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Home Loan PP Loan: Requirement, Application, 2023 Update

PP Loan: Requirement, Application, 2023 Update

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PP Loan App is a Nigerian personal loan service that Kispa Nigeria Limited offers micro and medium-term personal loans up to N20,000 unsecured.

Unsecured loans are those that don’t require collateral or a downpayment. These loans are usually short-term and have very high-interest rates.

PP Loan
PP Loan

You should not use a PP loan for your lifestyle or to pay off long-term debts. While short-term loans can be helpful for emergencies, they are more expensive than long-term loans. Therefore, you should use them with caution.

With mixed reviews, the app has been downloaded over 10k times on Google Play Store. It uses a loan program to gather information about potential customers, including phone records, banking transaction alerts, and BVN to determine the credit score of each borrower.

You will be able to get higher amounts if you keep your bank transaction messages up and have no outstanding debts from other loan apps.

It’s easy to apply. Just download the app from the Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.

How to download APK and apply for a loan through the PP loan app

  • Install the Personal Loan App only available through the Google Play store.
  • Register with your phone number to create an account
  • For verification, you should use the phone number associated with your BVN.
  • Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin details.
  • Your Biometric verification number BVN will also be requested.
  • To bind your ATM card with your account, you will be charged N30. This will increase your chances of getting a higher loan amount.
  • To confirm your details, a one-time OTP password will be sent to you.
  • After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
  • You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
  • You will need to take a clear selfie of your identity so make sure you have enough storage.
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The N30 that was charged to attach your ATM card to your bank account is refundable. However, it can take up to 7 to 12 days for the money back to your bank account.

Your BVN is tied to your credit score. If you have an outstanding loan from another lender or have not paid other lenders on time, your application will be denied.

Credit scores are a record of all your borrowings and cash transactions.

To download the app, you must agree to allow it access to your phone contacts, SMS to view your banking transaction records, and apps on your smartphone to see how other loan apps are used.

Is PP Loan App legit?

PP Loan App is a legitimate loan app that offers microloans up to N20,000. However, it has very high-interest rates and bugs that make registration difficult. Before you apply for an online loan, be cautious. Before you apply for an online loan in Nigeria, make sure to read reviews from other customers.

These loan applications are not registered with the CBN or any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.

Its availability on the Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.

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  • Registration is easy
  • They do indeed give loans.
  • Online, no collateral is required


  • The loan amount is very low, maximum of 20k
  • It takes time to disburse loans once approved. Some customers may take days or weeks before they see an alert.
  • For new users, the loan term is only 6 days.
  • For small amounts of loan, very high-interest rates
  • High rejection rate

What are other borrowers saying about PP Loan App

Animashaun Toyin wrote: “Actually, it shows seven days, however, it started counting 6 days ago and the interest rate is a bit high. Kindly work on it.” However, loan processing is easy and fast.

Chinawaeze Joy wrote: “A terrible experience. I borrowed 6k, but they sent 3900 to me and took 2100 as processing fees. They sent me 2950, but I immediately refunded them. NT: They don’t want me to pay anything else. I did not make them of the 3900 nairas that they sent instead of the 6000 that I requested. Regards, Prosper”.

Titilayo Ajayi said, “The app was quite straight forward but I’m looking forward to disbursement. After being credited, I will give the stars remaining. “Thank you.” Read the other customer reviews.

Be aware of your repayment plan when taking out a loan. The app may attempt to auto-debit you on the due date for the first installment of a 60-day loan. It might also charge you overdue fees before the end of 60 days.

To prevent automatic debit, you can change the password for your ATM card. The app is known to auto-debit customers after they make payments via bank transfer.

Most of these apps are loan sharks and may threaten to send you messages calling your family members a fraudster if you default on your payment. If you have other options, it is better to avoid these apps.

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What is the interest rate?

Credit offers the following services:
Lending term: You will be asked to repay the loan in 91-365 days.
Maximum loan amount: NGN 1,000 – NGN 100,000.
Interest rates: Rates up to 2.5% per Month and as high as 30% per Annum

Maximum loan amount: N10,000
Lender term: 91 days
Lender interest = 10,000 x 2.5%x3 = 750
Repayment amount: 10,000 + 10,000 x 2.5%x3 = 10,750
Monthly repayment amount = (10,000 + 10,000)/3 = 3,583

As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.

What are the requirements?

  • You can be a Nigerian citizen or resident.
  • At least 18 years of age
  • A monthly income source.
  • Attach your ATM card to the account
  • Give details about two of your closest relatives, including their telephone numbers.
  • You have a high credit score and no outstanding loans from any other lenders.
  • Maintain an active bank account
  • Your BVN must have your phone number.
  • You must have a valid ID card issued by the government.

What happens if I fail to repay my loan on time?

Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.

Customer service number for PP Loan App

  • Phone: +234 814 978 6116
  • Service Email: kispanigeriafintech@gmail.com
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