We have had to deal with so many fake and unlicensed loan apps in Nigeria when looking for low interest and longer repayment term. In this review, ONEX loan is being scrutinized so that you’ll know if it is an app you should install or uninstall.
ONEX is a lending app owned by Tyonex Nigeria Ltd. This lender is not legit because it isn’t approved by the FCCPC (Federal Competition and Consumer Protection Commission). The address is KM 22 LASU/Ojo Rd, Egan, Igando-Ikotun LGA, Lagos (fake address). The website is tyonex.online.
Is ONEX Loan Legit?
No, ONEX is NOT legit. When you visit this app’s site, it displays a large banner claiming that it is licensed by the FCCPC. However, checking the FCCPC list of apps, this app is not being listed in any of the the FCCPC’s lists, including, full approval, conditional, watchlist, and delisted.
The physical address provided by this lender is not reachable. This is a characteristic of a fake loan app.
Following a name search on the CAC (Corporate Affairs Commission) database, ONEX is registered under Tyonex Nigeria Limited, which is an inactive CAC profile. As such, it isn’t a trusted app to borrow from.
Tyonex Nigeria Limited shows its physical address to be KM 10, Lasu/Ojo Road, Egan, Igando-Ikotun, LGA, Lagos, and the website is tyonex.com.ng. Its privacy policy shows that ONEX Loan is domiciled at East Legon, Accra, Ghana.
ONEX charges up to 68% in loan interest. Not sure if they even have access to any legal facility to check your credit history and determine what loan amount to lend. Therefore, this lender just lends and expect you to pay back, which is how it profits.
As an example, if you apply for a loan of 8,500 naira, you’ll be credited 4,500 naira to pay back 8,500 naira.
ONEX has a poor reputation of forcing loans on people once they have your personal and bank information. For them, it’s risky business but they still go ahead with it anyway. Then they will start disturbing you to back ASAP.
How Does ONEX Work?
ONEX gives loans from 700 (seven hundred) naira to 8,000 naira. It’s a lender with high interest rate. If you apply for a loan of 8,500 in the app, you will be sent only 4,500 naira and expected to pay back 8,500. Therefore, ONEX charges its high interest upfront. This is a small money lender for someone who needs quick, low amount of cash. You can’t borrow more than 9,000 naira.
How to Use ONEX App
- Download the ONEX app from the Apple App Store
- Open an account and submit your personal and bank information
- Apply for a loan
If your loan application is approved, ONEX Loan will credit your bank account with a lower amount of money than you applied for. As for the eligibility, you have to be resident in Nigeria and up to 18 years old.
Pros and Cons
Pros
- Available on Apple App Store
- Can lend as low as 700 naira
Cons
- High interest rate
- Not approved by the FCCPC
- It’s a loan shark that harasses defaulting borrowers
- Inactive CAC profile
- No legit physical address in Nigeria
- Maximum loan amount is 9,000 naira
- Only available on iOS (Apple)
- Not available on Android
- Short loan repayment term
Is Your Personal and Bank Data Safe with ONEX Lender?
Tyonex Nigeria Ltd is not a licensed digital lender in Nigeria. As such, you cannot 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 ONEX includes BVN (bank verification number), debit/credit card number, and bank account number.
When you install ONEX 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. ONEX can also contact someone in your phone list, SMS, call list, etc.
Verdict
This loan app is NOT legit because it’s not a licensed digital lender by the FCCPC. If you can’t afford its high-interest loan, don’t bother borrowing money from ONEX. In this review, ONEX gets a 1 out of 5 rating for operating without a license.
Read Also: Apply and Get a Loan from ALAT
Please how can I stop onex loan from forcing loan on me
If ONEX is forcing a loan on you, you don’t have to worry. Just block them. And if you didn’t submit your personal (other than your email and phone number) or Banking information (like your card info, etc.) to them, that’s a plus for you. However, if you submitted your bank information to this unauthorized lender, please contact your bank, and change your information as soon as you can.
I borrowed from them now I want to pay back but I can’t find the app how am I going to pay back