Getting a quick loan in Nigeria for school fees, rent, or emergencies is now easier than ever. Thanks to loan apps, you can borrow money from your phone within minutes.
One of the popular apps in Nigeria is the Silk Loan app. It promises fast cash without collateral, but the big question is: is Silk Loan really legit?
This article will explain what Silk Loan is, how it works, its interest rates, approval status, and customer care details.
About Silk Loan
Silk Loan is a mobile loan app in Nigeria. It is owned by Silkroad Finance Limited. The app gives instant personal loans without collateral or paperwork.
It is available only on the Google Play Store, with over one million downloads. Loan amounts range from ₦2,000 to ₦200,000, with repayment periods between 90 and 360 days.
Is Silk Loan Approved by CBN?
This is one of the most important questions to ask before applying. Silk Loan is licensed by the Central Bank of Nigeria (CBN) through FCCPC. It also registers with the Corporate Affairs Commission (CAC).
The app is listed among loan apps approved by the Federal Competition and Consumer Protection Commission (FCCPC). This means Silk Loan is legally allowed to operate in Nigeria.
Remember to borrow with caution and always read the terms carefully.
See Also: Full list of Loan Apps Approved By CBN in Nigeria (2025)
How to Apply for Silk Loan Online
The application process is very simple. Here are the steps:
- Go to Google Play Store and search for Silk Loan.
- Download and install the app on your Android phone.
- Open the app and register with your phone number and BVN.
- Link your bank account for disbursement.
- Enter your income details, loan amount, and repayment plan.
- Submit your application.
- If approved, the money will be sent to your bank account within minutes.
No collateral or guarantor is required. The app uses your BVN and phone data to check your creditworthiness.
Silk Loan Interest Rate and Charges
Interest rate is a big concern in digital lenders. SilkLoan charges between 12% and 36.5% APR, which is about 0.03% to 0.1% per day.
For example: If you borrow ₦12,000 for 180 days at 0.1% daily interest, you will pay ₦2,160 as interest. This means your total repayment will be ₦14,160.
But many users say the charges are higher than advertised. This shows that rates may depend on your credit score and repayment history.
So make sure you understand the terms before you borrow.
See Also: Full list of Loan Apps Without Face Verification in Nigeria 2025
Silk Loan Review
Silk Loan has a 4.3-star rating on Google Play with thousands of reviews. It users feedback is mixed.
Positive
Negative
Pros:
- Quick approval and disbursement.
- No collateral or paperwork.
- Easy-to-use app.
Cons:
- High interest rates.
- Short repayment periods.
- Aggressive collection methods.
- Complaints about hidden fees.
Some people are happy because it solved urgent problems. Others are angry because the charges were too high.
The truth is that Silk Loan is legit but expensive. Only borrow if you are sure you can repay on time.
Customer Care
If you need help, you can contact Silk Loan customer support through this channels:
- WhatsApp/Phone 1: +234 915 468 9915
- WhatsApp/Phone 2: +234 916 997 3781
- Email: help@silkloan.net
Only use the official numbers to avoid scammers.
How to Download Silk Loan App
The Silk Loan app is available on the Google Play Store for Android phones. Search for Silk Loan – QuickCash Loan App (Silkroad Finance Limited) and download.
There is no iOS version for iPhone users at the moment. Avoid downloading from suspicious websites or APK files.
Click here to download the Silk loan app on the Google Play Store.
Alternatives
Not happy with Silk Loan’s charges? Here are some other trusted loan apps:
- FairMoney
- Branch
- PalmCredit
- Okash
- Carbon (Paylater)
These apps also provide fast loans but with different interest rates. Read more: 30 Best Loan App in Nigeria (2025 Updated List)
Conclusion
Silk Loan is one of the digital lenders in Nigeria offering emergency cash without collateral. It is FCCPC-approved, but not directly licensed by CBN.
The app is real and legit, but it comes with high interest rates and strict repayment terms.
If you want to use Silk Loan, borrow only what you can repay. And always remember — borrowing should be a last resort, not a daily habit.
Related:
- Alend Loan App Review: Download—Is it approved by CBN?
- Singacash Review: App Download, Interest Rate, Is It Legit?
- Okada Naira Loan App Review: Is It Scam or Legit?
FAQs
1. Is Silk Loan approved by CBN?
No, Silk Loan is not directly licensed by CBN.
It is registered with CAC and approved by FCCPC to operate as a money lender.
2. What is the Silk Loan interest rate?
Silk Loan charges between 12% and 36.5% APR, which equals 0.03% to 0.1% daily.
Actual charges may be higher depending on your profile.
3. How do I download Silk Loan app?
Go to the Google Play Store, search for Silk Loan – QuickCash Loan App (Silkroad Finance Limited), and install it.
The app is not available for iOS users.
4. Is Silk Loan app legit or fake?
Silk Loan is legit and real.
It disburses money to bank accounts, but many users complain of high charges.
5. What is Silk Loan customer care WhatsApp number?
The official Silk Loan customer care numbers are:
- +234 915 468 9915
- +234 916 997 3781
You can also email: help@silkloan.net
