Echo Loan App: Download, Review, Is It Legit?

Echo loan app is one of the emerging fintech lending apps in Nigeria, owned by TechEcho Innovations Ltd. The company describes itself as “a trusted domestic lending company in Nigeria,” offering secure loan products to users.

And is listed under the developer name TECHECHO INNOVATIONS LIMITED, located at 80 Kudirat Abiola Way, Ikeja, Lagos.

But how legitimate is Echoloan? What kind of loans and interest rates does it offer? And what are users saying about their experience?

In this review, we’ll take a closer look at Echoloan’s company background, loan types, interest rates, user reviews, and the overall pros and cons of using the app.

See Also: Full List of Loan Apps Approved by CBN 2025

Echo loan App Company Background

The Echo loan app is owned by TechEcho Innovations Ltd. and is approved by the FCCPC (Federal Competition & Consumer Protection Commission).

Echo loan app was not among the loan apps delisted or blacklisted by the FCCPC in the recent crackdown on predatory lenders, suggesting that the loan app has complied with lending laws.

See Also: 30 best loan app in nigeria 2025

Types of Loans

Echoloan offers short-term personal loans without collateral. Borrowers can apply directly through the mobile app, and after evaluation, funds are sent to their bank account.

Loan duration: 91 to 365 days (3–12 months)
Loan type: Personal loans only
Business or payday loans: Not available

Echoloan App Interest Rates

Echoloan loan interest rate ranges from 12% to 18%; that means, a loan of ₦30,000 taken for four months at a 12% APR would be about ₦1,200 in total interest. This works out to roughly ₦300 per month, with a total repayment of ₦31,200.

The app does not mention any hidden fees, such as processing charges, origination fees, or early repayment penalties, in its terms and conditions.

This suggests a relatively simple cost structure with just the interest. However, you should always review the full loan agreement before accepting an offer.

See Also: Eager Loan App (Download, Requirements, Interest rate, 2025 Review)

Terms and Conditions

To get a loan in Echoloan, you must be a Nigerian citizen aged 18 or above. You must have a means of identification, bank account, and BVN or NIN.

The platform uses an AI-powered credit scoring system to determine loan eligibility, and loan approval.

User Reviews and Ratings

Echo Loan App — Echo loan app Review 2025

One of the biggest downsides to Echoloan is the lack of user reviews. As of now, the app has over 10,000 downloads on the Google Play Store.

There are few user reviews, with negative complaints making it a high-risk loan app.

Pros:

Regulated & Licensed: Is approved by the FCCPC and is operated by a Nigerian-registered company.
High Loan Limits: Offers up to ₦1,000,000 in personal loans, which is higher than many competitors.
Flexible Repayment: Loan terms range from 3 to 12 months.
Transparent APR: Advertised interest rates are clear (12%–18%).
Fast & Convenient: The entire application process is online with fast disbursement (as quick as 5 minutes).
Data Security Claimed: The developer says user data is encrypted and safely handled.

Cons:

Relatively High Interest: While rates are lower than some, they’re still high compared to banks.
Contains Ads: The app includes in-app advertising, which may distract or confuse users.
Data Privacy Concerns: App permissions may access sensitive data like photos and location.
Unclear Penalties: No public mention of late fees or default handling.
No Public Reviews: There’s little to no user feedback available online to validate experience.