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.

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.

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.

The number is connected to your biometric data – which means every Nigerian only has one and the number can be used to identify and secure every transaction performed in the country. As important as this number is, some citizens can run into trouble with theirs, either as a result of some of their actions or through no fault of theirs – their BVN can be blacklisted.

A BVN blacklist is a database of Nigerians who have committed some financial wrong-doings and are now deemed as high-risk individuals that can prevent them from getting a loan, job or even traveling abroad. When a person’s name is on the blacklist, it usually means that they have defaulted in repaying their loans. But there are other actions that can land an individual on the blacklist as well.

Actions that can land you on the BVN blacklist in Nigeria

Loan default: The most popular reason why people get on the blacklist is when they defaulted in repayment to their creditor within the stipulated period. Even if you pay back days or weeks after your tenor has expired, it can still negatively affect your credit score and can land you on the blacklist.

Issuing a dud cheque: Issuing a dud cheque on your account can get you into trouble. Not only will it land you on the BVN blacklist but it can also get you arrested and prosecuted by the police. Issuing a cheque that you know will bounce due to insufficient balance in your bank account is simply a bad idea.

Standing as guarantor to a defaulter: Standing as a guarantor to someone unable to repay their loans can also affect you negatively. You as the guarantor might be held liable and unable to secure a loan until they clear their outstanding. Do not stand as a guarantor to anyone you’re not absolutely sure can repay their debt obligations.

Effects of BVN blacklist

Your BVN is perhaps one of the most important financial documents in Nigeria and if it is compromised, that can lead to some dire consequences including but not limited to;

Unable to secure a loan: The most immediate consequence of being on the BVN blacklist is that defaulters will be unable to secure further credits. Most reputable lenders do run a background check on their potential customers to see their credit score. Individuals with outstanding loans usually get rejected during this process.

Unable to get jobs: Some employers do check the credit history of their potential employees, most especially banks and other financial institutions will not consider people with negative credit for employment. These checks are usually done in the background without telling the applicant, applicants with negative credit will just be getting rejected without being informed of the reason why.

Unable to travel abroad: As getting a visa to travel abroad is becoming more and more stringent, some embassies now include credit history as part of their background check. Embassies prefer immigrants that can handle their financial responsibilities so that they don’t become a burden after travelling. If you are heavily indebted your visa application might not go smoothly until you clear your record.

Unable to secure some government deals: Certain government deals like a job with the Nigerian Intelligence Agency or even the CBN might require applicants to have a spotless credit history. Point is, having your BVN is bad and can deny you plenty of opportunities. Luckily, there is a way to remove your name from the blacklist even if you are on it.

Steps to remove your BVN from credit bureau blacklist

Request your credit report: You can request your free credit report from any of the credit reporting agencies in Nigeria. We recommend you use CreditConnection – their service is free and seamless. getting a credit report will enable you to see which institutions you are owing to and keep track of your loans. Note that loans from loansharks and other online loan apps might not appear here if they are unregulated.

Pay your debt: The next step in clearing your name from being reported as a defaulter is to pay up what you owe. If you are in a financially difficult situation, ensure you contact your lender to discuss payment options that could ease the burden of paying the loan. Choose a payment plan that will work best for you and follow up until you settle your debt. You can also set up automatic payments on the due date to avoid missing a payment. 

clearance certificate/letter of non-indebtedness: Should you have a clearance certificate/letter of non-indebtedness, you can forward the letter to the credit bureau for verification from your lender.

Contact Credit Bureau: After clearing your debt, your lender is obliged to contact the credit bureau and update your records, but this can sometimes not be done as the process is usually automated.

However, you may apply to the credit bureau where you were listed to have your credit profile updated. This can be done by contacting the Bureau via phone/email.

Helpdesk: https://helpdesk.creditreferencenigeria.net/

Email: support@crccreditbureau.com

Phone line: +234-807-209-0622

Your email should carry the following details; your Full Name, Phone Number, Bank Verification Number (BVN), gender, evidence of payment and Clearance certificates (if any).

This process might take 2-5 working days to be resolved so do not hesitate to follow up with the Credit Bureau.

list of licensed credit bureaus in Nigeria

A Credit Bureau is a private company licensed by the CBN to keep a database of how individuals and businesses handle their debt obligations. They keep a record of how much loan is being taken and how soon or late the loan is being paid back in other to protect creditors from loan defaulters. Here are the three main credit bureau agencies licensed to operate in Nigeria and their website.

• CreditConnection
• CRC Credit Bureau Limited
• FirstCentral Credit Bureau

You can get your free credit report from any of the above. The CBN does not keep a record of credit reports of Nigerians but outsources it to these private companies who can show you yours for a fee.

FAQ

The post How to Remove Your BVN From Credit Bureau Blacklist appeared first on AFRICA EXPLAINED.

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

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 Fundy loan app

• Download the Fundy 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 Fundy loan app

These reviews are from users on Google play store.

Emmanuel Njoku wrote, “After taking a loan from these guys, they were threatening and sending messages to my contact on the date of repayment, not even after, I wasn’t even overdue yet, then I paid their loan and exorbitant interest, but they don’t want to clear the loan on the app, and it’s adding up overdue charges. Developer, contact the company to do something about it.”

Elabraham Egbeyemi wrote, “What the heck? After ur cc officers forced me to use ur loan platform promising only 15% interest, I went ahead to install & apply for a loan only for the d app to put d figure that is available to be loaned to me at #6300, and they put d repayment amount at a ridiculous 11k plus… WHAT THE HECK?? so I chose d cancel option when I was prompted to agree or reject, but to my astonishment, d loan was already credited into my account…WHY?? I’ll repay 7k, when due, and won’t pay a kobo more!”

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
Loan Amount: Minimum Loan 10000, Maximum Loan 100000
Annual interest rate: the lowest annual interest rate is 10%, the highest annual interest rate is 35%
Loan Term: The minimum loan term is 91 days and the maximum loan term is 365 days

Loan example:
Loan Amount = 20000 Naira
Loan Term = 300 days
APR = 10%
Calculation formula:
Total interest = loan amount * annual interest rate * loan term (days) / 365 (days)
Total interest = 20000 *0.1 *300 / 365 =1643.84
Total repayment = loan amount * annual interest rate * loan term (days) / 365 (days) + loan amount
Total repayment=20000 *0.1 *300 / 365+20000=21643.84

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.

Fundy loan app customer service number

• Service Hotline: 0818883539 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
• Service Hotline: Bettiegfhmt@gmail.com
  Office Address: 6 Harold Shodipo Crescent Ikeja Lagos Nigeria

The post Fundy Loan App Review: online app in Nigeria appeared first on AFRICA EXPLAINED.

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

This loan app is relatively new and has so far gained over 10k 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 JoyCash loan app

• Download the JoyCash 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 JoyCash loan app

These reviews are from users on Google play store.

Nelson Johnwill wrote, “I give it 3 stars. Instant disbursement. The only problem I have is that you don’t increase your loan offer after I paid 4 installments before the due date pls work on it… It is frustrating.”

Balogun Soliu wrote, “The app is really good but I have a problem I had a one-day overdue and later pay up but since then have been unable to get another loan it keeps telling me to apply again the next day please work on that for me.”

Omojero Happy wrote, “The app is awful. How do you approve a loan and say disbursement is successful when for over two days the recipient did not get the alert? I won’t be liable to any loan I allegedly received without receiving it. If you can’t work on your app then it’s no one’s fault because I won’t pay for a loan I did not receive.”

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 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.

JoyCash loan app customer service number

• Service Hotline: 0818883539 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
• Email: help@joycash.cc
  Website: https://www.joycash.cc/home
  Address: Ikeja GRA, Lagos State, Nigeria

The post JoyCash Loan App Review: online app in Nigeria appeared first on AFRICA EXPLAINED.

The Renmoney app is everything a money conscious person would love. It doesn’t stop there, its designers are constantly evolving and adding more interesting features to this fintech tool.

The app is a part of the new crop fintech apps that helps Nigerians manage and improve their finances by providing employed or self-employed people as well as business owners with a loan of up to ₦6,000,000 to be repaid in 3 to 24 months.

Renmoney is fully licensed by the CBN as a microfinance fintech, deposits in its high-yield fixed-deposit account are also insured by the NDIC.

How to get a loan from Renmoney?

Getting a Renmoney loan can be done easily online by:

• Download and install the Renmoney mobile app from the Google play store or Apple store if you’re on iOS.
• Share some information about yourself, including your employment, ID card, BVN number etc
• Verify the information you have provided
• Get money in your bank account once you’re approved. The whole process should not take more than 10 minutes.
• Only applicants with a verifiable source of income will be considered for the loan.

RENMONEY INTEREST RATE AND LOAN REPAYMENT

Monthly interest rates range from 2.4% – 9.33% and the maximum Annual Percentage Rate (APR) is 35.76%. No other fees are charged.
example:

• Loan Amount: ₦2,000,000
• Loan Tenure: 12 months.
• Number of Repayments: 12
• Monthly Interest Rate: 2.4%
• Monthly repayments: ₦214,667.00
• Total amount payable: ₦2,576,000.00
• APR: 28.8%.

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.

What you get with a Renmoney loan

• Fast and convenient loans from ₦6k to ₦6m
• Flexible repayments from 3 – 24 months
• Money in your bank account in minutes
• Lower rates and longer tenure on your next loan
• No paperwork
• No collateral or guarantor needed
• No hidden charges – you always see your loan terms before you commit
• We keep it simple, no confusing language
• Support team always available to help
• Secure processes

Renmoney savings account

Because the Renmoney app is a microfinance fintech, you can also set up a Smart Goal and save towards milestones that matter to you or set up a Save Easy plan and save what’s convenient. Whatever plan you choose, you’ll earn attractive interest on your money. Their high-yield fixed-deposit account offers up to a 10% interest rate per annum that can be calculated upfront before making a deposit.

Renmoney investment

Make your money work for you with a Renmoney Fixed deposit account. Invest your money for a fixed duration and earn attractive interest.

What you get with Renmoney Savings and Fixed Deposit

• Earn up to 12% interest per annum
• Save and invest securely and on your own terms
• Build a savings habit
• Set up automatic periodic savings

Is Renmoney legit?

Yes, Renmoney is legit. There are no scam complaints on their Google play store reviews. Renmoney is a Lagos based fintech lending company operating under a Microfinance Bank license. They are fully regulated by the Central Bank of Nigeria (CBN), and your savings and deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).

Customers information security and privacy

Note that The Renmoney app uses artificial intelligence to collect and analyse your financial records to determine your credit worthiness. When you download the Renmoney App, they will ask for your permission to verify your personal and financial information, including SMS and contact list.

Renmoney customer care number and contact

If you have any issue with any of their services, you can reach out to them via:
Email: hello@renmoney.com
Call: 0700 5000 500
Visit: www.renmoney.com
Like on Facebook: https://web.facebook.com/renmoney
Follow on Instagram: https://www.instagram.com/
Follow on Twitter: https://twitter.com/home
Follow on Medium: medium.com/@renmoney

Visit any of Renmoney office addresses

• Ikoyi: 23, Awolowo Road Ikoyi, Lagos, Nigeria
• Opebi: Pentagon Plaza, 23 Opebi Road, Ikeja, Lagos, Nigeria
• Surulere: Kings Plaza, 80, Adeniran Ogunsanya Street, Surulere, Lagos, Nigeria

FAQs

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FastCash is a Nigerian loan app that helps you quickly get a peronal loan, in case there is any urgent need. The app has over 100k downloads on the play store and 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 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!

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 in less than 5 minutes.

How to Download APK and Apply for FastCash loan

• Download the FastCash 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 basic information, including your residential address, next of kin and employment details
• You will also be required to provide your Biometric verification number BVN.
• 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.

What are the requirements?

• Be a Nigerian citizen or legal Resident.
• 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 Nigerian bank account.

Is FastCash loan app legit or scam?

Yes, FastCash Loan app is legit and does give out loans to customers but with extremely high interest rates most especially for first time borrowers. 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.

What FastCash loan app can improve?

Most loan apps that operate in Nigeria are loan sharks and FastCash is no different. This apps gives loans with repayment tenure of less than 7 days, should you default on your repayment, they will charge you daily interest of N1000 even if you couldn’t repay due to a bug in their in-app repayment gateway.

FastCash also has no functional customer service support, you will get an automated reply in Chinese if you send a message to their customer support email.

The repayment gateway on this app is also problematic. Most customers complain of inability to repay their loans as at when due while the app continues to charge them overdue fees.

This app also charges a loan disbursement fee and has plenty hidden charges. One customer had a loan if N17,000 approved for them only N11,000 was disbursed to their account with the rest calculated as service fee, the customer was asked to payback the full N17,000 within 7 days.

FastCash loan app interest rate?

Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 500,000.
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 you choose a 91-day loan and borrow ₦5,000, the interest rate is 5% per month and the interest rate is 15%, we would charge you ₦750 as interest of 91-day repayment period. So the total amount of repayment is ₦5,750.

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 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.

FastCash loan app customer service number

+2348029153049
Facebook： https://www.facebook.com/Fastcash-NG-100528115207925/
Email： service@fastcashng.net

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