Apexlending Loan App Review: Legit Or Scam? [The Truth]

So you are looking for how to secure a loan and you came across apexlending loan app. Now, if you are wondering whether you should proceed with taking a loan on apexlending loan app or if it’s just another interest rate scam app, then this review is for you.

In this review we shall be answering some user queries about apexlending loan application some of which include: Is Apexlending loan app legit? What is Apexlending Loan App interest rate? How to apply for a loan on apexlending? How to repay loan on apexlending loan app? And so much more!

Therefore, we encourage you to make use of the table of contents below to enable you to navigate through this article with relative ease. Also feel free to ask your questions and make necessary contributions regarding apexlending loan app down in the comments section below.

Without further Ado, let’s begin!

What Is Apexlending Loan App?

Apex lending is a private lender in Nigeria that exclusively provides personal loans; they do not provide business or car loans, and the entire loan application process is completed online. 

Like many other lenders in Nigeria, they have a play store app that you can download and use to apply. They offer competitive interest rates and will not sell your info.

In this post, you will discover about Apex loans, how it works, and whether or not the app is legitimate.

How Does Apexlending Loan App work

As previously indicated, they have a loan app on the Google Play store that you can download and apply through.

After you register, you will see an opportunity to apply for a loan on the app dashboard; simply click to submit your application.

Their app has been downloaded over 100,000 times and has received more than four stars. Given how insane Nigerians can be, this is an excellent fit.

I saw someone give a one-star rating merely because he couldn’t access an app on time due to a network problem.

Apexlending Loan Requirements 

All loan apps make requirements before disbursing loans to their respective customers. Customers who meet these requirements will be awarded the loans they apply for. Below are some of the necessary requirements all loan applicants must meet before their loans are approved on apexlending app;

📍Have A Good Paying Job.

Of course, they do not discriminate; both salaried and non-salaried individuals can obtain loans through the platform, but you must have a source of income.

They are in it for profit, not charity, and will reject your application if you do not declare your source of revenue.

📍 Minimum Age Requirement 

They allow a minimum of 18 years and a maximum of 60 years. Your BVN will tell them your age.

Personal and financial information

You will provide personal information such as your name, address, email address, and phone number, as well as your BVN, bank account, and ATM card information.

📍Android Smartphone Users

Apex lending only has its app on Google Play, thus you must have an Android phone to get it.

📍User Debt History 

If they discover you have unpaid debt while examining your credit history, your application will be denied.

They seek customers with good credit, people who can repay their loan.

How To Apply For Loan On Apexlending App

Obtaining a loan with Apex lending app requires only three steps, which are as follows:

👉Install The App 

The software is available on Google Play, and you can easily download it with your Android phone.

Be aware of APK versions; they are tainted apps that might harm your phone and steal your ATM card information and data. Go straight to the Play Store to get it.


The next step is to create an account and register; once completed, you can connect to the app and apply for a loan.

A form will appear, into which you will enter the necessary information or data.


They will review your application and, if it meets their requirements, your bank account will be credited.

How much can you get?

Isn’t it great that you can get up to ₦500,000 through this app? It’s good, but as a first-time borrower, don’t even think about it; your loan will be around ₦20,000. The amount you can obtain will grow after three months of using the programme.

Apexlending Interest Rate And Repayment 

The daily interest rate is 0.09%, and the repayment period ranges from 7 to 91 days. The payback period for first-time buyers will range from 7 to 30 days.

If you ask for a ₦10,000 loan for 30 days, your repayment will be as follows.

The 30-day interest rate will be 2.7%.

The total amount of interest will be ₦270.

The total sum owed will be ₦10,270.

Take this example with a grain of salt because it corresponds to what they published on their app page. You will most likely pay between $2,000 and $3,000 in interest.

One of the things I enjoy about Apex is that you can pay back your loan with an ATM card, a USSD code, or a bank transfer.

Is Apexlending Loan App Legit Or Scam?

Apex lending has been downloaded over 100,000 times on Google Play, with a 4 star rating and numerous reviews.

When I read their evaluation, there was nothing like fraud, but they do have a negative side. Bhustle concluded that apexlending is a legitimate loan application.

If you request a ₦10,000 loan, they will deposit ₦5,000; I feel this is a glitch because it does not occur all the time.

Pros of Apexlending Loan App 

Apex Lending is a financial lifeline for those in need of finances for a variety of reasons. Apex Lending can help you with unexpected medical expenditures, home repairs, college expenses, or any other pressing financial need. This loan software provides a simple and convenient way to get loans without requiring collateral. Let’s take a closer look at what Apex Lending has to offer:

👍Loan Amount

Apex Lending’s broad loan range is one of its distinguishing advantages. Borrowers can obtain loans ranging in size from $10,000 to $500,000. This broad range ensures that people with various financial demands can discover the proper loan amount for their personal situation.


Apex Lending offers loan terms that range from 91 to 180 days. Borrowers can choose a payback period that best suits their financial capabilities and preferences. Short-term loans are good for fast financial repairs, whilst longer payback terms allow more breathing room.

👍APR (Annual Percentage Rate)

When considering a loan, it is critical to understand the cost of borrowing. Apex Lending’s interest rates are competitive, with APRs ranging from 10% to 35%. The interest rate may vary based on the loan size and term, but Apex Lending aims to keep costs fair for its customers.

Cons Of Apexlending Loan App 

👎Higher rates than traditional financing.

👎May have strict convenents and use-of-funds.

👎Collateral may require monitoring.

👎Higher fees than most business loans.

👎Lots of Documentation Needed.

👎 Users receive less than the amount of loan they applied for.

Frequently Ask Questions 

Do They Bother/Harass Customers?

This is something I’m not sure of. When a person defaults, Apex lending will turn them over to a loan collector, and it will be up to the loan collector to get the money plus interest. To avoid harassment, obtain a loan that you can repay.

How Long Does It Take To Obtain A Loan?

If your network and bank network are both in good working order, you should receive a credit alert within 10 hours of submitting your application.

Does Apex Lending provide business loans?

No, only personal loans are available.

Can I Extend My Loan On Apexlending Loan App?

No, they do not grant loan extensions.

What Is The Minimum Loan That Can Be Given On Apexlending?

The minimum payment (Loan amount) is ₦5,000.

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Final Conclusion 

Apex lending is a recommendable loan app that users can make use of to borrow loans. But we highly advise you to repay your loan on or before the due date to avoid unforeseen harassment. 

Whatever they become, we will spell it out in this post, which will be updated on a regular basis.

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About Stefan C.

Focused On bringing you the best educational and finance related topics that will impact your life and the lives of millions.
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