Is Fastcoin Loan App Legit or Fake? A Review

Mobile loan apps are now a popular commodity in Nigeria no thanks to the hardship going on in the country. Many people see it as the quickest way to borrow money as getting one from traditional banks is like scaling Mount Everest.

The Fastcoin loan app is one of the many loan apps making waves in Nigeria, but is it legit? Is this loan app approved by the CBN? Or is it another loan shark waiting to consume you with high-interest rates and aggressive debt collection practices?

This post is a review of the Fastoin loan app. Here we will take a look at the terms and conditions, interest rates, legitimacy, customer care details, user reviews, etc. At the end of this post, you will have a clearer understanding of how the Fastcoin loan app works and whether to go ahead and borrow from it.

Before diving in, a crucial disclaimer: This blog post aims to inform and raise awareness, not promote any specific loan app, including Fastcoin. B4Loan does not endorse any loan app nor are we affiliated to one. It’s essential to conduct thorough research before using any financial service.

Brief Info About Fastcoin

Fastcoin is an online loan app by Uni Technology Nigeria Limited, the same company that owns HCWallet. The loan app, which promises loans of up to 100k without collateral, was previously known as Fastcash but was rebranded as Fastcoin after Google removed the former from its store due to a series of user complaints. However, the Fastcoin app has once again been removed from the Play Store, raising suspicions of fraudulent practices.

Fastcoin Loan App Requirements:

To be eligible for a Fastcoin loan, you need to meet the following requirements:

• Age: You must be between 18 and 60 years old.
• Contact Information: A valid phone number is required.
• Banking Details: Applicants need to provide their bank account information.

Application Process:

To apply for a Fastcoin loan, you would need to download the Fastcoin loan app and register by providing your bank account details and BVN (Bank Verification Number). A confirmation code will be sent to the phone number linked to the BVN. Once registered, you can apply for a credit limit. Upon approval of the credit limit, you can then be able to borrow within this limit.

Fastcoin Loan Interest Rate

Based on users’ reports, the Fastcoin loan app is known to charge very high interest rates on their loans. This rate can go as much as 50% of the loan amount and can even be more if you default on payment.

Is Fastcoin Approved by the CBN?

No, the Fastcoin loan app has not been approved by the CBN. The parent company, Uni Technology Nigeria Limited, does not hold any CBN license nor is their app operating under the umbrella of another licensed company.

Is The Fastcoin Loan App Legit?

The Fastcoin loan app has raised numerous concerns and garnered many negative reviews, especially regarding its interest rates and debt collection practices. Many users have accused the loan company of calling and sending defamatory messages to their contacts. Based on these factors and the fact that it does not hold a CBN license, we cannot say it is legit.

Red Flags and Concerns:

Several factors raise concerns about Fastcoin’s legitimacy:

• Limited online presence: Finding reliable information about Fastcoin is challenging. Its website’s authenticity and registration details are unclear.
• Negative reviews and warnings: Online complaints mention hidden fees, aggressive debt collection tactics, and difficulty contacting customer support.
• Possible inclusion in fake loan app lists: Some sources list Fastcoin among apps flagged as potentially fraudulent.
• Removal from the Google Play Store: Apps that were once on the Play Store but later removed are known to have committed serious offenses and violated Google’s policies. Removal from the Play Store means the Fastcoin loan app could be indulging in fraudulent schemes.

But are there any positives?

• Ease of borrowing: While this should ordinarily not be considered a positive aspect, it appears that borrowers find the application process quick and straightforward, with funds disbursed promptly upon approval.

What You Should Do:

• Exercise extreme caution: Given the red flags, proceed with utmost caution if considering Fastcoin.
• Explore alternatives: Many reputable and regulated lenders offer similar loan services—research extensively before choosing any app.
• Verify legitimacy: Check the lender’s registration with relevant authorities such as the CBN and the FCCPC. Look for transparent terms and conditions and clear contact information.
• Beware of hidden fees: Understand all fees and charges associated with the loan before accepting it.
• Never share sensitive information: Avoid sharing personal details or banking information with untrusted apps.

FAQs:

Q: Is Fastcoin listed as a legitimate lender by any official body?

A: No, the Fastcoin loan app is not listed as a legitimate lender by the CBN or the FCCPC.

Q: What are the alternatives to Fastcoin?

A: Consider established banks, credit unions, or reputable online lenders with clear regulatory oversight.

Q: What are the risks of using potentially fake loan apps?

A: Risks include hidden fees, predatory lending practices, data breaches, and aggressive debt collection tactics.

Q: What should I do if I’ve already used Fastcoin?

A: If you’ve used Fastcoin and have concerns, carefully review your loan agreement and contact information. Consider reporting the loan app to relevant authorities if you suspect any fraudulent practices.

Remember:

Your financial well-being is the most important. Prioritize safety and transparency when seeking loan services. Do your research, choose carefully, and never hesitate to walk away if anything feels suspicious.

Please note: This is just a starting point for your research. It’s important to consult with financial experts and conduct your own due diligence before making any financial decisions.

Notice