Credit Wallet Loan App Review by Borrower [Real or Fake?]

Before you take an instant loan, interest rate, app license and reputation, and repayment tenure are some of the things you look at. A lot of loan apps are going to promise you these but only 1% of them actually do what they promise in their ads. So, is Credit Wallet a “promise and do” or just one of those scam, loan sharks? We’ll find out if Credit Wallet is legit in this review.

Credit Wallet is a lending app owned by Princeps Credit Systems Limited. It is fairly legit because it is fully approved by the FCCPC (Federal Competition and Consumer Protection Commission) but still very shady in its activities. The address is 23 Opebi Rd, Allen, Ikeja 101233, Lagos. The website is

Is Credit Wallet App Legit?

Credit Wallet is fully approved by the FCCPC. However, it doesn’t mean that this loan app is perfect. First, don’t be fooled by fake reviews and false ads that make promises you will never experience. Credit Wallet’s idea of offering loans is welcomed but some of its activities are shady and questionable.

Credit Wallet charges 100% in loan interest. This lender’s app also has the reputation of forcing a loan on people who do not need it so that Credit Wallet gets to prey on your funds.

Let’s see examples. If you borrow 450,000 naira for 12 months, you’ll have to pay back 1.18 million naira.

On their website, there are links to Apple App Store and Google Play Store. However, those links lead to nowhere as Credit Wallet has no app on these platforms. So, yes, it’s a lie that this app is downloadable on reputable app stores. This is why Credit Wallet operates as a web app. What this lender has is a Google business profile with some dishonest reviews.

Anyone would be upset by this practice, and it’s unfair to borrowers. Credit Wallet also has a reputation for contacting borrowers before the due date with unprofessional messages.

Also, if you repay your loan, Credit Wallet may still display the initial loan on your dashboard, and claim that you are owing the said amount of money. It seems that Credit Wallet manually manages the disbursement, and they are very inaccurate with the management which ends up reporting false customer data.

How Does Credit Wallet Work?

Credit Wallet actually gives loans to to one million naira and above. Not everyone qualifies for the higher amount. That’s not even the problem—the actual problem is Credit Wallet’s extremely high interest rates.

Credit Wallet promises a low interest rate per month with loan terms of up to 12 months unlike Tiger Credit and OxLoan Pro. You’ll actually get long term to pay back but what you’ll dislike is the high loan interest of up to 100%, with up to 10% of daily interest if you exceed your due date. So, if you take a loan of 450,000 naira, you will likely pay back 1.18 million naira.

How to Borrow Money from Credit Wallet App

Remember that Credit Wallet currently only has a web app and not one you can download from Android or Apple store. Follow these steps to borrow from Credit Wallet:

  1. Go to
  2. Enter the amount you want to borrow. The minimum is 30,000 naira.
  3. Select your loan tenure between 2 months and 12 months.
  4. Accept the loan terms and conditions. Here, you’ll see the monthly interest rate and the amount you will be charged per month
  5. Open an account with your personal and bank information.
  6. Submit your registration information.
  7. Apply for a loan.

If your loan application is approved, the money will be credited to your bank account.

Pros and Cons


  • Credit Wallet actually gives a loan
  • Lends up to 1 million naira
  • FCCPC approved but fairly legit
  • Up to 12 months loan tenure


  • Credit Wallet is a loan shark
  • Not available on the Apple App Store and Google Play Store
  • Loan disbursement is not instant
  • EXTREMELY high interest rates
  • Poor customer service
  • Disturbs borrowers before the due date

Is Your Personal and Bank Data Safe with Credit Wallet Lender?

Princeps Credit Systems Limited has not had any major customer data abuse reports. However, you cannot trust this loan app with your personal and bank information.

Now, let’s talk about the information it collects. Personal information collected includes your name, age, email address, phone number, personal description, marital status, photograph, username, NIN, and home address (such as utility bill). Bank information collected by Credit Wallet includes BVN (bank verification number), debit/credit card number, and bank account number.

When you sign up for the Credit Wallet, information collected includes your device ID, device type, IMEI, GPS information, device operating system, and IP address.

It’s up to you to decide if you should borrow from Credit Wallet. This lender may not be a perfect web loan app but one thing they can sometimes do is actually give loans, even though they can sometimes be shady.


This lender is fairly legit because of its current FCCPC status. However, Credit Wallet can be a shady and misleading lender. If you can’t afford the high-interest rates, don’t bother borrowing money from them. In this review, Credit Wallet gets a 2.5 out of 5 rating because they lend up to 1 million naira for 12 months.

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