Bgloan app: interest rate, how to apply, is it legit - Startuppreneur

Bgloan app: interest rate, how to apply, is it legit

Bgloan is your best bet if you need quick loan. They are very fast in disbursing loan, within 30 minutes of submitting application your loan will be disburse.

Their loan is insecure which means you don’t need collateral or guarantor before you will obtian loan from them. Also you don’t need to leave your location with your smart phone, you will obtain the loan.


With bgloan app you can obtain up to #200,000 loan at a go

Requirement to obtain BG loan

Below are the requirement you need to meet up with before you can obtain loan from this app

  • Have bvn and bank account
  • Have good credit score
  • Be above 18 years of age
    Have source of income
  • Have smart phone with which to download the app

Once you meet up with this requirements you can go ahead and apply for the loan.

How to apply for Bgloan

The first step to take is to head over to play store and download the loan app

Register with your name, bvn and other details

You will be ask to bind your ATM card which might attract #30 fee, do so and proceed


Once you are done with registration you will be login to your account

On your dashboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much you can obtain from BGloan app

The maximum amount you can obtain with this loan app is #200,000. Since you are applying for the first time you will not be able to obtain up to this, as you continue to use the app the amount of loan you can obtain will be increase.

Bgloan interest rate and repayemt period

BG loan interest rate depend on the amount of loan obtain, it is 20% per annum while the repayment period is 7 days to 365 days also depend on the amount of loan obtain.

If you are applying for the first time, your interest rate will high while your repayment period will be short as you continue to take loan from them, this will improve.

Repaying your BG loan

You can payback your loan through bank transfer or through credit card

To payback your loan head over to your dashbaord

click on loan repayment

There you will see deferent option to pay back your loan

Click on one and make payment

Once you make payment it will reflect on your dashboard

If it does not you should contact them.

What will happen if I default or refuse to pay back

If you default you will be punish by Increase in your loan Interest rate which might be up to 2%.

If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.

Trust me this process is usually time consuming, your best bet is to pay your loan as at when due.

Is bg loan legit

Yes, by loan is legit, they will surely give you loan, though they are not license by CBN nor insure by NDIC

Our final verdict on bgloan app

Bgloan app is legit, they have given loan to many people in Nigeria. They gave positive review and good rating on play store. Their interest is not that bad except if you are applying for the first time.

The only problem with this loan app is that they are not license by CBN nor insure by NDIC therefore exercise caution when taking loan from this app, only take loan that you know you can pay back

BG loan contacts

Customer Service Email: [email protected] hotline: 09162827890Address: 28 Ondo street, Ebute-Meta Lagos


Bgloan app will surely give you loan, but do not take more than you can pay back, try to avoid embarks amber and had I know. Too much of loan is bad it will plunge you into debt.

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