CocoLoan is a free-to-use financial app created by Francis Kemelayefa that offers loan products and services to Nigerian citizens. Here, you can borrow up to ₦50,000NGN to fund your personal or business needs in a safe and hassle-free way. The processing of loans is simple and does not require paperwork.

What’s more, CocoLoan boasts a security protocol that has been a standard in the financial industry to keep every transaction confidential. This lending app comes with a responsive interface, although there are times that it freezes especially when submitting your details. FairMoney – Instant Loan App is a similar program.

Secure and easy processing

In CocoLoan, your loan application can be approved in an instant. Once you have registered with your mobile number, you can now apply for a loan amounting from ₦10,000NGN to ₦50,000NGN. The entire process is remarkably simple. All you have to do is fill in your personal information and provide documents to prove your identity and eligibility based on Know Your Customer (KYC) guidelines.

You’re qualified for a lending product if you’re a resident of Nigeria, 18 to 60 years of age, and have a steady source of income. Plus, you can apply even if you don't have a credit score yet. The app is free to download, though you have to pay a service fee depending on your credit history. Successful borrowers can receive their money instantly through the bank account they provided. 

The app features a user-friendly interface which makes every transaction easy. The straightforward process means that you can depend on this app in times of emergency. However, it occasionally freezes, thus delaying the process. As for security, you can be confident that your data is safe since the app employs 256-bit SSL encryption. In other words, it makes use of a secure connection when transmitting your data.

Dependable but needs tweaking

For Nigerian residents in need of emergency funds, CocoLoan can be a reliable online platform where they can borrow cash. Applying for a loan through this free-to-use app is a breeze, and the approval can be fast too. It is also safe, so you don’t have to worry about your privacy. One drawback though is that it crashes from time to time. Fixing this bug is a welcome improvement.