Swifund Loan App Review, Download, and Alternative 2025

When it comes to quick online loans in Nigeria, you may come across the Swifund Loan App (also called Twaleloan and formerly Myloanplus). Swifund loan app claims to offer fast and reliable microloans, but there are serious concerns about its legitimacy, hidden charges, and aggressive debt collection tactics.

This review covers everything about the Swifund loan app, from legitimacy and user reviews to loan terms, how to download, security, and better alternatives.

Table of Contents

About Swifund loan app

Swifund Loan App is one of the digital loan apps in Nigeria. It is listed on the FCCPC-approved loan app list under the name “SWIFUND APP (Doja Lemaire Global Limited).”

Here are the key details about the app:

Registered Entity: Operated by Doja Lemaire Global Ltd, now known as Twaleloan.
Loan Type: Short-term personal loans
Loan Amounts: ₦1,000 – ₦250,000 (varies by profile)
Repayment Period: 91–180 days (sometimes up to 365 days)
Interest Rate: 3%–12% monthly, plus other possible fees
Eligibility: Nigerian resident, BVN-linked phone number, active bank account
Disbursement: Direct to bank account, usually within minutes
Rebranding History: The app has changed names several times from Myloanplus to Swifund and now Twaleloan. This is a common tactic that disreputable lenders use to escape negative reviews.
Warnings: There is no FCCPC or CBN warning against Swifund, but user reports mention lawsuits and complaints about harassment.

Swifund loan app is on the list of approved and licensed lenders, but multiple watchdogs and users describe it as a loan shark that uses predatory fees and intimidation tactics.

See Also: 7 Best Loan Apps Without Face Verification in Nigeria (2025)

Swifund Loan App Reviews

Swifund review 2025

The Swifund loan app review is overwhelmingly negative. The app itself is very hard to find on Google Play or the App Store, likely due to takedowns or another rebranding.

Google Play/App Store: On the Google Play Store, the app had a 2-star rating review. One user says, and I quote, “They are criminals collecting 18%… extortion and wickedness. I rate you 0 stars.” Another user complains of disbursement errors that left him frustrated and confused.
Forums (Nairaland): A popular post in Nairaland warns about the Swifund loan app: “They will credit you and immediately debit you… Then start calling your contacts to say you owe.”
Loan Watchdog Sites: Many borrowers also report harassment of their friends and family via SMS/WhatsApp when late on repayment.
Social Media: There are also warnings circulating in Facebook and WhatsApp groups about the app.
Ratings: There are no high ratings or endorsements.

This lack of transparency and widespread negative reviews raise serious red flags.

See Also: 5 Best Loan Apps Without BVN—With NIN and Phone Number (2025 Review)

How It Works

Swifund/Twaleloan offers short personal loans for Nigerians, with loan amounts ranging from ₦1,000 to ₦250,000 and repayment periods ranging between 60 and 365 days. Sometimes the repayment period can range from 91 to 180 days.

Interest and Fees: The Swifund loan app interest rate ranges from 9% for the origination fee and 3% monthly interest (91-day loan). Twaleloan also advertises 6–12.24% monthly interest (about 24–49% APR).

Late Penalties: you may be charged 2–5% daily fees for late penalties. Some users reported 5–7% daily overdue charges, which can quickly escalate.

Disbursement: As your loan is approved, funds will be sent directly to your bank account, often within minutes.

Loan Profile Example: A ₦5,000 loan over 91 days at 4.08% monthly interest is ₦612 interest, so the total loan repayment is ₦5,612 for ₦5,000.

Collection Tactics: The app uses big data profiling (contacts, SMS logs, call history). If you default, reports show that you may be harassed.

While the Swifund loan app can be fast and paperless, the fees and collection practices make it very risky.

Eligibility Requirements

Swifund loan eligibility is simple and straightforward; the following are the requirements for the Swifund loan app:

You must be a Nigerian citizen or resident (verified via GPS).
You must be between 20 and 55 years old or 20 and 60 (Twaleloan).
You must have a valid phone number and BVN.
You must have an active bank account.
You may be asked to provide your NIN, date of birth, employment, and proof of monthly income.
Credit History: Credit history may not be required, but phone metadata and app data are used to judge creditworthiness.

How to Download and Application Process

To apply for a loan on Swifund/Twaleloan, you need to follow these steps:

Download and Install: Search on Google Play for “Swifund loan app” or “Twaleloan loan app” and install.
Register: Sign up with your BVN or NIN; your phone number may be required.
Complete Your KYC: Provide your personal and KYC details, and link a bank account or debit card.
Apply: Choose loan amount and repayment term, then submit.
Receive Funds: If approved, money will be disbursed instantly to your bank account.
Repayment: You must repay by the due date. Missing payment, even by one day, may trigger harassment of your contacts.

Visit the Swifund loan app official website to download the app

Security and Privacy

Swifund/Twaleloan collects a large amount of personal data:

Contacts and Call Logs: Used for credit scoring and harassment if late.
Device and App Info: Reads SIM details, phone state, and installed apps.
Camera and Calendar: Used for KYC verification and loan reminders.
GPS Location: Confirms you are in Nigeria.
Data Claims: Promises encryption, but real-world cases show misuse. Borrowers report that friends and family were contacted without consent when payments were overdue.

While the app claims to follow security standards, its practices are widely seen as abusive and in violation of Nigeria’s Data Protection Act.

See Also: 5 Best Loan App with NIN in Nigeria 2025

Alternatives (Safer Loan Apps in Nigeria)

If you need a loan, consider these trusted and regulated apps instead:

QuickCheck – 1M+ downloads, 4.6★, loans up to ₦500K, transparent rates.
Branch – 10M+ downloads, 4.5★, loans of ₦2K–₦500K, 61–180 days.
FairMoney – 10M+ downloads, 4.4★, personal loans up to ₦1M.
Carbon (PayLater)—5M+ downloads, 4.0★, combines loans, savings, and bill payments.
Aella – 1M+ downloads, 4.4★, loans up to ₦1M, 1–3 months repayment.
Okash (by OPay)—10M+ downloads, 4.5★, instant loans integrated with OPay wallet.
PalmCredit (PalmPay)—5M+ downloads, 4.2★, loans up to ₦100K, 14–180 days.
RenMoney – 500K+ downloads, 3.3★, larger loans (up to ₦6M), requires documentation.

These apps are FCCPC/CBN-approved, better rated, and more transparent.

Summary

Swifund (now Twaleloan) loan app claims to offer a fast online loan app for Nigerians, but it carries major risks. Below are key details about the loan app:

It is legally registered and FCCPC-listed.
It charges very high interest and fees, up to 50% or more.
It has been accused of harassing borrowers and their contacts.
It has a poor reputation with overwhelmingly negative reviews.
It collects sensitive personal data and allegedly misuses it.

While the Swifund loan app is not in the list of illegal loan apps,it is widely seen as predatory. You should be cautious and avoid it if you can. Instead, you can use safer and well-rated apps like QuickCheck, Branch, or FairMoney.