KoboGo Loan App Review: Pros and Cons

KoboGo loan app is an online loan service, where you can apply for short-term loans in the amount of 5 000 to 100 000₦ in 1 minute with a minimum package of documents.

Upon approval, money is disbursed directly to your account number instantly! To do this, you need to download the application on your phone and verify your identity in order to receive a loan offer.

Pros

• Duly incorporated with the CAC and registered with the FCCPC.
• Minimal documentation requirements.
• Revolving loans, customers can get higher loan amounts as they repay previous loans.
• High loan amount up to #100,000.

Cons

• Short repayment terms, starting at just 7 days.
• Privacy concerns, app requests bank app access from some customers.
• Delay in disbursement of loans.

KoboGo Loan App Requirements

You can get a loan from KoboGo if you meet the following requirements:

• You have a valid ID showing you are at least 18 years old.You have a BVN.You have good credit history with other lenders.You have a regular source of income.

KoboGo Loan Interest Rates

General information about the service:
• Minimum term of using the credit: 5 days.
• Maximum term of using the credit: 90 days.
• Minimum annual interest rate: 3.711%.
• Maximum annual interest rate: 438%.
• Minimum age to get a credit: 18 years.

Example of interest rate calculation:
Third credit, interest rate of 1.2% per day:
10,000 NGN for 65 days, the amount to be paid is 17,800 NGN.
10,000 NGN of principal debt + 7,800 NGN of accrued interest.

Interest rates and loan terms are usually lower for first-time borrowers. You can improve on that by repaying your loans on time.

How can I get an instant loan from KoboGo?

You need an Android phone of iPhone and a BVN. That’s all! Download the KoboGo app from the Google Play or App Store. Sign up with the phone number linked to your BVN, answer a few questions, and confirm your identity to receive a loan offer. If you accept it, you will receive your loan instantly!

Is KoboGo Loan App Legit?

KoboGo Loan App is legit and duly registered with the FCCPC. Customers can get short-term loans for emergency use, do not rely on such loans to fund your lifestyle or business as they can be very expensive with high interest rates.

KoboGo Loan Customer Service Number

09022428161 Email: info@kobogo.ng
Website: KoboGo.ng

How much can I borrow and for how long?

KoboGo offers loans from loans of up to 100 000₦ for a period of up to 30 days. The better your lending history and positive behavior, the more you can access and the longer the period!