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

Weshare loan app: interest rate, is it legit, how to apply

Weshare is a loan app where you can obtain instant loan without collateral or paper work. It is one of the best loan app in Nigeria, you don’t need to visit any location, with your smart phone you will obtain the loan.

Their loan processing is very fast within 30 minute of submitting application, your loan will be disburse. With this loan app you can obtain up to #500,000 loan at a go.


What is weshare loan app

As stated above Weshare is a loan app, but apart from this you can also buy airtime and pay for subscription using this app


Requirement to obtain loan from weshare loan app

To obtain loan from his app you need to meet up with some requirement which are

  • Have bvn and bank account
  • Be above 18 years of age
  • Have good credit score
  • Reside in Nigeria
  • Have smart phone with which to download the loan app

How to apply for weshare loan app

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 weshare loan app

The maximum amount you can obtain form this loan app is #500,000 but as a first timer, you will not be able to get up to this, your loan eligibility might be around #40,000. As you continue to use the app this will increase.

Weshare loan interest rate and repayment period

We share interest rate is between 5% to 20% depending on the amount of loan obtain and the repayment period.

Their repayment period is between 7 days to 180 days. As a first timer, you will be given high interest rate and your repayment period will be short. As you continue to use the app this will improve.

Paying back your weshare loan

To payback your loan head over to your dashboard

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 weshare loan app legit

Yes, Weshare loan app is legit, if it is to give loan they will surely give you loan. They have given loan to many people in Nigeria, but they are not license by CBN nor insured by NDIC.

Our final verdict on weshare loan app

Weshare loan app will survey give you loan, they have both positive and negative review on play store which is not encouraging. They do not send defamatory message to their defaulter’s contacts which is a good thing.

Since they are not license by CBN, you should exercise caution when dealing with this loan app


As you have read above Weshare loan app will surely give you loan but take loan that you know you can pay back to avoid embarrassment.

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