Echoloan is one of the emerging fintech lending apps in Nigeria. Owned 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.
The app is listed under the developer name TECHECHO INNOVATIONS LIMITED. Echoloan office is 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. The loan app is a licensed digital lending platform that is approved by the FCCPC (Federal Competition & Consumer Protection Commission).
The app 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 lending laws.
See Also: 30 best loan app in nigeria 2025
Types of Loans
Echoloan claims to offer short-term personal loans without collateral. Borrowers can apply through their mobile app, and after a quick evaluation, funds will be sent directly to your bank account.
It has loan durations ranging from 91 to 365 days, that is, about 3 to 12 months.
There are currently no business or payday loans in Echoloan, only personal lending solutions.
Echoloan 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
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.
The app get small user rating and not on Trustpilot. 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.
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 loan app, operating under the regulation of the FCCPC. It claims to offer flexible terms, and a transparent interest rate. However, the app lacks user reviews, ratings. If you want to use the app, you should always read the loan terms carefully.
You can download Echoloan app here
#100,000 loan needed for 2 months