Swifund Loan App Review: Is It Safe, Legit, or a Loan Shark?

Mobile loan apps have become one of the most used ways for Nigerians to access instant credit without dealing with the slow processes of traditional banks. Among the many platforms available is the Swifund Loan App, also known as Twaleloan and previously Myloanplus.

This app claims to offer quick personal loans to Nigerians, but there have been many complaints about hidden charges, excessive interest rates, and debt collection harassment. If you’re thinking of borrowing from Swifund, this review will show you how the app works, its loan terms, eligibility, risks, and better alternatives.

About Swifund Loan App

Swifund is operated by Doja Lemaire Global Limited and is one of the lenders listed under FCCPC’s approved platforms. The app claims to provide microloans ranging from ₦1,000 to ₦250,000.

Main Features of Swifund Loan App

• Loan Type: Short-term personal loans
• Loan Amount: ₦1,000 – ₦250,000
• Repayment Period: 91 – 180 days (sometimes up to 365 days)
• Interest Rate: 3% – 12% monthly, plus additional fees
• Disbursement: Within minutes of approval
• Eligibility: Nigerian resident with BVN-linked phone number and active bank account
• Rebranding: Has changed names multiple times (Myloanplus → Swifund → Twaleloan)

The repeated rebranding is a major red flag, as it often suggests attempts to escape negative reviews and user backlash.

Swifund Loan App Reviews and Complaints

Borrowers’ experiences with Swifund have been mostly negative:

• Google Play Store: Previously rated around 2★ before being removed. Users complained of disbursement errors and high charges.
• Nairaland Forum: Some borrowers claimed the app credited and immediately debited their accounts, then began contacting their phone contacts.
• Loan watchdog sites: Multiple reports of harassment of friends and family when payments were overdue.
• Social Media: Facebook and WhatsApp groups carry warnings about Swifund’s aggressive debt collection methods.

Many users describe it as a loan shark app that thrives on hidden charges and intimidation tactics.

How Swifund Loan Works

1. Download and install the Swifund or Twaleloan app.
2. Register using your BVN or NIN, phone number, and personal details.
3. Link your bank account or debit card.
4. Select a loan amount and repayment term.
5. If approved, funds are sent to your account.
6. Repayment is required by the due date to avoid penalties.

Interest Rates and Fees

• Origination Fee: Around 9%
• Monthly Interest: 3% – 12%
• APR: Around 24% – 49%
• Late Penalties: 2% – 7% daily overdue charges

Example: A ₦5,000 loan over 91 days at 4% monthly interest would require repayment of about ₦5,612.

Eligibility Requirements

To borrow from Swifund, you must:

• Be a Nigerian citizen
• Be between 20 – 60 years old
• Provide a valid BVN and active bank account
• Submit basic KYC details such as NIN, employment, and income information

Credit history is not always required, as the app mainly uses phone data and contacts for profiling.

Security and Privacy Concerns

Swifund collects sensitive personal data such as:

• Contacts and call logs
• Device and SIM details
• Installed apps
• Location (GPS)
• Camera access for KYC

While the app claims to use encryption, many borrowers report misuse of personal information, especially harassment of contacts during debt recovery. This violates Nigeria’s Data Protection guidelines.

Safer Alternatives to Swifund

If you need a loan, you are better off using CBN-approved loan apps with better ratings and transparent terms. Some trusted alternatives include:

• QuickCheck – Loans up to ₦500,000, fair rates, highly rated.
• Branch – Loans up to ₦500,000, flexible repayment.
• FairMoney – Personal loans up to ₦1,000,000.
• Carbon (PayLater) – Combines loans, savings, and bill payments.
• Aella Credit – Business and personal loans with flexible terms.
• Okash (by OPay) – Instant loans integrated with the OPay wallet.
• PalmCredit – Fast microloans, no collateral.
• RenMoney – Larger loan amounts up to ₦6,000,000 (requires documentation).

These alternatives are not only better regulated but also have higher user ratings and clearer repayment structures.

Swifund (now Twaleloan) may offer quick loans, but its history of rebranding, high interest rates, and aggressive debt collection practices make it risky. While it is FCCPC-listed, the app’s reputation shows it behaves more like a predatory lender. If you need emergency credit, it’s safer to borrow from trusted loan apps like QuickCheck, Branch, or FairMoney. These apps are CBN-approved, transparent, and far less likely to harass borrowers. Borrow wisely, read all loan terms carefully, and always repay on time to avoid penalties.

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