CocoLoan App Review | Is CocoLoan Legit or Scam?
CocoLoan is the next-generation loan company. The company is bringing true ownership and empowerment to the Nigerian population through digital financial empowerment. CocoLoan believes in creating simple, easy and transparent digital loans, that’s it. “The technology powering the company’s lending application is equally important, with the platform enabling clients to pay back loans, or loan installments on mobile devices.”
With this CocoLoan App, you can loan from N10,000 to N50,000 easy. And to know how to go about this loan app, read this CocoLoan App Review.
In today’s article, we’ll give answers to all questions about CocoLoan App, which includes: CocoLoan App review, how does CocoLoan App work, how to earn money on CocoLoan App, CocoLoan App Login, CocoLoan App sign up, CocoLoan App Referral, CocoLoan App contact, is CocoLoan App legit or scam, and more.
By the end of this article our team, Tunnelgist.com is sure you must have arrived at a solid decision on if CocoLoan App legit, safe or scam, or maybe fake, as we assure every piece of information provided is authentic.
Without wasting more time, let’s get started with CocoLoan App review.
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Table of Contents
CocoLoan App Review
In this CocoLoan App review, we’ll touch on various aspects of CocoLoan App, which would help you know if this new make-money website can be trusted or fraudulent.
Also please note: This CocoLoan App review doesn’t verify it all, so in the nearest future things might change and if anything goes wrong we won’t be held responsible for any reason.
About CocoLoan App
CocoLoan is an online lending application which provides Nigeria citizens modern and reliable lending products. All the loan products are carefully selected by CocoLoan. Here customers can get top quality of loans in Nigeria.
- CocoLoan Website URL availability to Google: Yes CocoLoan App is on Google, which makes it easier for new visitors to discover on search engines.
- CocoLoan Website Security: Yes CocoLoan App is a secured website. They use an extended SSL certificate to secure their website from spammers, in order to keep visitors’ data safe.
- CocoLoan App Performance & Design: The CocoLoan App design is good, performance is great as well.
- CocoLoan App Contact Us and About Us Pages: Yes, CocoLoan App has Contact Us and About Us pages.
- CocoLoan App Social Media Accounts: These are CocoLoan App social media accounts: CocoLoan App Facebook: None, CocoLoan App Twitter: None, CocoLoan App Instagram: None.
Which Country is Eligible to Borrow/Loan Money from CocoLoan App
The only country that is eligible to loan from CocoLoan are individuals living in Nigeria.
Who is the Owner of CocoLoan App
The owner of CocoLoan App is yet to be known, we’ll keep updating this article till we find the right information.
How to Download CocoLoan App
For starters, if you have installed Google Play store on your phone, simply search CocoLoan App on Play store, then install.
How does CocoLoan App Work | How to Borrow Money from CocoLoan App
Firstly to be eligible to loan money from CocoLoan, you must live in Nigeria and your age should be 18-60 years old, and your source of income should be stated on the platform.
1.Install the CocoLoan app.
2.Log in to CocoLoan app by registering with your phone number.
3.Fill in your basic details.
4.Submit KYC documents and apply.
5.Once application is approved, CocoLoan transfers the loan directly to your bank account.
Benefits of Using CocoLoan Loan App
1.High Loans Amount: NGN 10,000 to NGN 50,000
2.24×7 access to loans with intelligent online process
3.No credit history required
4.Paperless and 100% online process with your mobile
5.Loan amount disbursed to your bank account directly once approved
6.As the credit score grows, the loan amount increases.
CocoLoan App Sign Up | How to create an account on CocoLoan App
Follow the steps above to learn how to create an account on CocoLoan App.
CocoLoan Loan Interest Rate
Here is the interest rate of CocoLoan App.
1.APR: Up to 33% according to customer’s credit score
2.Loan Tenure: 91 days ~ 365 days
3.Service fee: 0%~10% according to customer’s credit history
4.No membership fees and Penalty is charged only when someone delays their scheduled payment.
Example:
- Loan amount: NGN. 10,000, APR: 30%, service fee: 0%, loan tenure: 91 days.
- The total amount to pay on the due date is
- Interest: 10,000 x 30%/365 x 91 = 748
- Service fee: 20,000*0% = 0
- Total amount disbursed: 10,000 (10,000 – 0)
- Total amount to repay: 10,748 (20,000 + 748)
- Monthly amount to repay:3,583 (10,748 / 3)
CocoLoan App Referral | How to Refer and earn on CocoLoan App
Unfortunately, CocoLoan doesn’t offer affiliate program at this point of time.
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CocoLoan App Customer Service
Here are the means to contact CocoLoan:
- Customer Service Email: Loanbycoco@gmail.com
- Address: 212 Allen Ikeja, Lagos,Nigeria.
Is CocoLoan App Legit or Scam?
To be honest, with the 3.0 rating on Playstore, I don’t think CocoLoan is a trusted.
And also, majority of people are complaining about the CocoLoan interest rate, which is something you should be more concerned about.
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Conclusion
Thanks so much for reading this article till the end, that’s all for the CocoLoan App review, if there is more you want to add to this review, feel free to comment down below.
