Silkloan App Review, Is Silkloan App Real?, Is Silkloan App Legit Or Not?
Silkloan App Review, Is Silkloan App Real?, Is Silkloan App Legit Or Not?
Do you need a loan from Silkloan? Wait, kindly read this Silkloan App review till the very end. This is very important as it would certainly enable you to make an informed loan decision.
The Silkloan App is one such platform that aims to provide instant loans to individuals in need and in it, we’ll look into various aspects of the Silkloan App, including answer to “Is silkloan App legit, is silkloan app real, silkloan loan requirements, the Silkloan interest rate, app download, how to apply etc.
Without further Ado, let’s get started.
Silkloan App Review
User Ratings and Reviews
The Silkloan App currently holds a user rating of 3.2 stars on the Google Play Store, with less than one thousand reviews.
While this rating indicates a mixed reception, it’s essential to consider the specific feedback from users to understand the app’s strengths and weaknesses.
Features and Functionality
Silkloan offers a range of features designed to make the borrowing process as seamless as possible:
Loan Amounts: Users can borrow amounts ranging from ₦2,000 to ₦200,000.
Repayment Period: The repayment period varies from 7 to 360 days.
Annual Percentage Rate (APR): The APR ranges from 12% to 36.5%.
Application Process: The app promises a quick application process that can be completed in just three steps, taking approximately three minutes.
User Experience
The app’s interface is designed to be user-friendly, allowing users to navigate through the application process effortlessly. However, some users have reported issues with customer service and the app’s reliability.
Is Silkloan App Legit?
When it comes to lending loans to borrowers, Silkloan can be considered legitimate.
The app provides real loans to users and has a transparent process for application and repayment.
However, we need to note that Silkloan is not approved by the Central Bank of Nigeria (CBN).
This lack of approval may raise concerns for some users, but it does not necessarily mean the app is a scam.
Is Silkloan App Real?
Yes, the Silkloan App is absolutely real.
It is a known loan lender that has been providing financial services to users in Nigeria1. The app is developed by SILKROAD FINANCE LIMITED and has over 100,000 downloads on the Google Play Store.
Should I Borrow from Silkloan?
Deciding whether to borrow from Silkloan depends on your specific financial needs and circumstances. Here are some factors to consider:
Pros
- Quick Access to Funds: Silkloan provides instant loans, which can be beneficial in emergencies.
- Flexible Loan Amounts: The app offers a wide range of loan amounts, catering to different financial needs.
- User-Friendly Interface: The application process is straightforward and can be completed quickly.
Cons
- High-Interest Rates: The APR can be as high as 36.5%, which may not be affordable for all users.
- Not CBN Approved: The lack of approval from the Central Bank of Nigeria may be a concern for some users.
- Mixed User Reviews: The app has a mixed reception, with some users reporting issues with customer service and reliability.
Silkloan Requirements
To apply for a loan through the Silkloan App, you need to meet the following requirements:
- Age: You must be over 18 years old.
- Mobile Phone: A valid mobile phone number is required.
- Bank Information: You need to provide your bank details for the loan application.
Silkloan Interest Rate
The interest rate for loans on the Silkloan App varies depending on the loan amount and repayment period.
The Annual Percentage Rate (APR) ranges from 12% to 36.5%1.
For example, borrowing ₦12,000 at a daily interest rate of 0.1%, with repayment every 30 days for a total of six periods, would result in a total repayment of ₦14,160.
Silkloan App Download
The Silkloan App is available for download on the Google Play Store. To download the app:
- Open the Google Play Store on your Android device.
- Search for “Silkloan – Quick Cash Loan.”
- Click on the app and select “Install.”
Silkloan App APK Download
If you prefer to download the APK file for the Silkloan App, you can do so from trusted APK download websites. Ensure that you download the APK from a reputable source to avoid any security risks.
Read: Oyescredit Loan App Review, Is Oyescredit Loan App Legit Or Not?
Silkloan App Login
To log in to the Silkloan App:
- Open the app on your device.
- Enter your registered mobile phone number.
- Enter the OTP (One-Time Password) sent to your phone.
- Click on “Login” to access your account.
How to Get a Loan from Silkloan
Getting a loan from Silkloan is a straightforward process:
- Download and Install the App: Download the Silkloan App from the Google Play Store and install it on your device.
- Register: Open the app and register using your mobile phone number.
- Apply for a Loan: Select the loan amount and repayment period that suits your needs.
- Submit Required Information: Provide the necessary information, including your bank details.
- Receive Funds: Once your application is approved, the loan amount will be credited to your bank account.
Silkloan App Customer Care
If you need assistance or have any queries, you can contact Silkloan’s customer care through the following channels:
Customer Care Number: +234 916 997 3781
Email Address: help@silkloan.net
Office Address: Unfortunately, the specific office address is not provided on their official platforms.
FAQs On Silk Loan App Review, Is Silkloan App Legit, Is Silkloan App Real Or Fake?
The following are some helpful frequently asked questions on Silk Loan App Review, Is Silkloan App Legit, Is Silkloan App Real Or Fake? With their respective answers:
What are the Silkloan requirements?
To apply for a loan through the Silkloan App, you need to meet the following requirements:
- Age: You must be over 18 years old.
- Mobile Phone: A valid mobile phone number is required.
- Bank Information: You need to provide your bank details for the loan application.
Is Silkloan legit or not?
Silkloan can be considered legitimate when it comes to lending loans to borrowers.
The app provides real loans and has a transparent process for application and repayment. However, it is important to note that Silkloan is not approved by the Central Bank of Nigeria (CBN).
Is Silkloan App real or fake?
Yes, the Silkloan App is real. It is a known loan lender that provides financial services to users in Nigeria. The app is developed by SILKROAD FINANCE LIMITED and has over 100,000 downloads on the Google Play Store.
What is the Silkloan interest rate?
The interest rate for loans on the Silkloan App varies depending on the loan amount and repayment period.
The Annual Percentage Rate (APR) ranges from 12% to 36.5%. For example, borrowing ₦12,000 at a daily interest rate of 0.1%, with repayment every 30 days for a total of six periods, would result in a total repayment of ₦14,160.
How do I download Silkloan App?
To download the Silkloan App:
- Open the Google Play Store on your Android device.
- Search for “Silkloan – Quick Cash Loan.”
- Click on the app and select “Install.”
How do I get a loan from Silkloan?
Getting a loan from Silkloan is straightforward:
- Download and Install the App: Download the Silkloan App from the Google Play Store and install it on your device.
- Register: Open the app and register using your mobile phone number.
- Apply for a Loan: Select the loan amount and repayment period that suits your needs.
- Submit Required Information: Provide the necessary information, including your bank details.
- Receive Funds: Once your application is approved, the loan amount will be credited to your bank account.
How do I contact Silkloan customer care?
You can contact Silkloan’s customer care through the following channels:
- Customer Care Number: +234 916 997 3781
- Email Address: help@silkloan.net
- Office Address: Unfortunately, the specific office address is not provided on their official platforms.
Conclusion
The Silkloan App offers a convenient solution for individuals in need of quick financial assistance.
While it has its pros and cons, understanding its features, requirements, and user feedback can help you make an informed decision. Always consider your financial situation and the terms of the loan before borrowing.
