Echoloan is one of the emerging fintech lending apps in Nigeria, operated by TechEcho Innovations Ltd, a registered Nigerian company. According to its official website, the company describes itself as “a trusted domestic lending company in Nigeria,” offering secure loan products to users.

On the Google Play Store, the app is listed under the developer name TECHECHO INNOVATIONS LIMITED, with an office 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.

Echoloan Company Background

Echoloan loan app is owned by TechEcho Innovations Ltd, a fintech company that is located at 80 Kudirat Abiola Way, Ikeja, Lagos. The loan app is a licensed digital lending platform that is approved by the FCCPC (Federal Competition & Consumer Protection Commission), Nigeria’s regulatory body for fair consumer lending.

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

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Types of Loans

Echoloan claims to offer short-term personal loans without collateral, and borrowers can apply through their mobile app, and after a quick evaluation, funds will be sent directly to the borrower’s bank account.

It has loan durations ranging from 91 to 365 days, that is, about 3 to 12 months, and you can get a loan up to ₦1,000,000. There are currently no business or payday loans in Echoloan, only personal lending solutions.

Echoloan Interest Rates

Echoloan advertises a competitive annual interest rate (APR) of 12% to 18%; that is, 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, as the absence of details on late repayment penalties could be a red flag for hidden costs.

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, and the loan process is entirely online via the Echoloan mobile app. Users will be required to submit personal identification, bank account details, and BVN for verification purposes.

The platform uses an AI-powered credit scoring system to determine loan eligibility, and loan approval is not guaranteed. While the company claims to encrypt user data for security, there’s no detailed public information about how late payments or defaults are handled. Echoloan’s terms appear to be standard for the Nigerian fintech lending space, but again, its lack transparency on penalty fees.

User Reviews and Ratings

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 with a small user rating and the app is not on Trustpilot, there’s no iOS version available on the App Store.

There are few user reviews, with negative complaints this makes it hard to judge the actual user experience, customer service quality, and repayment flexibility. And we will not recommend this app to our reader, but if you are considering using Echoloan, proceed with care and ensure you read all the terms in-app.

Pros and Cons of Using Echoloan

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.

Final Verdict: Is Echoloan Legit?

From our review, Echoloan is a legitimate Nigerian loan app, operating under the regulation of the FCCPC and developed by a publicly listed company in Lagos. It claims to offer relatively flexible terms, decent loan limits, and a transparent interest rate. However, the app lacks user reviews, ratings, and clarity, but you should always read the loan terms carefully and never borrow more than you can afford to repay.

You can download Echoloan app here