Is BGloan Legit in Nigeria? Honest Review in 2024

When I was about to download BGloan for this review, the first Google Play review I read was, “All very fishy app”. Well, I needed to know why the said person described this loan app in such words, so I did some deeper research and some findings which I will share with you today. So, the question I’ll be answering is: is BGloan legit in Nigeria? I’ll be honest, BGloan is legit because it is one of the approved loans in Nigeria. At the same time, some of its activities are questionable.

BGloan is registered under the name Finnew Fintech Limited. They also own other loan apps such as WeCredit. In this post today, I’ll walk you through some important information you need to know about this app before installing it and requesting a loan with it.

Is BGloan Legit in Nigeria?

BGloan app is 100% legit and approved by the FCCPC (Federal Competition & Consumer Protection Commission). This app is under the name Finnew Fintech Limited. While legit, it’s a questionable app.

First, let’s talk about some of the fake reviews. I know a lot of apps do get fake reviews. Usually, these are paid for to influence the reputation of the said app. Unfortunately, I have seen this with the BGloan app, which is not promising. A lot of the reviews on this app seem very fake. BGloan is a loan app that gives loans to Nigerians, however, you will find foreign names reviewing the app positively, all of them using the same review structure that shows they have never used the app. These reviews seem AI-generated.

The ridiculously high interest rate charged by this app is the reason a lot of borrowers call it a scam, even though it is a legit app that actually gives you a loan. For example, you could borrow 10,000 naira only to be credited with 6,000 naira, which is an upfront deduction of interest by BGloan. So, if you needed 10,000 for your situation, you now have to look for an additional 4,000 naira balance while still owing BGloan 10,000 naira.

There are also reports of this app disbursing unwanted loans to your account and expecting you to pay back like you requested the loan in the first place.

So, the biggest reasons this app is considered a scam by borrowers are just the high interest rate and unfriendly relationship with borrowers. Even the app reviews are questionable.

How Does BGloan App Work?

• You can borrow between ₦3,000 and ₦200,000.
• The loan term can be anywhere from 7 to 180 days.
• According to the app, the interest rates range from 0.75% to 1.9% monthly, or 9% to 23% annually, depending on your credit score. Now, this is the part you have to be really careful with when borrowing because the interest rates are typically a lot higher than this.
• The highest annual interest rate you’ll see is 23%, according to BGloan but don’t take their word for it. Make sure to verify the percentage and be sure you know what you are agreeing to.

Let’s make an example.

Say you borrow ₦5,000 for 6 months at our monthly interest rate of 1.9%. That means your monthly interest would be ₦95 (since ₦5,000*1.9% = ₦95). After 6 months, you’d pay back ₦5,570 in total, which includes your original ₦5,000 plus ₦570 in interest. This is just an example because the interest rate can be a lot higher than this.

Now, to apply for a loan with BGloan, you need to be a Nigerian citizen aged between 18 and 60.

Is BGloan Worth It?

If you really need an instant, small loan for a few days, like 7 days, and don’t care about really high-interest rates, BGloan is worth it. However, if you need a loan that you can repay without being disturbed even before the due date, then BGloan is not for you. They sometimes send unsolicited messages to borrowers, even when the said customers have not defaulted on the loan. The decision is yours to make, depending on your situation.

Is BGloan App Safe?

BGloan is not necessarily safe as any app that has access to your private information can potentially misuse it. So, like any loan app, the BGloan app collects your personal data to determine what loan amount you can qualify for as well as check if you are high risk or low risk in terms of repaying the amount you agree to borrow.

I have checked its privacy policy page in the app. Here is summarize information on the important aspects of your data. BGloan needs access to your camera to take photos of your KYC documents and other important documents, and then upload them to the app during the loan application. It also collects contact information from your device and sends it to api.appbgloan.com to identify trustworthy references for risk assessment. The app also uses your phone’s status to identify you for risk assessment by interested parties. BGloan will also collect your SMS information and send it to api.appbgloan.com to find references for risk assessment purposes.

So, that’s all you need to know. But can I say that your personal information is safe here? They may promise to keep it safe but it’s not 100% safe.

How to Obtain Loan on BGloan App

1. First, download BGloan from the Google Play Store onto your phone.
2. Enter your phone number to get a verification code.
3. Fill out your personal details to make future loans easier.
4. Choose how much you want to borrow and for how long, then get your loan straight into your account.

This is how simple it is to obtain a loan here.

Pros and Cons of BGloan App

So, let’s look at the common pros and cons that make up this loan app.

Pros

• Available on Google Play Store.
• FCCPC approved.
• Instant small to medium loan approval.
• No collateral and paperwork.

Cons

• Many fake reviews on the Google Play Store.
• High interest rate.
• Cases of abusing the privacy of borrowers who default.
• Slow customer service.
• BGloan takes their interest upfront. For example, if you request a loan of 6,000 naira, they can credit you 3,000 naira after interest and other fees, and you have to repay 6,000 naira.
• It’s a loan shark.
• Not available on the Apple store.
• They do not have an active website. The site they provide in the privacy section of their app is inaccessible at the time of making this review. If you do find that, let me know in the comment section.

Conclusion

BGloan is legit but needs to work on its interest rates, openness to customers, and customer relationships. I understand that some Nigerian borrowers can be a serious pain when it comes repaying loan amounts. However, it doesn’t sit right to treat every borrower as birds of the same feathers. Perhaps BGloan needs to devise a better means to determine whom to give the loans to. Or it can raise the approval standard to make sure it is dealing with borrowers who are lower risks.

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