The Echo Loan App which is also called Echoloan, is a digital loan app for borrowing loans in Nigeria. Just like other loan apps in Nigeria, Echoloan promises a quick loan offer that is accessible to mobile users.
Users are allowed to apply for loans through the app and if approved, the money is sent to your bank account.
According to loan review websites, the app is owned by a Nigerian company called TechEcho Innovations Ltd.
According FCCPC website, the app is registered with the Federal Competition and Consumer Protection Commission (FCCPC), which is the body that approves digital lenders in Nigeria.
But let’s not stop there. Let’s see what this app has to offer and what users are saying about it.
So for new users, this is how the echo loan app generally works:
Users are to first of all download and install the Echo Loan App.
Then create an account with their phone number and personal info.
Users are then asked to provide details like their BVN or NIN, bank account and do verification.
After creating an account, users can then choose how much you want to borrow, depending on how much they’re qualified for.
Then users submit their loan request and await approval (usually takes few minutes)
If approved, the money is sent instantly to the users’ bank account.
Sounds easy, right?
Well, what really matters is not the simplicity but how it actually plays out if things go out of proportion and what other users have been experiencing with them. We’ll talk about that as we proceed.
Echo Loan Amounts & Interest Rates
According to loan reviews from different sources and users of Echoloan:
Loan Duration: 91 days to 365 days (that’s about 3 months to 1 year).
Type of Loan: Personal loans only (no business loans)
Interest Rates: Around 12% to 18% APR
Now, let’s do a practical calculation. Let’s say you borrow ₦30,000 from Echo loan and the interest rate is 12% for 4 months.
So your total interest would be about ₦1,200, and you’ll be required to pay back ₦31,200 after four months. But is this really true?
That sounds like a sweet offer but what matters most is whether there are extra hidden fees that they may not let you know.
Well, their platform claims there are no processing fees or hidden charges, but it is important you carefully read their terms inside the app before you agree to take their loan.
Is Echo Loan App legit?
Yes! Based on users’ reviews and the necessary licensing, Echo Loan App appears to be a legitimate loan app in Nigeria.
The app is owned by a company called TechEcho Innovations Ltd, which is listed as a registered digital lender in Nigeria.
As at the time of making this review, the app doesn’t have any record of being blacklisted by regulators like the FCCPC, meaning it is a regulatory-abiding lending platform.
Is Echo Loan registered with CAC?
Since the app is owned by a registered Nigerian company, it suggests it is registered with the Corporate Affairs Commission (CAC).
So, yes! The Echo loan app through its parent company is registered with CAC, although online info doesn’t show the specific CAC registration number publicly.
Does Echo Loan have an FCCPC license?
Yes. Echo Loan App has been listed among the approved loan apps in Nigeria on the Federal Competition and Consumer Protection Commission (FCCPC) website.
That means Echo loan is a recognized and regulated to render digital lending services in Nigeria.
What is Echo Loan interest rate?
Just as we have stated earlier, the interest rate on loans from Echo Loan App is about 12% to 18% per loan amount.
Is Echo Loan App Approved by CBN?
It is compulsory that all digital lenders in Nigeria must register with FCCPC and follow CBN’s lending guidelines, but it is only banks or finance companies that get CBN licenses.
This implies that Echo loan app can not directly be licensed by the CBN, but can only be licensed through the parent company.
The parent company, TechEcho Innovations Ltd., that owns the Echo loan app is licensed by the Central Bank of Nigeria (CBN) which automatically means that Echo loan is operating under a CBN licensed company.
Does Echo Loan App have a physical office in Nigeria?
According to sources, rhwir official address is Plot 903 Tafawa Balewa Way, Garki, Abuja, and 16B Police Road, GRA, Ilorin, Kwara State, Nigeria.
Although some reviews mention 80 Kudirat Abiola Way, Ikeja, Lagos, as their office, but it’s not clear if that’s a real office or just a listed business address.
Has Echo Loan App been in any scandals?
As at the time of writing this, Echo loan doesn’t have any report of major scandals reported online specifically tied to the Echo Loan App.
EchoLoan APK Download
EchoLoan app is not available on Google Play store right now. If you want to download the APK, Go to official website echoloanapp.com. Navigate to Menus, then click on the download option in the menu.
Before installing, double-check the website address to be sure it is correct. After downloading, scan the APK file with a tool like VirusTotal to check for malware. During installation, review the permissions carefully. A loan app may request ID or location access, but if it asks for unrelated permissions, that is a warning sign.
If you enable “Install unknown apps” on your phone, turn it off after installation. Keep your phone updated and monitor the app’s behavior. If you notice anything unusual, uninstall it immediately.The safest option is always the official website. Take a moment to verify everything before installing.
Read Their Terms Before Borrowing: Before you borrow, read their repayment terms and conditions carefully
Don’t Share Extra Permissions: If the app asks you to grant them access to your photos, contacts, etc., be cautious. You have the right to decline their request.
Only Borrow What You Can Pay Back: Just because it is easy to get loan doesn’t mean they’re gifting you the money.
Pros of Echo Loan App
Licensed and regulated by FCCPC
Flexible repayment (3–12 months)
Clear interest rate
Fast disbursement
Cons
There are few public user reviews
Interest is still higher than most loan apps
Unclear late fees
Data privacy concerns
Although most of these are common with Nigerian loan apps, it is so important to proceed with caution.
