The iCoin Loan, recently rebranded as Intcoin, is one of the many mobile loan apps promising quick cash and easy approval. But before you take it as a convenient way to borrow money, you need to read this review.
Icoin loan review
iCoin is not a licensed lender or crypto-loan provider. But recently the platform rebranded itself as Intcoin, but it is still one of the many unregulated loan apps in Nigeria.
The platform is not registered with any official financial regulator in the country. Another red flag is that it has no verified website or official representatives or evidence of compliance with lending or digital asset laws.
Because of this, the iCoin (or Intcoin) Loan App is a high-risk platform. You can be at risk with unfair interest rates, poor data protection, and aggressive debt recovery practices that are common among unregulated apps.
How the iCoin (Intcoin) Loan App Works
The iCoin Loan App (now rebranded as Intcoin) claims to work like other instant loan apps in Nigeria. Once you download and install the app, you sign up using your phone number and confirm with an OTP code.
After that, you’ll be required to create a loan profile by submitting your personal information, BVN, bank details, and a valid means of identification.
When you apply, the app uses these details to decide if you qualify. If approved, your loan is disbursed into your bank account. Repayments are often automatic, which means you must keep your account funded before the due date to avoid default.
See Also: Lendigo Reviews—Interest Rate, Requirements, Legit or Scam?
Why iCoin Loan Was Blacklisted?
The iCoin Loan App was blacklisted for several reasons:
First, it operates without a license. In Nigeria, every loan app must be registered and approved by the CBN and FCCPC before it can legally give out loans. iCoin never got this approval, which already makes it illegal.
Second, the app misuses customer data. Many borrowers said iCoin collects personal information such as contacts, photos, and even messages. When people delay repayment, the app uses this data to harass them. Some users reported that iCoin sends embarrassing messages to their friends, family, and even employers—wrongly calling them fraudsters. This kind of harassment and public shaming is exactly why regulators like the FCCPC are cracking down on illegal loan apps.
Lastly, iCoin has been flagged for unfair lending practices. Borrowers complained about hidden fees and extremely high interest rates. In some cases, people ended up paying back double or even triple the original loan amount. And because iCoin is not legally recognized, there’s no place to report issues or get help when problems arise.
icoin Loan key details:
- The app is not licensed in Nigeria. It operates outside the framework of the Central Bank of Nigeria (CBN) and the SEC.
- It comes with high interest rates.
- Some users report aggressive debt collection practices, including calling contacts.
- Since the platform is unregulated, sharing sensitive details like your BVN and ID carries extra risks.
See Also: Full list of Loan Apps with Low Interest Rates in Nigeria 2025
Alternatives to iCoin Loan
There are many safer options when it comes to digital lending. One of the most trusted is FairMoney, a CBN-approved platform that provides loans of up to ₦1,000,000 with transparent repayment terms.
Branch Loan App is another reliable option, offering loans from ₦2,000 to ₦500,000 with millions of users across Africa.
Carbon is another licensed digital bank, that is giving borrowers access not just to loans but also to savings and bill payment services.
How to Spot Fake Loan Apps in Nigeria
To avoid falling victim to unsafe apps, you should know how to identify them. One way to do that is to check the CBN approved apps. Legitimate lenders will always provide a company name, physical office address, and customer service contact information.
You should also beware of apps that ask for deposits before disbursing loans or that make unrealistic promises. Reading user reviews is another helpful step, as repeated complaints about harassment or hidden charges usually point to a scam.
Read more: 30 Best Loan App in Nigeria 2025 Review
Conclusion
Our review shows that iCoin is one of the blacklisted loan apps in Nigeria. Its comes with high interest rates, making it risky. If you are looking for a quick loan, you can consider this Loan Apps with Low Interest Rates.
