With the current economic situation in the country and how people are in deep need of money, the Twale loan app is for every average person.
This Twale loan app review will give proper information on what a loan app is, how to register, how to take a loan from the app, the loan amounts, and whether they are legit or not.
Read Also: Okash Loan Review In Nigeria (All You Should Know)
What Is Twale Loan?
Twale Loan is originally known as SwiFund, a Nigerian mobile lending platform offering short to medium-term personal loans digitally.
Promising a simple application process, no collateral, no hidden fees, and rapid disbursement, it aims to serve Nigerians needing urgent financial assistance.
How To Download And Install the Twale Loan App On Your Device
To get a loan or begin to use this platform on your device, you need the Twale mobile application. It is available on the Google Play Store.
Steps to download the Twale app include opening the Google Play Store on your Android device, searching for “Twale Loan App”.
Then click Install and wait for the app to download. Lastly, launch the application by clicking the launch or open app option.
How To Register For Twale
To register for Twale, you just need a smartphone, an internet connection, a valid BVN (Bank Verification Number), and an active bank account. On the registration page, you are asked for your phone number only.
Before submitting the above details, an individual needs to have downloaded the official app from the Play Store or App Store and not from any unverified websites as directed above.
Loan Amounts And Terms
Loan Amounts: ₦1,000 up to ₦250,000, with some promotional claims of up to ₦500,000 credit limit. Repayment periods are generally between 91 and 180 days.
Interest Rates on this app are charged on a monthly basis. Monthly interest ranges from 2% to 4.08%, leading to APRs between 24% and 48.96%.
Example: For a ₦5,000 loan over 91 days at ~12.24% total interest, interest comes to ₦612, total repayment = ₦5,612.
Late / Overdue Fees: Charges between 2% to 5% per day on delayed payments.
Application Process And Eligibility
Who Can Apply?
Nigerian residents aged between 20 and 60 years. To apply, you need to download the Twale Loan app. Register and complete the loan application within the app.
Wait for evaluation, the app claims it’s quick. Then receive funds directly into your bank account, often almost instantly.
Data Privacy And App Permissions
Before you can get a loan, the app requires extensive permissions to access your data privacy.
These include Location (GPS), your call logs, contact lists, installed apps, device identifiers, camera access (for identity verification), and calendar access.
While the Twale loan app claims encryption and no third-party sharing unless permitted, these permissions may raise privacy concerns.
Safety Tips For Using Twale Loan
Read all loan terms, especially interest and late fees, before accepting. Secondly, repay on time to avoid compounding interest and harassment.
Use Truecaller or similar apps to block harassing calls. Keep proof of application and repayment screenshots, messages, and transaction receipts, should any disputes arise.
Lastly, consider structured alternatives (like bank loans or microfinance institutions) for fairer terms if urgent needs are recurring.
How Do I Repay My Twale Loan?
You can repay your Twale Loan directly through the app using your debit card or bank transfer. Automatic debit options are also available to help you avoid missing the due date.
Early repayments may improve your credit score and unlock higher loan amounts in the future.
Is Twale Loan Legit Or Not?
Yes, Twale Loan appears to be a functioning app and may disburse loans as advertised. However, legitimacy does not equate to fairness or borrower-friendliness.
There are no clear indicators that it’s regulated by the Central Bank of Nigeria (CBN), a typical benchmark for financial credibility in Nigeria.
Conclusion
While Twale Loan (formerly SwiFund) delivers on its promise of quick digital loans, its appeal comes with significant caveats.
High APR, aggressive late fees, privacy concerns, and troubling user feedback indicate the need for cautious evaluation.
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