Tingo Loan App Review: Now rebranded as TLoan quick loan app in Nigeria
The app formerly known as Tingo loan app has been rebranded under the name TLoan app.
Tingo App is a Nigerian loan app that gives instant and convenient small cash loan from 2000 to 100,000.
The hassle-free loan application process is quick and easy online loans with no paperwork! And no collateral required. You get a revolving loan with higher amount every time you repay your previous loans.
If you need quick loans, maybe it’s for that purchase you just can’t wait for, or to take advantage of a great deal before you miss the opportunity. Or, perhaps an unexpected expense has come up and you don’t want to compromise your lifestyle.
TLoan app uses a loan software to calculate a customer’s credit score before making them a loan offer. Your credit score is a record of your previous borrowings, how early or late you make your payments, the amount of money entering and leaving your bank account among other information. Your credit score is attached to your BVN number and can be accessed each time you make it available to loan apps.
How to Download and Apply for Tingo app loan?
To get a Tingo app loan, all you need to do is:
- Download and install the Tingo Loan App from Google play store
- Register for an account using your 11 digit BVN number
- Provide some information about yourself.
- Verify your identity and that the information you’ve entered is correct.
- Bind your ATM card to your account with N20.
- Provide the contact number of 3 of your friends and family that will be verified.
- Get money sent directly to your bank account.
What are the requirements for a customer to get a Tingo app Loan?
- Be a Nigerian citizen or legal Resident.
- Be between the ages of 20-55 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide the contact number of three of your friends or family that will be verified.
Tingo app loan interest rate?
Loan period: 91 days to 365 days as advertised on the app tho first time borrowers get less than 7 days loan tenure.
Loan amount: from NGN 20,000 to NGN 120,000.
Loan interest: ranges from 4.5% – 34% with an equivalent monthly interest of 3% – 29% and APR of 29% – 365%.
if you choose a 6-month loan and borrow NGN 1,000,Tingo charges an interest rate of 4.4% per month. And the interest rate is 26.4%, we would charge you GNN 263 as interest of 6-month repayment period. Total amount of repayment is NGN 1,263.
Is Tingo app loans legit?
Yes Tingo app does give out loans to customers but with extremely high interest rates most especially for first time borrowers. Read other customer’s Reviews on play store before you apply for a loan.
What Tingo app can improve?
The loan interest rate on the app is extremely high especially for first time borrowers. The app can also trick borrowers into taking the extremely high interest. for example, when you apply for a loan the app will calculate how much you qualify for and make you a loan offer.
But your loan offer already contains the interest. You might qualify for 11,000 but only 7,000 will be disbursed to your account for a seven day tenure and the remaining 4,000 calculated as interest.
Tingo app also does not seem to have a functional customer service number, alot of customers who have issues have complained that there is no way to reach the app developers.
Loan amount for first time borrowers is extremely small, starting from N2,000 which doesn’t seem to improve much for repeat borrowers.
TLoan and other loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You’re responsible for the security of your transaction with them.
Tingo app customer service number
If you have any issues or enquiry
The link to get started is up there