure I repay even before due date. I have never defaulted. Now my credit limit was just reduced due to system error. Please kindly fix this, because it’s not encouraging at all. Please kindly fix this.”

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

Personal Loan Eligibility

• You are a Nigerian Citizen
• You are at least 18 years or older
• Approval of your loan depends on a number of factors, such as, all documents required are uploaded, leverage ratio and disposable Income.
• You have a source of income
• You have a Nigerian Bank account.

How much can I borrow with OKash?

OKash will offer you a loan range between N3000 to N500000. Monthly loan payments, interest rates, and loan terms will vary depending on your credit score.

OKash customer care number

Customer Service Email: support@o-kash.com
Customer Service Hotline: （+234）08097755512，08097755514
Office Address: Room 301, Japaul House, Plot 8 Dr. Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria

The post OKash Loan App Review: how to get Instant loan in Nigeria appeared first on AFRICA EXPLAINED.

Life is unpredictable, and it is very much possible to find yourself in a situation where everything can seem to be going hunky-dory – then, out of the blues, the car malfunctions and requires a complete overhaul. Or a loved one needs major surgery immediately – and, horror of horrors, you don’t have the necessary funds available at the moment.

Here are 5 alternatives to consider before you call that predatory lender for one of his short-term loans.

Friends and Family: the best alternatives to short-term online loan apps!
 

Okay, we understand that you don’t want people up in your business, but, come on, friends and family should be your first port of call for emergencies! Apart from the fact that they care about you, borrowing short-term loans from them is the least expensive of all other alternatives. Neither will they publicly embarrass you if you default…hopefully.
 

When you borrow from them, ensure you protect the relationship. First, borrow only what you need and – without being asked! – provide an IOU showing how much was lent, the repayment plans, and the time frame for full payment. If possible, provide proof of expenses made – but most importantly, pay them back, no matter what else you might be experiencing. Don’t damage your relationship.

Credit cards.
 

You can get credit cards to make payments or purchases. Personal short-term loans give you a lump sum, but alternative credit cards give you an amount of credit within a specified limit that you can use. You can pay back your debt little by little or all at once. If you are paying in instalments, you can pay as much of your debt as you like – as long as you make the monthly minimum payment. Better still, if you can pay up all your balance within a month, there will be no interest charges for you.
 

However, you must decide if a credit card is good for you. If you prefer the liberty of offsetting your debt in monthly instalment payments, go ahead. Even so, you would need to have a sure-proof repayment plan to avoid paying unnecessarily huge interest.

 

Cosigner or Guarantor loans.
 

This alternative to regular short-term loans is a big deal because it is based on trust. It allows you to borrow using the good credit of someone close – usually friends or family. When that person cosigns with you, it means they are agreeing to take responsibility if you fail to repay. Heavy, right?
 

When you apply for a cosigner or guarantor loan, the lender looks at the credit histories of both parties. If your cosigner or guarantor has good credit, it makes the release of funds easier because the lenders know they can go after your guarantor if you default.
 

Just like family and friends, don’t damage this relationship. Don’t allow the lender to contact your cosigner for any reason. Always pay promptly – and try to clear the loan as quickly as you can.

 

Salary advances.
 

Do you know that you can request for a part of your “future” salary from your employer? Yes, you can ask for a loan or salary advance to offset urgent expenses, instead of borrowing from traditional lenders.

A major plus about this is that you don’t pay interest on the loan. Instead, you pay back in direct instalments or through deductions from upcoming pay-checks. 
A downside is that employers approve these loans on a case-by-case basis. So, if your case is not deemed important for a loan, you can be refused.

If this occurs, another alternative is pay-check advance apps that offer emergency loans to salary earners and are safer than traditional short-term loans. You could explore that as well.

 

Overdrafts.

This option is for those with functional current accounts. If you don’t have one, get one – and get one that offers overdrafts as part of the account. If you already have a current account, you can simply – and quickly – apply for your account to have an overdraft. Yes, using an overdraft will cost a fee, but it is almost nothing when compared to a short-term loan.

So, instead of rushing to borrow that loan from a short-term lender, why don’t you try out some of these alternatives first?

The post Five Alternatives To Short-Term Online Loan Apps appeared first on AFRICA EXPLAINED.

This loan app is relatively new and has so far gained over 50k downloads on the Google play store with mixed reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.

Because of their minimal documentation and no collateral requirement, online loans are very expensive with high-interest rates. They should not be taken to fund one’s lifestyle but rather should only be used for emergency needs.

How to Download APK and get a loan from Okilo Cash loan app

• Download and install the Okilo Cash personal Loan App exclusively available on the Google Play store 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 Know-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.

Note that online loan apps are not licensed or regulated by any government agency in Nigeria, you are responsible for your own safety while taking a loan from them as there is no way to make complain about poor service.

What other borrowers are saying about Okilo Cash loan app

These reviews are from users on Google play store.

Gyang Lo-Jugu wrote, “This app is nothing but a loan shark app, how can you tell me You’re giving me 10k but it’s N5500 that is the actual amount I get in my account with all the rest you deduct as charges? and I’ll repay upto 11k? These people are disgustingly dishonest, don’t get a loan from them cos they’re thieves. I gave them 5 stars cos they they own 5 stars in stealing, nonsense.”

Oyakhire Jimoh wrote, “what you apply for is not what you are credited and after crediting they give over 50% interest Scam.”

Note that online loan apps are not registered or regulated by any government agency in Nigeria. You are responsible for your own safety and security should you decide to patronize them. Most of them have very high interest rates and hidden charges on short term loans. Their repayment period is usually just 7 days.

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.

Interest rate

Loans range from ₦10,000 to ₦350,000 and the permissible age limit to apply is 21 years. The loan term can be between 90 to 360 days.
Interest Annual Percentage Rate(APR) range from between 5% – 25%.

For example: amount of ₦30000 with a limit of 120 days. Interest rate of 25% / year
• The monthly payment is: ₦ 8125
• The amount of interest for the entire loan is: ₦ 2500
• The processing fee charged is: ₦ 0
• The total payment is: ₦ 32500
• EIR is: 2.08%

.

For Example
If you choose a loan limit of ₦ 6,000.00 with a period of 360 days
The total interest must be paid: ₦ 6000.00 * 0.05% * 360 = ₦ 1080, monthly interest shall be paid: ₦ 6000.00 * 0.05% * 30 =₦90, monthly repayment bill including principle and interest shall be paid: ₦ 6000/12 + ₦ 90= ₦ 590, total repayment bill including principle and interest shall be paid: ₦ 6000.00 + ₦ 1080 =₦ 7080.

Note that this interest rate is just an example, your actual interest rate on the app will depend on your credit score and how much information the app can get from your device. Keep banking SMS records on your phone to increase your chances of getting a higher loan amount.

Okilo Cash loan app customer service number

Harago Financial Services Pvt Ltd
Email: OkiloCash2022@outlook.com
Tel: +234 08084948272
Address：7 Jesudola Street Lagos Adamo Town, Lagos, Federal Republic of Nigeria

The post Okilo Cash Loan App Review: quick online loan app in Nigeria appeared first on AFRICA EXPLAINED.

With just your BVN and an ID card, you can get a cash limit of up to #100k sent to your bank account within minutes. You do need to have a good credit score, and a good SMS banking record on your phone to qualify for higher amounts.

This loan app has so far gained over 100k downloads on the Google play store with mixed reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.

Because of their minimal documentation and no collateral requirement, online loans are very expensive with high-interest rates. They should not be taken to fund one’s lifestyle but rather should only be used for emergency needs.

How to Download APK and get a loan from SureCredit loan app

• Download the SureCredit personal Loan App exclusively available on the Google Playstore and install it 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 Know-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.

Note that online loan apps are not licensed or regulated by any government agency in Nigeria, you are responsible for your own safety while taking a loan from them as there is no way to make complain about poor service.

What other borrowers are saying about SureCredit loan app

These reviews are from users on the Google play store. Most customers complained about hidden charges they were charged while applying for the loan. Most of the charges are not upfront, you can apply for an amount and a lower amount will be disbursed to your bank account with the balance calculated as interest.

Olagunju Olusola wrote, “They credited me without my approval. I tried to loan 10,000 but I was credited 6500 without approving the payment. They still added another #468.23 to the repayment making 10,468. The interest rate and the deduction they made do not tally. I tried calling their customer service but they refused to pick it up. In other words, this loan app is a complete scam. This is a total disclaimer.”

Edun Gold wrote, “Everything about sure credit is a scam, I was told I couldn’t borrow more than #10,000, but since I needed more than that I ignore it before am done I was credited with #6,500 and I called the customer service that I don’t need the money and I want to pay it back, she told me to click on repayment within a second #10,497 was deducted from my account and I called the customer service, but since then they don’t pick my calls. Please sure credit kindly return my money I needed money badly.”

Haliru Abubakar wrote, “The worst among them. They don’t give options for you to accept their offer or not. The moment you create the profile, they go ahead and credit your account with whatever they decided and tell you what to pay and when to pay. That’s scamming cleverly so people should avoid this app.”

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.

Interest rate

Loan Products
Eligibility:18 – 65 years old.
Loan period: we will require your repayment from 91 days to 180 days.
Loan amount: ₦ 5,000-₦ 500,000
Interest Rate: 0.5% to 3% monthly , APR 10%-35%,it depends on your credit evaluation.

For Example
If you choose an amount of ₦5,000 and the term is 180days, the total interest should be ₦5,000*12%=₦600. The total repayment amount would be ₦5,000+₦5,000*12%= ₦5,600.

Note that this interest rate is just an example, your actual interest rate on the app will depend on your credit score and how much information the app can get from your device. Keep banking SMS records on your phone to increase your chances of getting a higher loan amount.

SureCredit loan app customer service number

• Service Hotline: 018883539 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
• Service Email: support@surecredit.loan
  Office Address: 2-4 Tobi Lawal Rd, Lagos Mainland 101245, Lagos, Nigeria

The post SureCredit Loan App Review appeared first on AFRICA EXPLAINED.