Is Tiger Credit Loan App Legit? Reviewed with Experience

You are going to see a lot of loan app adverts, each promising low interest rates and up to 180 to 365 days of loan term. Unfortunately, a lot of them lie about almost everything they advertise or pay the likes of TikTok influencers to talk about their apps. In this review, we will scrutinize Tiger Credit. Is Tiger Credit a legit loan app or just another lender who will damage your credit history? We’ll find out.

Tiger Credit is a lending app owned by Hollandale Nigeria Limited. They also own KKCash, EasyKash, etc. Tiger Credit 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 84 Adeniran Ogunsanya St, Surulere 101241, Lagos. The website is tigercreditapp.com.

Is Tiger Credit Loan App Legit?

Yes, Tiger Credit 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. Tiger Credit’s idea of offering loans is welcomed but some of its activities are shady and questionable.

This lender, through its staff, will encourage people to take a loan and repay in 2 hours to be able to access more after that. And this comes with interest. Basically, it’s a matter of “take my money and pay me back ASAP with more money”. Unfortunately, this is the beginning of a bad customer experience.

Tiger Credit 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, Tiger Credit 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 Tiger Credit 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 Tiger Credit loan does is that you’ll be credited for just clicking to review how much loan you can get.

Now, another major problem with Tiger Credit is that the app will display a loan amount of 30,000 naira. However, when you apply for this loan, Tiger Credit 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.

Tiger Credit 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, Tiger Credit 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 Tiger Credit manually manages the disbursement, and they are very inaccurate with the management which ends up reporting false customer data.

How Does Tiger Credit Work?

Tiger Credit gives loans from 2,000 naira and above. If you install this app with the hopes of collecting a loan of up to 500,000 naira with a long loan term, that’s giving you false hope. This lender typically gives small loans only.

Tiger Credit promises a maximum interest rate of 35% 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, Tiger Credit will likely give you 6,000 naira to pay back 11,000 naira. Tiger Credit takes interest up front, as such, it does not disburse the complete loan amount.

How to Use Tiger Credit Loan App

1. Download the Tiger Credit app from the Google Play Store.
2. Open an account with your personal and bank information.
3. Submit your registration information.
4. 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 between 18 and 60 years old.

Pros and Cons

Pros

• Tiger Credit actually gives a loan.
• Available on Google Play Store.
• FCCPC approved but fairly legit.

Cons

• Tiger Credit 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.
• Tiger Credit 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 Tiger Credit Lender?

Hollandale Nigeria 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 Tiger Credit includes BVN (bank verification number), debit/credit card number, and bank account number.

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

It’s up to you to make this decision. Tiger Credit 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, Tiger Credit 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, Tiger Credit gets a 2.5 out of 5 rating.

Read Also: CayCredit Loan App Review [Not a Perfect Loan App]