Eager Loan is a digital loan app in Nigeria that offers quick personal loans without collateral.
This loan app is developed by Eager Wings Nigeria Limited, one of the leading fintech companies in Nigeria.
The Eager loan app is among the loan app on Play Store. But before using it, it’s necessary to ask questions like:
Is Eager Loan legit?
How much can I borrow from Eager loan app?
What is the interest rate of Eager loan app?
Does Eager loan require BVN?
And many more…
In this review, we carefully dug out the hidden information, and real user reviews of Eager loan to give you a clear picture of this loan app that a lot of people don’t know about yet.
License/Regulation: Licensed by the Federal Competition and Consumer Protection Commission (FCCPC/DSE/INV/ML/469)
Loan Platform: Android & iOS
Loan Type: Short-term personal loan app
Availability: Nigeria Only
Collateral: Not Required
Verification: Required
How Eager Loan Works
Eager Loan is a mobile loan platform. This app operates 100% online through the app.
This app operates in a very simple way. All you need to do is to request a loan, and if your application approved, the money is sent directly to your bank account within few minutes.
Key features:
Loan Amount: ₦8,000 – ₦300,000
Repayment Period: 61 days – 180 days
Interest Rate: 0.034% – 0.094% per day (12.41% – 34.31% APR)
Application Process: in-app application
Approval: Quick approvals
Disbursement Period: Instantly
Eager Loan Structure
Loan Range: ₦8000 – ₦300000
Repayment Period: 61 – 180 days (2 – 6 months)
Collateral: None
Note: Eager Loan currently focus on personal short-term loans only. It does not currently offer business loans or salary-based lending.
Interest Rates and Repayment
According to the Eager loan terms, their interest is charged daily based on the loan amount.
Daily Interest: 0.034% – 0.094%
Maximum APR: About 12.41% – 34.31%
For Example: If you borrow ₦20,000 for 120 days from Eager loan at a mid-range APR, your total repayment could be roughly ₦21,440 including interest.
The good thing about them is that, your loan interest is calculated upfront and clearly shown before you even get the loan.
Eligibility Criteria
To be eligible to get a loan from the Eager Loan app, you you’ll need the following:
Be a Nigerian
Have a valid BVN
Be 18 years or older
Have an active bank account
You will also need a smartphone with internet access to be able to use Eager loan.
The app is currently on the Play Store as a flash loan app, but on the Apple App Store as Eager Loan with an average rating of 4.4 stars from thousands of ratings.
With this, we can assume that many users like the app. From users’ reviews, a lot of users recommend the Eager loan app because:
It is easy to use
Fast approval
Disbursement is quick
Simple interface
While some users complain that:
Interest is high
High-pressure, and aggressive loan collection tactics
Data privacy concerns
CBN Approval
Eager Loan is legally registered and appears on the FCCPC list of approved digital lenders.
This means it is regulated by the Central Bank of Nigeria (CBN) and is expected to follow the CBN lending rules in Nigeria.
Although the approval alone doesn’t automatically make perfect, it’s an indication that Eager loan is not a scam or illegal loan app.
How to Confirm if Eager Loan App is Approved?
To also check and confirm if Eager loan app is licensed and approved, follow these steps:
At the time of making this review, Eager Loan is listed among the “Fully Approved” loan apps on the FCCPC website.
Their app appears under the company name – “EAGER WING NIGERIA LIMITED” which also owns FLASH loan app.
Is Eager Loan Legit?
Yes! Eager loan app is legit. It operates under a licensed digital operator (Eager Wings Nigeria Limited) with the Company Registration No.: CAC No. 7570475
It is trusted because:
It is licensed and regulated
Has a quick loan process
Doesn’t require collateral
Has clear interest shown before you borrow
Has flexible repayment options
Eager loan APK download and How to Borrow
There are different methods to borrow from Eager loan, depending on the device you are using. Their app is available on iOS and Android.
They also have a website where users can create account and access some functionalities.
To borrow loan from Eager Loan, kindly follow these steps:
Download the apk from Google Play or Apple App Store or visit their website at https://eagerwingsng.com/
Register with your phone number and personal info
Provide BVN for verification
Link your bank account
Select loan amount and check eligibility
Read through repayment term
Submit your application and wait for approval
If you are qualified for their loan, you will receive funds directly into your bank account.
Alternatives
In case you are not okay with using Eager loan, then click here to see the top 20 loan apps you can try.
Conclusion
Eager Loan is a legit loan app in Nigeria that is fully licensed by FCCPC. It offers loans from ₦8,000 to ₦300,000 with a quick application and disbursement process.
Nevertheless, their loan is only suitable for short-term personal needs. I personally love this loan app because of:
Quick application or approval
No collateral required
Flexible repayment up to 180 days
Transparent interest rates
Fast disbursement
But before you take their loan, make sure you read their terms, check repayment obligations, and ensure to borrow responsibly.
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