SilkLoan is a mobile application that offers quick personal loans to users in Nigeria. The app provides loan amounts ranging from ₦2,000 to ₦200,000, with repayment periods between 10 to 90 days. The Annual Percentage Rate (APR) varies from 12% to 36.5%.
In this guide, I’ll show you everything you need to know to access silk loan services. Also included are details like interest rates, how to repay, is silk loan legit? And many more.
SilkLoan Requirements
To be eligible for a loan from SilkLoan, applicants must meet the following criteria:
- Be at least 18 years old.
- Possess a valid mobile phone number.
- Provide accurate bank account information.
These requirements ensure that the application process is smooth and that funds are disbursed to the correct account.
How to Apply for a Loan on SilkLoan App
Applying for a loan through the SilkLoan app is straightforward. First, download the SilkLoan app from the Google Play Store. After installation, open the app and register by providing your mobile phone number and other required details.
Once registered, you can select the desired loan amount and choose a suitable repayment period. After reviewing the loan terms, submit your application for approval.
The steps are pretty simple and straightforward. Just download silk loan app and lunch it to begin. The app will walk you through the process.
Is SilkLoan Legitimate?
While SilkLoan offers accessible loan services, potential users should exercise caution. Reports indicate that the app may engage in practices such as notifying a borrower’s contacts about outstanding debts and sending persistent messages via platforms like WhatsApp.
Additionally, there are concerns about high interest rates on overdue payments, which can escalate rapidly from 1% to 5% per day. Moreover, SilkLoan has been noted to operate without proper licensing, raising questions about its legitimacy.
User Experiences and Reviews
User feedback on the SilkLoan app is mixed. Some users appreciate the quick access to funds, while others have reported challenges. Common complaints include difficulties in receiving One-Time Passwords (OTPs) during the application process and delays in loan approval.
Additionally, some users have expressed dissatisfaction with the app’s customer service and communication practices.
How to repay
To make a repayment, simply log into the silk loan app and click on loans, then repayment. You will find your curent loan balance. Click Repay and choose whether to pay all or in part.
You can as well let solkloan auto debit you on the due date. All you have to do is put enough money in your bank account linked to the app.
Silk loan app download
Now, you may want to know how and where to download Silk loan app. As always we recommend you download loan apps only on official websites and trusted app stores like Google play store and Apple app store.
You can install silk loan here if you’re an android user.
Conclusion
SilkLoan provides a platform for quick personal loans in Nigeria. However, potential users should be aware of the app’s practices and the associated risks. It’s advisable to thoroughly read and understand the terms and conditions before proceeding with any loan application.
