Is Rocket Loan Legit in Nigeria or Another Scam?

Nigerian loan apps will normally promise you low interest rates, short loan tenure, and high loan amount disbursed. Unfortunately, some of them do the complete opposite. This is a user review about Rocket loans, an instant digital lender. You’ll find out if it’s legit or a scam.

Rocket is a lending app owned by Kenda Lending Limited. It is legit and fully approved by the FCCPC (Federal Competition and Consumer Protection Commission). The address is 86 Yaya Cres, Ajeromi-Ifelodun 102241, Lagos, Nigeria (suspicious). The website is kendalending.com. Rocket has a CAC (Corporate Affairs Commission) registration.

Is Rocket Loan Legit or a Scam?

Rocket loan is fully approved by the FCCPC, but this app is not as good as you think. First, the address of this lender is not a business location, and is suspicious.

As for the interest rate, Rocket takes a whooping 40%, and you have 7 days to pay back what you borrow. For example, if you apply for 10,500 naira, you have to pay Rocket loan 15,000 naira in 7 days.

Sometimes, even though your loan is not yet due, a Rocket loan agent may still message you about repaying what you borrowed.

There is no guarantee that you’ll be given this loan after submitting your BVN, NIN, etc. Even when you receive a loan, it’s something small—Rocket is known to have a small loan limit despite promising up to 300,000 naira.

Rocket app is easily the worst in terms of customer support—they don’t respond to messages and mail that concern your complaint after you have borrowed and repaid the money. Rocket loan is almost a clone of HiFund, which we have reviewed recently.

How Does Rocket Loan Work?

Rocket gives loans from 5,000 naira and above. Don’t install this app if you plan to take a loan of up to 300,000 naira as promised—the chance of getting it is very slim. This lender typically gives small loans, and takes credit history very seriously.

With Rocket loan, what you’ll experience is loan interest of up to 40% or more in 7 days. This lender is like any loan shark you’ll find out there.

How to Apply for Rocket Loan

Download the Rocket 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. As for the eligibility, you have to be resident in Nigeria and up to 18 years old but not older than 55.

Pros and Cons

Pros

Fully FCCPC approved
Has a CAC (Corporate Affairs Commission) profile
Available on Android

Cons

You have only 7 days to pay back
Not available on iPhone
40% high interest rate
Loan amount is typically very small
Poor customer support (typical loan shark type)
Contacts borrowers before due date

Is Your Personal and Bank Data Safe with Rocket Lender?

Kenda Lending Limited has not had complaints about customer data abuse. However, this loan app has a history of harassing defaulters, and sometimes calling borrowers before the due date. You can submit your personal and bank information to this app only on the basis that it has the FCCPC license. However, the experience as discussed in this review is likely what you’ll come across.

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 Rocket includes BVN (bank verification number), debit/credit card number, and bank account number.

When you install the Rocket 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. Rocket lender can also contact someone in your phone list, SMS, call list, etc.

Rocket app may not be a good loan app but it actually give loans.

Verdict

This lender is legit, and that’s because of its FCCPC license. If you can’t afford 40% interest rate, don’t bother borrowing money from Rocket. In this review, Rocket gets a 2 out of 5 rating for giving only 7 days to pay back.