Is WeCredit Loan App Legit? The Review to Read

When you need an instant loan, you may be tempted to install and apply for it using just any app that promises an instant loan. Unfortunately, you may end up frustrated. There are many loan apps in Nigeria, and one such is the WeCredit loan app. In this review article, I’ll be answering a very important question: is WeCredit loan app legit? No, it is not legit and no longer accredited in Nigeria by the FCCPC. It is also questionable at the same time. You will find out why.

This app is meant to give loans to people who urgently need money. WeCredit loan app is managed by Finnew Fintech Limited. They typically give small to medium-sized loans. But before you apply for a loan here, you need to be sure if it’s worth it—you do not want to damage your credit history by applying for a loan from random apps.

Is WeCredit Loan App Legit? An Honest Review

Is WeCredit Loan App Legit

No, WeCredit loan app isn’t legit. But don’t rush in. I have some other things you need to know that will help you make a better decision. First, when I started my research on this app, the first words I read on the Google Play store from a user was, “Borrow at your own risk (referring to WeCredit).” But then, user experiences are all different, and whether WeCredit is reliable or not is also subjective.

Importantly, this loan app is no longer regulated by the federal government in Nigeria. It has been added to the list of delisted apps by the FCCPC (Federal Competition & Consumer Protection), which regulates loan apps in Nigeria. You can even check this for yourself via the FCCPC as this company or loan app is no longer listed as one of the recognized ones—this also means that it is questionable to a high degree. However, some of Finnew Fintech’s apps, including NCredit, NMoney, BGLoan, etc., are fully approved.

Some of the Google Play Store reviews seem made up and not genuine. I understand that sometimes, app developers receive reviews that are not from genuine people, whether positive or negative. In the case of WeCredit, these positive reviews don’t seem legit as they all have some tone of people who review without even using the app. This is one observation you should consider.

The major problem I found that screams “scam” about WeCredit is their interest rate, even though the app is legit. Its high interest rate is the primary reason a lot of borrowers consider this app a scam even though this is a legit company that actually gives out loans to people. For example, you could apply for a loan of 7,000 naira and then you’re credited 4,340 naira. Now, you have to pay back 7,000 naira in 7 days, which is outrageous. You’re repaying almost half the money back to WeCredit in a very short term. Some users, during the research, reported the app does not even show the interest amount or term of repayment.

So, these are the major question marks that you should look into about this app. Otherwise, WeCredit is no longer legit, and it is an outrageously high-interest loan app.

How Does WeCredit Work?

WeCredit is just an app for you to sign up, request, and obtain instant loans. You can borrow amounts from NGN 10,000 to NGN 200,000. The duration for repayment can be anywhere from 7 days to a full year (365 days). The annual percentage rate (APR) for interest is between 10 and 30%, according to WeCredit but it can be really higher than this rate. Just make sure you see the amount you are repaying to this app before approval.

Let’s see an example. If you borrow NGN 20,000 with an annual interest rate (APR) of 12% for a period of 180 days, the interest you’ll pay is calculated as NGN 20,000 * 12% / 365 * 180, which comes to NGN 1,183. So, the interest on your loan will be NGN 1,183. This is just an example because the interest rate is usually really higher than this.

Also, WeCredit tends to take the interest before paying out the loan on some applications. For example, you can request 10,000 naira, only to be credited with 6,000. So, you have to repay 10,000 naira, and WeCredit’s interest becomes 4,000 Naira.

How to Apply for a Loan on WeCredit

First, make sure you are eligible to apply.

  1. You need to be living in Nigeria.
  2. You should be between 18 and 60 years old.
  3. You must have at least one valid bank account.

Now, the application steps are very simple:

  1. Download the WeCredit app from the Google Play Store.
  2. Register an account.
  3. Submit your phone number.
  4. Fill out online forms.
  5. Submit your valid ID.
  6. Submit a loan application by clicking the Withdraw button. That’s all.

You should receive the loan amount in a few minutes.

WeCredit is Safe or Not?

We’ve seen that WeCredit is not legit but is it safe in terms of how it manages your personal data? Well, let’s judge this from what WeCredit’s privacy policy says as well as the real-world experience of its users. This loan app has a privacy policy page where it talks about how consumer data is handled. You can find this when you install and open the app. Let’s look at the key information.

When you use this loan app, such as filling out forms, allowing access to your social media, or contacting WeCredit, you provide them with personal information. This includes your name, address, contact information, financial and employment data, and more. WeCredit also collects your contact lists from your device for risk analysis, but only with your permission. It also claims that it never shares this data without your consent. For risk management, this app gathers SMS content, again only with your consent. WeCredit will also require camera access to let you upload your KYC and other documents required during your loan application process.

This is just a summary of the main information you need to know right now from their privacy policy. Now, as for real-world experience, a lot of borrowers have complained that WeCredit usually contacts them or their shared contacts about loan repayment. This is not supposed to happen, and it’s unprofessional of the app, irrespective of how difficult some borrowers tend to be when it’s time to repay their loan.

Is WeCredit Worth It?

For the basic reasons, WeCredit is not okay and not worth it. You can easily download the app on your smartphone, and you need just your mobile number for registration. The loans are accessible to everyone, but some borrowers still get rejected if WeCredit thinks they may not be able to pay back.

Pros and Cons of WeCredit

Let’s look at some of the pros and cons.


  • Instant loan approval.
  • Available on the Google Play store.
  • Customer support phone number (sometimes switched off, though).


  • Not approved by the FCCPC
  • WeCredit is a loanshark.
  • The company can directly message your contacts if you default on repayment.
  • High-interest rates.
  • Not available on the Apple App Store.
  • Limited customer service working hours (9:00 to 18:00).
  • Usually offers short loan term.
  • Reports of their loan recovery agents calling and messaging borrowers even before the due date.

What Do Users Have to Say About this Loam App?

Well, users have had a lot to say, and I found that the most prevalent complaints that WeCredit may or may not have addressed have to do with the high-interest rates. A lot have called the app a scam because of this. Also, some report that the agents reach out even before the loan term expires. These have been the only major complaints about the app.


So, no, the WeCredit loan app is not legit and no longer approved by the FCCPC. They will give you that instant loan but the interest rate may not be friendly. I understand the reason for WeCredit’s high interest is due to a lot of Nigerians being considered high-risk borrowers. So, the app tries to cover potential losses by charging higher on applications. Even this is not a justifiable reason for such extreme rates. Well, it’s a loan shark after all.

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