As the cost of living is continually on the rise, many Nigerians usually find themselves out of cash before their next payday and therefore resort to taking loans for urgent needs. Getting a loan from the bank is by no means an easy task as the process is usually long with lots of paperwork to be done. This is where loan apps like Mintbag come into the picture.

Mintbag is an Android loan app by Phoenix Payment Solution Limited that promises to grant users up to 200k in loans. They do not require you to submit collateral or bring a guarantor, and you can get the loan approved in a few minutes if you qualify. But is the Mintbag loan app legit? Is Mintbag real or fake? Are they licensed by the CBN? These and many more questions will be answered in this post.

So before you begin the loan application process with Mintbag, you should know all there is to know about this app by reading this post to the end.

Mintbag at a Glance:

Mintbag review

  • Target Audience: Nigerian citizens aged 22 and above with a bank account.
  • Loan Amounts: ₦10,000 to ₦200,000.
  • Loan Terms: 7 to 31 days.
  • Interest: 25% to 50%.
  • Key Features: Easy online application, fast approval process, quick disbursement.

Mintbag Download and Log In:

Mintbag is currently available on the Google Play store, so downloading is straightforward. Once downloaded, you can begin the registration process by submitting basic information like your phone number, BVN, and bank account details. If approved, you can access your loan and manage your account through the app’s user-friendly interface.

Mintbag Review: Is it A Legit Loan App?

Judging by the many negative reviews from Mintbag users across the Google Play Store and Facebook platforms, it appears that the Mintbag loan app can not be trusted. Although, at number 108, Mintbag is part of the digital lending platforms that have full approval from the FCCPC, they are not licensed by the CBN.

Many users have accused the loan company of disbursing loans they never applied for, others have accused them of calling and sending messages to their contacts, and yet many have lamented concerning the very high-interest rate they are made to pay for a very short loan of around 7 days.

The fact that they cannot secure a CBN license raises eyebrows concerning their financial stability, lending practices, and commitment to consumer protection. While FCCPC approval provides some assurance regarding basic guidelines, it doesn’t offer the same level of rigor and oversight as a full CBN license.

The Good:

  • Accessibility: Mintbag provides quick and easy access to loans without complex documentation, making it a viable option for those with limited financial resources.
  • Convenience: The entire loan process, from application to disbursement, is handled through the app, offering maximum convenience.
  • Fast Approval: The app boasts a high approval rate and speedy loan disbursement, ideal for urgent needs.

The Bad:

  • High-Interest Rates: Compared to traditional lending institutions, Mintbag’s interest rates can be steep, ranging from 25% to 50%.
  • Short Loan Terms: Loan terms are relatively short, from 7 to 30 days, which can be challenging for users.
  • Potential for Debt Trap: Repaying short-term loans with high-interest rates can lead to a debt cycle, so borrowing responsibly is crucial.
  • High Penalty Fee for Loan Default: Users are made to pay ridiculous fees as a penalty for late repayment.

Mintbag Customer Care & WhatsApp Number

To reach out to Minbag, you can either send them an email message or chat with them via WhatsApp.

The email address to send your emails to is: BABEBOB162@GMAIL.COM

Unfortunately, Mintbag has not made public an official WhatsApp or phone number so you can only reach them via email for now.

Is Mintbag Right for You?

Whether or not Mintbag is the right choice for you depends on your circumstances. If you need a small, quick loan for an emergency and can comfortably repay it within a short timeframe, Mintbag can be a convenient solution. However, if you require a larger loan amount, better interest rates, or a longer repayment period, exploring alternative options like traditional banks or other monthly repayment loan apps might be more suitable.


  • Always borrow responsibly and only what you can afford to repay.
  • Carefully review the loan terms and interest rates before applying.
  • Consider exploring alternative borrowing options for larger needs.
  • Repay your loans on time to avoid late fees and potential defamation from loan apps.


Many loan apps change their interest rates and repayment terms over time. Always review the terms and conditions carefully before downloading any loan app. B4loan doesn't promote any loan app, we just help you make informed decisions.

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