Alend Loan App Review, Download, Interest Rate, Real or Fake?

The Alend Loan App markets itself as a reliable, fast, and user-friendly platform for obtaining personal loans in Nigeria. With promises of low interest rates, no collateral, and quick disbursements, it has garnered attention from many users in urgent need of financial assistance.

Today, we have decided to take a look at everything you need to know about this Loan App, including its features, interest rates, requirements, and more. We’ve gathered real users experience on Alend loan and ready to make a critical and honest review based on our experience and these other users’ experiences.

We implore you to take time to read through before taking Alend Loan.

What is Alend Loan App?

Alend Loan App is a digital lending platform designed to provide instant loans to Nigerian residents. The app operates entirely online, meaning no paperwork or collateral is required. With loan amounts ranging up to ₦1,000,000 and repayment terms of up to 365 days, it aims to cater to both individuals and small business owners in need of quick cash.

Pros

1. Ease of Use
   Many users praise the app for its simple interface and straightforward registration process. Applying for a loan is fast, with minimal documentation required.

   “The app is easy to use & disbursement is fast…”

2. Quick Approval
   Several customers noted that loan approvals are typically swift, making Alend a good option for emergency financial needs.

   “My first-time experience was smooth. I paid back before the due date…”

3. Flexible Loan Tenures
   Users appreciate the app’s repayment terms, which extend up to 365 days, offering flexibility to borrowers.

   “…Have loan tenors for one month and more. Suitable for both businesses and civil servants in need of a quick loan.”

Cons

No doubt, Alend Loan app is legit. However there are things you need to know before taking their loan. Take note of the following:

1. High and Misleading Interest Rates
   While the app, through its website alend.ng, claims interest rates as low as 2%, many users report much higher rates in practice. Some mention paying over 50% in interest for short tenures, while others cite up to 80% for three-month installments.

   “The app is easy to use but their interest rate is crazy. It’s more than 50% for 2 months installment…”

   “I literally borrowed an amount of 25k and an interest of about 13k was added…”

2. Delayed Disbursements
   Despite promises of instant crediting, many users complain about delays in receiving funds even after approval.

   “I applied for a loan since yesterday, and it was approved. Until now, I have yet to receive an alert…”

   “Disbursement is quite poor. It can take over an hour to be credited.”

3. Aggressive Collection Practices
   Alend has been heavily criticized for its aggressive and intrusive debt collection methods, even before the due date. Customers report receiving threats and unprofessional messages, leading to dissatisfaction and frustration.

   “My loan wasn’t even due, and they started sending me stupid texts with words like ‘GOAT’ and ‘UNGRATEFUL’…”

   “…Your so-called agents harass people… even when one’s repayment date is not yet due.”

4. Inconsistent Loan Policies
   Several users report inconsistencies in the loan approval process, such as rejected applications despite a history of timely repayments.

   “…I was given a coupon… but on applying for another loan, you rejected my request… I’m not pleased with this pattern of inconsistencies.”

5. Lack of Responsive Customer Support
   Customers frequently highlight the app’s unresponsive customer service, especially when issues like delayed disbursements arise.

   “I have been calling customer care since morning, and they keep telling me, ‘I will get back to you.’”

Alend Loan Interest Rates

While Alend advertises interest rates as low as 2% per month, it’s crucial to examine the repayment terms carefully. The actual rate may vary based on the loan amount and duration, with effective rates sometimes significantly higher. For example:

• Loan of ₦100,000 for 90 days: Repayment of ₦100,500 (2% per month).
• Loan of ₦1,000,000 for 360 days: Repayment of ₦1,020,000 (2% per month).

However, users have reported higher effective interest rates for shorter tenures or when opting for installment payments.

We advise you to always review the total repayment amount before proceeding with the loan on Alend app.

How to Apply for Alend Loan

To apply, follow the steps below:

1. Download the App
   Download the Alend Loan App from Google Play store and register with your personal details.
2. Fill in Your Loan Application
   Select your desired loan amount and tenure, and provide your bank account details.
3. Submit and Wait for Approval
   The system evaluates your application instantly, and approved funds are disbursed to your account.

More things to know

Alend Loan Requirements

To qualify for a loan on the Alend App, you need to meet the following requirements:

• Be a Nigerian resident aged 18–55 years.
• Have a valid BVN
• Provide a receiving bank account.
• Complete the registration process within the app.

Repayment Options

Repaying your loan is simple with the Alend App. Payments can be made directly through the app using your preferred payment method. Early repayment is encouraged, as it may improve your eligibility for larger loans in the future.

Our recommendations for Alend Loan

1. Transparent Interest Rates
   Alend must clearly outline its actual interest rates and charges to prevent misunderstandings and build customer trust.
2. Improve Disbursement Speed
   Address delays in crediting approved loans to ensure customers receive funds promptly.
3. Reform Debt Collection Practices
   Adopt professional and courteous debt collection methods to maintain a positive relationship with customers.
4. Enhance Customer Support
   Improve responsiveness and accessibility of customer service to address complaints effectively.
5. Reward Loyal Customers
   Recognize and reward customers who consistently repay on time by offering better rates or higher loan limits.

Is Alend Loan App Real or Fake?

The Alend Loan App is a real platform that provides loans to users in Nigeria. It is operated by LITTLEANT LTD and is available for download on app stores. The app offers features like quick loan approvals, flexible repayment terms, and collateral-free borrowing.

However, as explained earlier, user experiences with the app vary. While many find the app reliable and efficient for urgent financial needs, others have raised concerns about issues such as disbursement delays, high effective interest rates, and aggressive debt collection practices.

Before using the app, it’s essential to review its terms and conditions carefully and ensure you understand the repayment requirements to avoid unexpected issues.

Final Verdict

The Alend Loan App has potential as a fast and convenient loan platform, but its execution falls short in some critical areas. While some users report satisfactory experiences, high interest rates, inconsistent policies, and aggressive debt collection practices can not be overlooked. For those considering taking a loan from Alend, it’s essential to weigh these factors carefully and read the terms thoroughly before proceeding.

Alend has room for improvement, and addressing these issues could make it a more trustworthy option for Nigerian borrowers. For now, prospective users should proceed with caution and consider other alternatives if the cons outweigh the pros in their specific situation.