Fastcent Loan App: Review, Download, Login

Is Fastcent loan app legit?

It is no longer news that the economy of the country is in shambles, employees are getting paid peanuts while the cost of living is skyrocketing on a daily. For business owners, the situation isn’t any better as the cost of running a legitimate business now is outrageous leading to the closure of many companies in the country. Nigerians are striving hard to survive and so wouldn’t mind taking a loan or two to help offset some of the pressures.

For most loan companies, this is good news. They are very aware of the poor living situation of Nigerians and are using it to their advantage which is why there are so many loan apps currently operating in the country. However, most of these loan apps are fake and operate in a loan-shark-like manner; giving out loans with very high interest rates, and using intimidation tactics to request back their payments.

For that reason, Nigerians are now skeptical when they need to take a loan from some of these apps that they start surfing the net to enquire if the app is real or fake. It is these inquiries that have made 8MagicMoney take a deep look at the Fastcent loan app to know if it is a legitimate loan app or if it is another one of those apps that defames its users when they fail to pay back on time.

So is the Fastcent loan app real or fake? Stay with me as we discover the answer together.

Fastcent, the new Fastcoin

In the year 2022, the Fastcoin loan app was taken down from the Google Play Store after it received so many flag-downs from unimpressed Nigerians. In response to this development, U Thinking Nig Limited moved to create another app, or rather the same app with a different name; Fastcent. But how does this latest app work?

Fastcoin loan app now Fastcent

How Fastcent works

Fastcent is a loan app that offers unsecured loans to eligible Nigerians. The loans are usually within the range of #3,000 to #50,000 and come with an interest rate of up to 36%. To be eligible for their loan, you must be in Nigeria and be within the age bracket of 20-55 years.

How does Fastcent loan app work?

Fastcent doesn’t just give out loans, but they also sell data and airtime at cheaper rates. However, this article focuses only on the loan aspect of the app.

Review: Is the Fastcent loan app real or fake?

Following the many negative reviews left by Nigerians on the previous Fastcoin loan app, one may be tempted to believe that the Fascent app will be just as bad. However, in a list released by the FCCPC, U Thinking Nigeria Limited the owner of the Fastcent loan app was granted conditional approval which then begs the question “Is the Fastcent loan app legit?”

We took a look at the reviews on the Google Play Store and here is what most people have to say:

From the reviews, we can deduce that most complainants were those who in one way or the other failed to qualify for a loan after going through the time-wasting registration process. So it seems after all that Fastcent stated loan requirements of just being in Nigeria and being within the age bracket of 20-55 are hogwash. They should come clean and list out all their requirements to avoid wasting people’s time and having them input their private information on the app only to later be denied a loan.

How about defamation?

Apart from the CBN-licensed apps, most loan apps will call your contacts when you default on a loan which is of course why they insist on the permissions from your phone in the first place. But what separates the loan apps, is how they go about the contact-calling of a thing.

Stone-hearted loan sharks like Lcredit and Joy Cash will call your contacts to defame you. They will say all manner of evil against you, such as tagging you a 419, a criminal who is on the run with company money, one with HIV & Aids, or a person who goes about sleeping with dogs.

The kinder ones, however, will only call your contacts to ask about your whereabouts especially if you have been avoiding their calls and texts. They might also tell the contact to remind you to come repay your loan which you took from them. Even though this isn’t cool, it is still better than being labeled as someone who sleeps with dogs.

So where does Fastcent fall in? Fastcent belongs under the second category. They will indeed call your contacts if you default after a certain period, but it won’t be to defame you.

How to download and log in to the Fastcent loan app?

If you are interested in trying out the app after reading the above, you can simply head over to the Google Play Store and search for the Fastcent loan app. Once found, click on install and then sign up to see if you’d be given a loan.

Fastcent customer care details

Should you be interested in having a chat with Fastcent customer support, you can reach out to them using their contact details which are as follows:

Phone: 0903 797 4109


Fastcent/Fastcoin loan app (final verdict)

Fastcent loan app grants users loans quite alright, but they are not dependable as they can disappoint even when you feel that you’ve provided all the information requested. The conditional approval granted to them by the FCCPC should also not be relied on as this can be taken away if they fail to meet the remaining conditions demanded of them.

Their interest rate is high but it is still better than that of some of the loan sharks currently operating in the country.

So then, should you borrow money from Fastcent? It depends. If you are unable to secure a loan from more trusted loan apps like Carbon, Branch, etc., and also don’t mind your contact calling you to say that they received a call from this loan company, then, by all means, borrow from them. But avoid them if you can get a loan from the more trusted app and if you don’t want your next-door neighbor to know that you took out a loan online.

Finally, it is important that you try getting a loan from relatives and family members first before opting to borrow from a loan app.

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