Reviewing Fitloan App

Some loan apps are either not just serious or built to prey on and manipulating unsuspecting borrowers. This is reality today, and we typically experience this with loan sharks. But is Fitloan different? Can we trust Fitloan to fulfill its promises? Well, this is a Fitloan review you need to read. Hopefully, Fitloan is able to improve and be transparent for better customer satisfaction.

Fitloan is a product of Finnew Fintech Limited, the owners of BGLoan loan app, which we have previously reviewed. It is a fully approved loan app by the FCCPC (Federal Competition and Consumer Protection Commission). This lender’s location is 49 Balogun St, Lagos Island, Lagos, Nigeria. It isn’t a perfect app, and we will find out where this lender gets it all wrong.

An Honest Review: Is Fitloan App Legit or a Loan App Scam?

The first impression about Fitloan is that even 1 star rating is too much. And then, when you look at some of its activities, you think this is a scam app. Well, Fitloan is legit because it is fully approved by the FCCPC but it isn’t a perfect app, and currently not worth it.

First, Fitloan’s 5 star reviews are laughable. Going through them, you can tell that these aren’t genuine reviews. As a lender, when you do the right thing, you’ll naturally receive good reviews. But in this case, Finnew’s Fitloan app does not contain honest reviews. This is a major observation you would want to also look into.

Also, the amount of money Fitloan promises before the loan approval is not the amount you actually receive. For example, if you select 3,000 naira, you will get 1,800 naira to repay 3,000 within 7 days. Within the app, you’ll see promises of a minimum of 3 month loan and all that but it’s actually 7 days for the minimum.

The interest rate here is extremely high as you could see in the example above. So, if you borrow 1,800 naira to repay 3,000 naira in 7 days, that’s a good business for them. For you, it’s bad business because You’re literally giving Fitloan free money.

Aside the expensive interest rate, Finnew’s Fitloan app collects their interest up front. For example, if you borrow 10,000 naira to pay 15,000, you’ll be credited only 6,000 naira to repay 10,000. This is fraudulent since it’s not part of your initial agreement. If you decide to go with this app but have this experience, do not accept the loan.

Fitloan’s customer care experience is below average. We give them 1 out of 5 rating. Sometimes, they even call or message borrowers before the due date. Also, the customer service’s responses to public reviews are generic. If they respond to your review, they’d typically ask you to send your contact information and complaint via their email. Unfortunately, you are not even guaranteed a resolution.

How Does Fitloan App Work?

Fitloan is a loan, not a reliable one. You can borrow from 500 naira and above. One other problem with this app is that you  seldom qualify for any tangible amount of money. So, if you open Fitloan to take out a loan for your business, that will be your first mistake.

How it works? Let’s look at Fitloan’s example. Let’s say you borrow 10,000 naira for 120 days and have to pay 600 in interest. That will be 10,000 x 0.05% x 120 days. You’ll pay a 30 naira service fee (10,000 x 0.3%). So, every month, you’ll pay 150 naira in interest (10,000 x 0.05% x 30 days). For one month, your payment will be ₦2,650, which includes both the part of the loan you are paying back and the interest (10,000/4 + 150). The total amount to pay back becomes 10,630. This includes your original ₦10,000 plus ₦600 in interest and a ₦30 service fee.

Above is Fitloan’s juicy promise but the reality is different. The summary of the reality is that if you request a loan of 10,000 naira to repay 15,000 naira, Fitloan will credit you will 6,000 naira to repay 10,000 naira in 7 days. That’s 40% interest. Now you know the truth. Unfortunately, the loan isn’t even as instant as claimed.

How to Use Fitloan App

1. Download the Fitloan app (previously known as SpeedLoan).
2. Fill out the loan application form with your personal and bank information, including your BVN.
3. Request a loan (this isn’t instant).

To use Fitloan, you have to be aged between 18 and 60 years old. You need a valid government-issued ID and a bank account. Fitloan also requires borrowers to live in Nigeria.

Pros and Cons

Pros

• Fitloan is fully approved by the FCCPC.
• You can borrow small loans.

Cons

• It’s a loan shark.
• Poor customer service.
• The loan amount is typically smaller than advertised.
• High interest rates.
• 7 days to repay small loans.
• Fitloan does not issue instant loan as claimed.
• At the time of this review, Fitloan was using the regular Gmail address, which shows unprofessionalism.
• At the time of this review, Fitloan had no accessible website.
• Fitloan deducts loan interests upfront. As such, they disburse less than the amount you applied for.

Is Fitloan App Safe for Your Personal Information?

Right now, Finnew’s Fitloan is not the loan app you want to give your personal and bank information.

Fitloan does not clearly reveal the personal and bank information they’ll collect from you upon installing their app and signing up. Information Fitloan will collect from you include your name, email address, home address, photos, BVN, ID, device type, IP address, bank statement, etc.

If Fitloan has treated you unfairly in any way, report it to the FCCPC. Make sure to include records of your conversation with this loan app, including voice records, messages, etc. Also, if Fitloan pays you any amount less than what you saw in the app, do not accept the amount. Report the transaction to both the FCCPC and your bank.

Verdict

So, Fitloan is the worst loan app ever? Well, it seems Finnew Fintech Limited has a lot of improvements to do on this one. Fitloan is not recommended.

Read Also: Urgent10k Loan App Review