Eager Loan is a mobile lending app developed by Eager Wings Nigeria Limited, a registered fintech company that is based in Lagos, Nigeria. Eager Loan was launched in 2024; the app offers short-term, unsecured personal loans to those who need quick access to funds in Nigeria. Its loan amounts range from ₦8,000 to ₦300,000 and are designed to meet urgent financial needs such as emergencies, utility bills, or small business support.

The loan app is not like a traditional bank; it operates 100% online, and all transactions are processed via a secure mobile application. Eager Loan claims to offer a guarantee-free loan service, which means borrowers are not required to present any collateral or guarantors to qualify.

How Eager Loan Works

Eager Loan says they are providing personal loans only and are not currently offering business or salary-based loans. You can borrow any amount from ₦8,000 to ₦300,000, with flexible repayment periods ranging from 61 to 180 days.

All loans are disbursed in Nigerian Naira accounts, and the app is designed exclusively for users in Nigeria. To access the service, users must download the mobile app, complete the online registration process, and submit a loan application directly from their smartphones.

Eager Loan Features

• Loan Amount: ₦8,000 – ₦300,000
• Tenure: 2 to 6 months (61–180 days)
• Collateral: Not required
• Interest: 0.034%–0.094% per day
• Maximum APR: 12.41% – 34.31%
• Disbursement Time: As fast as 5 minutes after approval

The app clearly explains the loan terms and interest rates, and it assures users that there are no hidden charges.

Eligibility Criteria

To qualify for an Eager Loan, you must meet the following conditions:

• Be a Nigerian citizen or legal resident
• Be between 18 and 60 years old
• Have a stable source of income
• Own a smartphone with internet access
• Have a valid BVN and Nigerian bank account

The loan app will collect key personal data during the registration, such as your full name, date of birth, address, phone number, and bank account information. There are no specific documents, and borrowers should be ready to verify their identity and income digitally.

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How to Apply

The loan application process is straightforward, and you can apply for a loan only with your phone. Here’s a step-by-step guide you should follow:

1. Download the App: begin with downloading the app by searching for “Eager Loan” on the Apple App Store or Google Play Store and clicking on install to install the app on your phone.
2. Register: After installing, you should sign up using your mobile number and fill in the required personal information.
3. Apply for a Loan: Here you should choose your preferred loan amount and repayment period, then submit the application form.
4. Link Your Bank Account: You need to bind your Nigerian bank account to receive the loan amount when approved.
5. Receive Funds: Once approved, the loan amount will be transfer to your account in as little as 5 minutes.
6. Repayment: Repayment is made via bank debit or you can choose other methods as shown in the app.

Click here to download the app on apple app store

Interest Rates and Repayment Example

Interest rates range between 0.034% and 0.094% per day, and they depend on the loan amount and repayment term, with a maximum annual percentage rate (APR) of around 34.31%.

For example, borrowing ₦20,000 for 120 days at 21.9% APR will result in a total repayment of ₦21,440, and that includes the principal plus interest.

The platform promises transparency, but you should carefully review the loan repayment terms before accepting any loan offer.

Customer Reviews

Eager Loan has received over 3,900 ratings on the Apple App Store, with an average rating of 4.5 out of 5 stars. Many users commend the platform for its speed, ease of use, and reliability, and some users have raised concerns about:

• High interest rates, especially on small, short-term loans
• Aggressive repayment reminders or messages from debt recovery agents

One user reported that he borrowed ₦6,000 and was charged ₦2,700 interest within just six days. Others claimed that they have received threatening messages when they missed their due dates. These issues highlight the mixed user experience, and it is important to read and understand the loan terms and conditions before borrowing.

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Is Eager Loan Legit?

Yes, Eager Loan by Eager Wings Nigeria Limited is a legally registered and licensed digital lending service in Nigeria. The company has registered with the Corporate Affairs Commission (CAC) and is listed under registration number 7570475. Additionally, Eager Loan is fully licensed by the Federal Competition and Consumer Protection Commission (FCCPC) and appears on their official list of approved digital money lenders in Nigeria, with an FCCPC certificate number of FCCPC/DSE/INV/ML/469.

This shows that the loan app is legit and the company adheres to CBN guidelines on borrower rights, interest rate disclosures, and fair lending practices.

Final Thoughts

Eager Loan says it offers a fast and accessible way for Nigerians to get urgent loans without collateral or paperwork, and their platform is regulated, secure, and widely used.

The loan app is CBN approved and convenient to use, but you should be cautious and borrow only what you can repay, and always read the loan terms carefully before accepting a loan offer.