With so many digital lenders in Nigeria, you want to be careful with whatever app you install for a quick loan. Not many of them are worth it, even though they make attractive promises of low interest rate and longer repayment tenure. In this review, we will scrutinize QuickCheck. I’ve been thorough with this loan app, and hope this information will help you know what to expect in general.
QuickCheck is a lending app owned by Arve Limited. This lender is legit because it is fully approved by the FCCPC (Federal Competition and Consumer Protection Commission). The physical address is 13 Town Planning Way, Ilupeju, Lagos. The website is quickcheck.ng.
Is QuickCheck App Legit?
QuickCheck is a legit loan app fully approved by the FCCPC. No, it isn’t a perfect app but the in-app experience is user friendly and neat. And for an instant loan shylock, QuickCheck has its flaws, especially their high interest rates. QuickCheck charges about 25% in loan interest.
For a loan app that claims to offer fast loans for business, what can qualifying an applicant for 5,000 naira do for their business? Nothing, of course. So, the claim that it’s a business loan is not really it as most applicants need money for their business.
How long you have used QuickCheck does not determine the loan amount you can qualify for. Repaying your loan doesn’t also guarantee that you’ll be given a loan the next time you apply.
Compared to many loan apps, QuickCheck is one thorough app when it comes to loan approvals. Its loan approval rate is low, and they take your credit rating seriously. If you owe other apps and banks or have a history of defaulting, you might not be approved.
Like other typical loan apps, however, QuickCheck can access your bank account and withdraw money without your authorization if you have defaulted. This is normal, and shouldn’t be a surprise because QuickCheck can legally auto-debit your account if payment is not received as scheduled.
As for responding to reviews, QuickCheck does great on this one. They reply to each complaint, however, their responses often either ask people to consider improving their ratings or contacting them directly. Not to give you high hopes though, direct support can be slow, and sometimes doesn’t immediately solve your problem.
By the way, one thing I feel QuickCheck should stop doing is getting borrowers to leave them a review, sometimes before obtaining a loan. Any customer or potential customer who feels like it will leave a review. It’s not like giving this lender 5 stars will guarantee a loan—it doesn’t. QuickCheck should make this clear from onset so it doesn’t look like they are farming reviews to outperform other apps.
It seems this lender is more interested in its app reviews than actually making sure borrowers have the best experience.
How Does QuickCheck Work?
QuickCheck gives loans from 1,500 naira and above, but promises a loan up to 1 million naira. If you install this app with the hopes of collecting an instant loan of up to 1 million naira for your business, that’s giving you false hope. Your credit history needs to be extremely good to obtain this amount. Otherwise, you’ll be given like 5,000 naira or less than this amount.
QuickCheck promises 91 days to 1 year with an APR of 30% to 260% per year. And an interest rate of as low as 5% but you’ll actually experience is 20 to 25%.
How to Use QuickCheck App
- Download the QuickCheck app from the Google Play Store. It’s not available for iOS users
- 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. As for the eligibility, you have to be resident in Nigeria and up to 18 years old.
Pros and Cons
Pros
- QuickCheck gives a loan
- Fully FCCPC approved
- Has a CAC (Corporate Affairs Commission) registration
Cons
- Only supports Android phones
- High interest rates
- QuickCheck forces you to leave a review without guaranteeing a loan
- Charges 50 naira for card binding with no guarantee of loan approval
Is Your Personal and Bank Data Safe with QuickCheck Lender?
QuickCheck’s Arve Limited has not had any customer data abuse reports. However, you cannot 100% trust this loan app with your personal and bank information.
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 QuickCheck includes BVN (bank verification number), debit/credit card number, and bank account number.
When you install the QuickCheck app, information collected from your device, either with 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. QuickCheck lender can also contact someone in your phone list, SMS, call list, etc.
It’s up to you to make this decision. QuickCheck app may not be a perfect loan app but one thing they can do is actually give loans to qualified profiles, even though their interest rate is not the best.
Verdict
This loan app is legit because of its current FCCPC status. If you can’t afford the high-interest loans, don’t bother borrowing money from QuickCheck. Overall, it’s a great app for borrowing money with fairly decent customer experience. It’s better than many loan apps out there.