Yoyi loan requirements shows that you must agree to privacy authorization, which means the app will have permission to access and use your personal information. This includes details such as your contact information, bank account information, and other personal data you provide
Introduction
Yoyi Loan is an instant loan app in Nigeria that has been removed from the list of approved financial services by the Central Bank of Nigeria (CBN). This means it is no longer officially recognized or regulated by the CBN.
Many users have complained about how they operates. People say that the app does not clearly show how much money they are borrowing or the interest rate they will pay.
After entering their details, users often get a notification demanding repayment of ₦6,200 for a loan of ₦10,000, with a repayment period of just 7 days.
If users don’t pay back the loan on time, they report getting threatening messages. These messages sometimes involve contacting the user’s friends and family, which can be very upsetting.
Even after users pay back the loan, some have said that Yoyi Loan continues to charge extra interest and doesn’t remove the debt from their records. This can leave users with even more debt than they started with.
The interest rates on them are very high, up to 50%. This is much higher than what many other loan apps charge and can be very expensive for borrowers.
it is only available as an APK file, which you can download from local blogs. This means it is not listed in popular app stores like Google Play, and it is not available for iPhone users.
This can be a warning sign, as official app stores usually have more security checks for apps.
Because of these issues—high interest rates, poor customer service, and a lack of regulation—users should be very careful with them. It might be better to look for other loan options that are more transparent and trustworthy.
History and overview
Yoyi Loan started in 2024 and is an instant loan app. The company behind it and its owner are not known, and the app has been banned by the Central Bank of Nigeria (CBN). This means the app is not officially approved or regulated by the CBN.
To use Yoyi Loan, you need to fill in your personal information, work details, bank account information, and contact information online.
After you submit this information, Yoyi Loan will review your application quickly and decide your credit limit. If approved, you will get a text message with the news.
Once your credit line is active, you can borrow money anytime to meet your financial needs. The loan amount will be put into your wallet account within 24 hours, and you will get an SMS notification.
To apply for a loan with them, you need to be a Nigerian citizen, between 18 and 60 years old, and have a bank account.
However, there are problems with them. Users have complained about not knowing the loan terms or interest rates clearly.
Some also reported getting threatening messages if they did not repay on time. Even after repaying, some users said they continued to add interest and did not clear the debt from their records.
Since Yoyi Loan has been banned by the CBN and has had many complaints, it is wise to be very careful. It might be better to choose other loan options that are more transparent and officially approved.
Requirements
Download APk
To use Yoyi Loan, you need to download the APK file directly from local sources because the app isn’t available in official app stores.
This means you won’t find it on platforms like Google Play or the Apple App Store. Make sure to download the APK from a trusted source to avoid security risks.
Privacy Authorization
To use Yoyi Loan, you must agree to privacy authorization, which means the app will have permission to access and use your personal information.
This includes details such as your contact information, bank account information, and other personal data you provide.
This authorization is necessary for the app to process your loan application and manage your account. Be sure to review what information the app will access and how it will be used before agreeing to these terms
Age
To use Yoyi Loan, you must be a Nigerian citizen and at least 18 years old. This means you need to have Nigerian nationality and be an adult to apply for and receive loans through the app.
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