LendSwap: New Loan App in Nigeria Offering ₦50,000 Without Credit Score Check (Before You Borrow, Read This Review)

In a country where financial emergencies strike without warning, many Nigerians are turning to online loan apps for quick relief. One of the newest entrants in this space is LendSwap, a loan platform that claims to offer fast cash loans up to ₦50,000 without the need for a credit score check.

But before you rush to borrow, there are key details you must know. Although LendSwap promises quick and easy loans, the app operates under conditions that every borrower must carefully consider — especially since it is not licensed by the Central Bank of Nigeria (CBN).

In this article, we’ll break down how LendSwap works, their loan terms, repayment structure, and potential risks involved.

What is LendSwap?

LendSwap is an online loan provider operating under the business name Wiam Nigeria Ltd, located at 16 Idowu Martins Street, Victoria Island, Lagos. The company claims to provide instant short-term and long-term loans to Nigerians through its official website Lendswap.com.

Unlike most licensed loan apps such as FairMoney or Branch, LendSwap is not listed on the Google Play Store. Instead, all loan applications are made directly on their website. This alone should make potential borrowers cautious, as most unlicensed lenders operate outside CBN supervision.

Is LendSwap Licensed by the CBN?

No, LendSwap is not approved or licensed by the Central Bank of Nigeria (CBN). While the company claims to be registered as a business entity under Nigerian law, there is no official record of its CBN microfinance or lending license.

This means that LendSwap operates more like a loan shark platform, where borrowers are not protected by the same regulatory frameworks that govern legitimate digital lenders.

Before applying, it’s important to understand that borrowing from non-licensed lenders can expose you to aggressive recovery methods, high interest rates, and lack of privacy protection.

How LendSwap Works

Applying for a LendSwap loan is straightforward, but the simplicity can be misleading. Here’s how their loan process works:

Step 1: Registration

To begin, visit Lendswap.com and fill out the registration form. You’ll need to provide your full name, BVN, email address, phone number, and date of birth.

Step 2: Loan Application

Once registered, you can select the amount you need — starting from ₦4,000 up to ₦50,000 for new users, and potentially higher amounts for returning customers.

Step 3: Quick Review

The platform claims to review your application in less than one minute. However, approval is not guaranteed. Many users have reported that getting approved depends on luck, even though LendSwap doesn’t perform strict credit checks.

Step 4: Instant Disbursement

Once approved, the loan is credited directly to your bank account within 15 minutes of approval.

Step 5: Repayment and Extension

Repayment terms vary between 7, 14, 28, or 30 days, depending on your selection. If you can’t pay on time, you can request an extension by paying a “commission” fee. However, this option is not available if your payment is already late.

LendSwap Loan Terms and Interest Rate

While LendSwap doesn’t openly display its interest rates on the website, sample calculations on their loan calculator suggest the following:

• Loan Amount: ₦50,000

• Duration: 14 days

• Total Repayment: ₦66,450

That means you’ll pay about ₦16,450 in interest and fees — roughly 33% in just two weeks. This rate is much higher than most licensed digital lenders in Nigeria, which typically charge between 10% and 25% per month.

Short-Term vs. Long-Term Loans

LendSwap offers two main types of loans:

1. Short-Term Loans

• Duration: Up to 30 days

• Amount: Up to ₦500,000

• Repayment: Single payment at the end of the period

This option is meant for urgent needs such as rent, medical emergencies, or school fees.

2. Long-Term Loans

• Duration: Up to 365 days

• Amount: Up to ₦2,000,000

• Repayment: In installments

These long-term loans are usually available to returning users with good repayment records.

Does LendSwap Check Your Credit Score or BVN?

LendSwap claims not to check credit reports or credit bureau history. However, they do require your BVN for verification.

Approval isn’t based on credit score but rather on internal risk algorithms and sometimes pure chance. Many users have reported that even with valid BVNs, approval seems random.

This unpredictability can be frustrating for new applicants hoping for instant financial assistance.

Aggressive Loan Recovery Methods

While LendSwap does not engage in public defamation of borrowers (unlike some other loan sharks), they are known to use aggressive recovery tactics.

Borrowers who default often receive:

• Frequent spam calls from recovery agents

• Text message reminders

• Threatening messages warning of legal action

While these tactics may not include social media shaming, they can still cause emotional stress and embarrassment.

Pros of Using LendSwap

Despite its issues, LendSwap offers a few advantages:

1. Fast approval and disbursement — Loans can be credited within 15 minutes of approval.

2. No collateral or guarantor required — Anyone with a valid BVN and Nigerian bank account can apply.

3. Flexible repayment extension — You can extend your loan term by paying a commission fee before your due date.

4. Completely online process — No physical visit to any office or paperwork is needed.

Cons and Risks of Using LendSwap

However, the risks far outweigh the benefits, especially for first-time borrowers. Here are the main downsides:

1. Not licensed by CBN — This means there’s no regulatory protection for borrowers.

2. High interest rate — Borrowing ₦50,000 and repaying ₦66,450 in 14 days is a massive cost.

3. Aggressive recovery methods — Multiple phone calls and messages can be mentally exhausting.

4. Limited approval rate — Many users complain of random rejection even with correct BVN details.

5. Short repayment period — 7–30 days is too brief for many borrowers, making default likely.

Should You Borrow from LendSwap?

If you are in urgent need of cash and have no other option, LendSwap may provide a temporary solution. But be aware that the platform is not regulated by CBN and operates more like an independent online lender.

You should only borrow what you can comfortably repay. Once your loan becomes overdue, the recovery pressure can become overwhelming.

For safer and more transparent borrowing, it’s advisable to use licensed loan apps such as:

• FairMoney

• Branch

• Palmcredit

• Carbon
  These platforms are regulated by the Central Bank of Nigeria and comply with privacy protection rules.

Final Verdict

LendSwap is one of the newest loan apps in Nigeria promising quick loans without credit checks. However, the lack of CBN approval, short repayment period, and high interest rates make it a high-risk platform.

While the company, Wiam Nigeria Ltd, appears to be registered locally, this does not equal regulatory approval to lend money. Borrowers must be cautious and avoid taking loans they cannot repay to prevent stress and embarrassment.

If you must borrow, do so responsibly — and only for genuine emergencies. Remember: financial peace of mind is better than instant cash with hidden consequences.

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