Silkloan Loan App Review: APK Download, Customer Care Number
Need silkloan APK to download or their customer care number? If you’re in Nigeria and urgently need a personal loan, the Silkloan app might seem like the perfect solution. With fast disbursements, a low barrier to entry, and no collateral requirements, Silkloan promises loans between ₦2,000 and ₦100,000 with just a smartphone.
But while the app claims to offer convenience and transparency, many users have reported questionable practices, high interest rates, and a lack of control over repayment terms.
In this comprehensive Silkloan app review, we dive into everything you need to know before applying — from the application process, loan terms, real user feedback, to whether Silkloan is legit or a scam.
What Is Silkloan?
Silkloan is a digital loan platform that provides quick, unsecured loans to Nigerians. It’s marketed as a hassle-free option for individuals who need emergency funds — no guarantor, no paperwork, and no bank visit required.
Key Loan Features:
- Loan Amounts: ₦2,000 to ₦100,000
- Loan Tenure: 30 days
- Interest Rate: 16% – 21% monthly
- Eligible Ages: 18 to 60 years
- Customer Care Number: 018889599
How to Apply for a Silkloan in Nigeria
Applying for a Silkloan is relatively simple, but some steps may raise concerns:
Step-by-Step Process:
- Download the Silkloan app from the Google Play Store.
- Register using your BVN-linked phone number.
- Complete your KYC details, including employment info, next of kin, and address.
- BVN Verification – Required to assess your creditworthiness.
- ATM Card Binding – You pay a ₦30 fee to “increase approval chances.”
- Submit a clear live selfie for identity confirmation.
- Loan Application Review – Takes under two minutes.
Once approved, the app can automatically credit your account — even before you accept the loan terms, a key complaint among users.
Is Silkloan Legit or a Scam?
Silkloan is a legit microfinance app, and it is not a scam in the conventional sense. It does provide loans and allows repayments, but several questionable practices have made users suspicious:
- Automatic disbursement before acceptance
- Undisclosed repayment schedules
- Extremely high interest rates, especially on short-term loans
- Unclear repayment options
Since Silkloan is not licensed by the Central Bank of Nigeria (CBN), borrowers must proceed with caution.
Interest Rates and Repayment Terms
Silkloan advertises monthly interest rates between 16% and 21%, but many users report higher effective rates once the repayment schedule kicks in.
🔎 Example Breakdown:
- Loan: ₦10,000
- Tenure: 30 days (but often weekly repayment enforced)
- Interest: ₦2,100
- Total Repayment: ₦12,100
- APR (Annualized): Over 200%
These high-interest rates are not clearly shown upfront, leading to confusion and dissatisfaction.
What Real Users Are Saying About Silkloan
🔴 Common Complaints
“I was credited even before accepting the loan. Then they split the repayment into weekly installments at ridiculous rates.”
— Alozie Stephen, July 2, 2025
“The app doesn’t let you choose a repayment plan. You just see money sent and then outrageous charges added.”
— Victoria Okon
“They take your card details and send money without confirmation. That’s not a loan — that’s a trap.”
— Mary Olatunji
“Interest rates are too high. Also, I was harassed with calls before the due date.”
— Various user reviews
These reviews echo a growing concern about user consent, lack of clarity, and aggressive repayment tactics.
🟢 Positive Feedback
Not all users are dissatisfied. A few found Silkloan helpful:
“Nice platform. Fast service.” – Wisdom Mathew, 4-star review
“Great customer service. Loan was processed quickly.” – Yusuf Mistura
These suggest the app works well for some users, especially those who repay early and accept the default terms without issue.
Red Flags to Watch Out For
Silkloan’s app behavior has led many to label it “predatory”:
- Loan disbursed before acceptance – Technically allows them to enforce repayment without your agreement.
- Hidden repayment terms – Weekly payments, not monthly as advertised.
- Inability to return funds – You can’t cancel a loan once disbursed.
- Unclear interest rates – No proper calculator or transparency on how much you’ll owe.
- Data privacy concerns – BVN and debit card info required upfront.
Silkloan Customer Care Information
If you experience issues, here are the official Silkloan contact details:
- Phone: 09154689915
- Email: [email protected]
- Address: 51 Apapa Wharf Road Expressway, Lagos
Keep in mind: multiple users report poor customer support or no response to complaints.
Benefits of Using Silkloan (When It Works)
- Fast loan disbursement – Money lands in your account within minutes.
- No collateral or paperwork – Just a BVN and phone.
- Straightforward app interface – Easy navigation.
- Helps build credit score (if repaid on time).
For users who follow the process, repay promptly, and understand the risks, Silkloan can be a useful short-term loan option.
Who Should Use Silkloan?
Silkloan may be useful if:
- You need small emergency loans
- You’re okay with short repayment periods
- You can repay in full quickly
- You’re comfortable with high effective interest
It is not ideal for those looking for:
- Transparent, monthly repayment options
- Low-interest loans
- Customer-centric platforms
- Central Bank-regulated lenders
Final Verdict: Should You Use the Silkloan App?
Silkloan is a quick loan app with serious downsides. While it offers genuine credit to Nigerians without collateral, the experience is marred by shady practices, high interest rates, and lack of transparency.
Silkloan Pros:
- Instant disbursement
- Simple to apply
- No collateral
- Works on Android devices
Silkloan Cons:
- Automatic disbursement without user consent
- No option to choose repayment terms
- Very high effective interest rates
- Limited customer support
- Not regulated by the CBN
If you choose to use Silkloan, read all fine print, be ready to repay quickly, and don’t borrow more than you can afford to lose. For more stable options, consider alternatives like FairMoney, Carbon, or Branch, which offer more flexible terms and better transparency.
