Coco loan gives the chance to get over 100k to solve personal and emergency financial needs, They give quick and instant loans in Nigeria.
Coco loan is a Nigerian loan application for Android that offers short-term loans of N10,000-N50,000 in Nigeria. For those who are Android users, you are eligible to apply for the collateral-free loan. The process for applying is completely online.
The app was released in December 2020. Coco loan has now surpassed 10k downloads to date on the Google Play Store but has been met with mixed opinions. Cocoloan uses loan software to gather information about prospective customers such as phone numbers, bank notifications of transactions, and BVN for credit scoring of every borrower.
If you want to be eligible for loans or another amount, ensure you keep a record of your bank transactions on your smartphone and you don’t have outstanding debts on other loan applications!
The application is easy, simply download the application from the Google Play Store, and provide your personal information The algorithm will then analyze your data and determine your credit score, and then make you an offer to lend money within a matter of hours.
Table of Contents
How do you download APK and receive an installment loan through the Coco Loan application
- Install this CocoLoan Loan Loan App exclusively through the Google Play store and install it on the back of your Android phone.
- Make an account by entering your mobile number.
- The preferred phone number that is connected to the BVN as a unique password will be sent to the number to verify your identity.
- Complete your most basic KYC information, which includes your residence address, next of kin information, and employment information.
- It is also needed to supply the Biometric Verification Number BVN.
- It will cost you N50 to tie the ATM debit card to your bank account to improve your chances of getting a higher amount.
- One-time security code OTP can be sent via your mobile to confirm your account details.
- Following the submission of your application to borrow, the application will examine your credit score. The final score will be displayed in the app.
- The results should be visible in no more than 2 minutes. If you’re eligible for a loan, the amount will be deposited directly into your bank account.
- Be sure to use an appropriate phone with sufficient memory capacity as you’ll have to take an authentic live selfie for identification purposes.
Your BVN is tied to your credit rating, therefore should you have an outstanding loan with another lender or did not pay your other lenders on time be prepared for your application to be denied.
The credit score you have is a summary of previous loans as well as the amount of time you pay your bills cash transactions coming into as well out of your account, and other data.
Once you download this application, it gives you the ability to access your mobile book’s contacts along with SMS, as well as other information it utilizes to improve credit scores.
Is the Coco Loan application legitimate or a scam?
The answer is yes, CocoLoan App is genuine The app can give loans however caution should be exercised before taking any loan online. Be sure to read reviews from other customers before applying for loans in Nigeria.
You must be aware that these loan applications aren’t regulated or registered through The CBN or any other government institution in Nigeria. The responsibility lies with you for the security of your transactions using these apps and there isn’t any remedy for poor customer service.
Additionally, its presence in the Google Play Store does not guarantee that transactions conducted on it will be safe. The play store is the possibility of downloading and you are accountable for your security when making use of loan apps in Nigeria.
What Coco Loan app could be improved?
The duration of loans is extremely short and the loan amount is also very small beginning at N2000 and you have only 6 days to pay back the loan, plus interest. While the app claims to offer higher amounts of loans and longer terms for customers who have been repeat customers, there’s no guarantee of more time to repay your loans.
The interest rate is also extremely high. One customer complained about receiving N7600 and had to pay N11800 back in 7 days.
Cocoloan also is known for its high rejection rate for applications. If you receive a text message, it’s simply an advertisement and doesn’t mean you’ll receive the loan.
Cocoloan’s customer service is also bad, and customers complain that they are sometimes offended by rude customer representatives. You and your contacts might get a similar embarrassing message from CocoLoan should you default on your loan.
Since there are no laws in Nigeria the majority of applications are created by loan sharks. They may threaten to send texts to family members, accusing you of being a fraud in the event of a default on the repayment. Avoid these apps if you do not have other alternatives.
Coco App for loan interest rate?
Time of loan: From 91 days until 365 days.
The loan amount ranges between N5000 and N 500 000.
The total range of interest is 24% to 2 percent. The average monthly interest is between 1% and 22%, and APR is between 12% and 24 percent.
Sample Loan Calculation
The amount of the loan: NGN. 10,000, APR: 30%, service fee: 0%, loan tenure: 91 days.
The amount that must be paid at the time of the due is
Interest: 10,000 x 30%/365 x 91 = 748
Service cost is 20,000*0% which equals 0
Total amount disbursed: 10,000 (10,000 – 0)
Total amount to be repaid Total amount to repay: 10,748 (20,000 and 748)
The monthly amount due to be repaid is $3,583. (10,748 3-3))
This rate of interest and time is only an example, you can expect the amount of your loan as well as the time to be considerably shorter if you’re borrowing your first time. You could increase the amount by keeping accurate documents and repaying the loan promptly.
What are the conditions?
- You must be a legal citizen or a legal resident of Nigeria
- At the age of 18.
- A monthly income source.
- Attach your ATM card to your account
- Give the details for two kin including their contact numbers.
- A good credit score and no outstanding loans from lenders.
- Maintain a bank account.
- Your phone number must match the same as your BVN.
- You must have a valid government-issued ID card.
What happens if fail to repay my loan, or make my payment on time?
Repayments that are late automatically result in a cost of 2.2% per day. It is advised to not overpay the date of due. Paying the loan on its deadline allows access to larger loan amounts. In the event of late repayments, it will impact your chances of getting additional or larger loans. If you are extremely in arrears with your repayments, you’ll be identified by the First Central Credit Bureau. The blacklisting process from the First Central Credit Bureau may impact your ability to obtain loans from other lenders.
Is Cocoloan legit?
The coCocoloanpplication is not thought to be a fraud or legitimate because we have only a few reviews about it, and the site appears to be not popular. There aren’t many opinions from users. We will provide you with more information regarding the Cocoloan application when we discover additional information about it.
Cocoloan application customer care number
Customer Service Email: Loanbycoco@gmail.com
Address: 212 Allen Ikeja, Lagos, Nigeria.