True Loan App Review – Top Instant Loan Without Collateral? Read This First

When financial pressure hits and you urgently need quick cash, seeing an app that promises instant ₦200,000 without collateral can feel like the perfect rescue. True Loan markets itself as a fast and reliable online loan provider in Nigeria. But beneath that attractive offer lies a dangerous trap that has left many Nigerians broke, embarrassed, and harassed.

This review exposes everything you need to know about True Loan — from its fake promises and outrageous interest rates to its lack of Central Bank of Nigeria (CBN) approval. Before you download or apply for any loan from this app, read this to the end.

Is True Loan Legit or a Scam?

True Loan is not a legitimate loan app. It is operated by a company called Kudi Pally Tech Limited, which is not licensed by the Central Bank of Nigeria (CBN) or the Federal Competition and Consumer Protection Commission (FCCPC).

That means this company has no authorization to operate as a money lender in Nigeria. It falls under the category of loan sharks — unregistered digital lenders that exploit borrowers with fake promises, high interest rates, and privacy violations.

If you are looking for CBN-approved loan apps in Nigeria, True Loan should not be on your list.

CBN Approval Status

The Central Bank of Nigeria regulates and licenses all financial and lending platforms operating within the country. True Loan, operated by Kudi Pally Tech Limited, does not appear on the official list of approved loan apps and licensed money lenders in Nigeria.

This makes it a high-risk platform. Using unapproved loan apps means you have no legal protection if something goes wrong — such as overcharging, unauthorized deductions, or data leaks.

A licensed digital lender must follow CBN and FCCPC guidelines on fair lending, transparent fees, data privacy, and ethical debt collection. True Loan fails in all these areas.

Loan Amounts and False Promises

True Loan claims to offer up to ₦200,000 instant loan without collateral. However, this is one of their biggest lies.

Here’s what actually happens:

You apply for ₦30,000 or ₦50,000.
The app displays an “approved” amount on screen.
But once the loan is disbursed, you may receive only ₦6,000 or ₦8,000.
They never tell you the exact amount you’ll receive until after the loan hits your account.

This deceptive approach tricks users into believing they’re getting a fair deal, only to later realize they have been given a much smaller amount with outrageous interest and very short repayment periods.

This tactic alone shows why True Loan is not a transparent or trustworthy loan app.

Repayment Period and Interest Rates

True Loan loans come with a repayment window of only 15 days, which is extremely short and unrealistic for most borrowers.

Their interest rates can reach as high as 40% within that short period. This means if you receive ₦6,000, you may need to pay back ₦8,400 or more in just two weeks.

Most CBN-approved loan apps in Nigeria such as FairMoney, Carbon, and Branch offer between 30 to 180 days repayment period with interest rates ranging between 2% and 15%, depending on your credit profile.

True Loan, on the other hand, traps users in a debt cycle — you borrow today and find yourself reapplying to cover repayment next week.

Data Privacy Violations and Harassment

One of the most dangerous parts of True Loan’s operation is its data abuse. When you install the app, it requests full access to your phone’s contacts, messages, and location. Most users grant these permissions without realizing the danger.

If you default or delay repayment by even one day, True Loan agents begin a campaign of harassment and defamation. They send threatening messages to your family, friends, colleagues, and even church members, calling you a fraudster or thief.

This kind of privacy invasion is illegal and unethical. It violates the Nigerian Data Protection Regulation (NDPR) and CBN’s lending code of conduct.

The FCCPC has repeatedly warned Nigerians to avoid such unlicensed lenders that use blackmail and public shaming as a loan recovery strategy.

Who Owns True Loan?

The app is owned by Kudi Pally Tech Limited, a company that claims to be a “financial technology service provider.” However, there is no traceable office address or verified registration information under this name.

There are no official customer service numbers or legitimate company documents available online. This makes it impossible to trace or hold them accountable when they exploit borrowers.

This is a common trick among fraudulent loan apps in Nigeria. They operate under fake names, use temporary company registrations, and change app names on Google Play Store after being flagged or reported.

Why True Loan Is a Fraudulent App

Below are clear reasons True Loan should never be used:

It is not approved by CBN or FCCPC.
Operated by an unregistered company (Kudi Pally Tech Limited).
Excessive interest rates up to 40% on short-term loans.
Short repayment window of only 15 days.
Deceptive loan disbursement — promises ₦30,000 but pays ₦6,000.
Accesses and misuses user data.
Defames borrowers publicly through contact harassment.
No customer support or refund policy.

These points show that True Loan is not a financial service — it is a fraudulent loan app preying on Nigerians in urgent need of cash.

Safer and CBN-Approved Loan Apps in Nigeria

If you need emergency cash, consider these legitimate and CBN-licensed digital lenders that offer transparent interest rates, longer repayment periods, and secure data handling.

FairMoney Loan App – Offers ₦1,000,000 loans, 30–180 days repayment, CBN-approved.
Branch Loan App – Transparent fees, fair interest, and longer repayment.
Carbon Loan App – Instant approval, flexible repayment, licensed by CBN.
PalmCredit Loan App – Loans up to ₦300,000 with flexible terms.
QuickCheck Loan App – Fast disbursement, no hidden charges, data protection compliant.

These are among the best loan apps in Nigeria because they are licensed, follow lending regulations, and respect borrower privacy.

How to Verify if a Loan App Is Approved by CBN

Before applying for any online loan, always verify the lender’s registration status. Here’s how to confirm:

Visit the official CBN website and check the list of approved digital lenders and microfinance banks.
Visit fccpc.gov.ng to check the FCCPC-approved digital lenders list.
Avoid apps that request access to your phone contacts or gallery before loan approval.
Read reviews on Google Play Store and pay attention to reports of harassment or fraud.

These simple checks will save you from the embarrassment and financial pain that loan sharks like True Loan cause.

Final Verdict

True Loan is not a genuine loan provider. It is a fraudulent online loan app operated by an unlicensed company with a history of deception and harassment. The platform uses false advertising to lure borrowers, disburses smaller amounts than promised, and imposes extremely high interest rates within an unreasonably short period.

If you value your peace of mind and privacy, stay away from True Loan and similar unregistered apps. Always use CBN-approved loan apps that comply with ethical lending standards and respect customer rights.

Protect your data, protect your dignity, and make sure every financial decision you take online is backed by verified regulation.

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