It’s not a reliable loan if the lender has a predatory reputation, lies about its interest rates and repayment terms in its ads, or has unprofessional customer service. None of us wants to install a terrible loan app, and in this review, we will scrutinize OmegaLoan. Is OmegaLoan app legit in Nigeria or is just another shady lender? We’ll find out.
OmegaLoan is a lending app owned by Easycheck Finance Investment Ltd. They also own OneCash, FlyCash, RiteCash, etc. OmegaLoan app 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 5b Ojekunle Street, off Ladipo St, Mushin, Lagos. The website is omegaloanng.com.
Is OmegaLoan App Legit?
Yes, OmegaLoan 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 claims you will never experience. OmegaLoan’s idea of offering loans is welcomed but some of its activities are shady and questionable.
OmegaLoan charges about 50% in loan interest and wants you to pay back within 6 days. In addition to the interest rate, if you default on this loan, OmegaLoan will add approximately 10% interest each day you fail to pay back. Now, that’s predatory.
This lender’s app also has the reputation of forcing a loan on people who do not need it so that OmegaLoan gets to prey on your funds.
Let’s see examples. If you borrow 19,200 naira, you’ll have to pay back 30,000 naira in 7 days. What OmegaLoan lender does is that you’ll be credited for just clicking to review how much loan you can get.
Now, another major problem with OmegaLoan is that the app will display a loan amount of 30,000 naira. However, when you apply for this loan, OmegaLoan will disburse only N19,200 naira to pay back 30,000 naira in 6 days. Anyone would be upset by this practice, and it’s unfair to borrowers. For every overdue day, you’ll be charged an additional 1,500 naira—this is extremely predatory.
OmegaLoan also has a reputation for contacting borrowers before the due date with unprofessional messages.
Also, if you apply for a loan that is approved but has not been disbursed into your account, OmegaLoan will still go ahead and display the loan on your dashboard that you are owing the said amount of money, even if your bank confirms that no such money entered your account. It seems that OmegaLoan manually manages the disbursement, and they are very inaccurate with the management which ends up reporting false customer data.
How Does OmegaLoan Work?
OmegaLoan gives loans from 2,000 naira and above. If you install this app with the hopes of collecting a loan of up to 150,000 naira with a long loan term, that’s giving you false hope. This lender typically gives small loans only.
OmegaLoan promises approximately a maximum interest rate of 10 to 25% per year with loan terms of up to 91 to 180 days. All false. What you’ll experience is loan interest of up to 40% or more, with up to 10% of daily interest if you exceed your due date.
So, if you ask for a loan of 10,000 naira, OmegaLoan will likely give you 6,000 naira to pay back 11,000 naira. OmegaLoan takes interest up front, as such, it does not disburse the complete loan amount.
How to Use OmegaLoan App
- Download the OmegaLoan app from the Google Play Store.
- Open an account with your personal and bank information.
- Submit your registration information.
- Apply for a loan.
If your loan application is approved, the money will be credited to your bank account. Unfortunately, you won’t be given huge loans by this lender.
As for the eligibility, you have to be resident in Nigeria and up to 18 years old.
Pros and Cons
Pros
- OmegaLoan actually gives a loan
- Available on Google Play Store
- FCCPC approved but fairly legit
Cons
- OmegaLoan is a loan shark
- Not available on the Apple App Store
- The loan review process takes too long.
- Loan disbursement is not instant
- Extremely high interest rates
- The loan term is not as advertised Rather, you typically have only 7 days to repay your loan
- Unprofessional and unhelpful customer service
- Loan amount is very small
- Disturbs borrowers before the due date
- OmegaLoan takes interest up front and, as such, does not disburse the complete loan amount
- Loan approval is slow
- Talks customers into rating their app, which is predatory
Is Your Personal and Bank Data Safe with OmegaLoan Lender?
Easycheck Finance Investment Ltd. 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 OmegaLoan includes BVN (bank verification number), debit/credit card number, and bank account number.
When you install the OmegaLoan app, information collected from your device, either your permission or no permission, includes your installed apps, device ID, device type, IMEI, GPS information, device operating system, IP address, personal contact numbers, call logs, SMS logs, Facebook friends and other social media accounts, photos, and videos or other digital content. OmegaLoan lender can also contact someone in your phone list, SMS, call list, etc.
It’s up to you to make this decision. OmegaLoan app may not be a perfect loan app but one thing they can sometimes do is actually give loans, even though they can sometimes be shady.
Verdict
This app is fairly legit because of its current FCCPC status. However, OmegaLoan is a shady and misleading loan app with false ads. If you can’t afford the high-interest rates, don’t bother borrowing money from them. In this review, OmegaLoan gets a 1 out of 5 rating.
Read Also: Is Tiger Credit Loan App Legit? Reviewed with Experience
