Singacash Loan Review in Nigeria: Everything You Need to Know About Interest & Repayment, How It Works, Pros & Cons, and Approval Process
If you’ve been searching for instant personal loan providers in Nigeria, chances are you’ve come across Singacash Loan. But is it legit, safe, and worth using? In this review, we’ll break down everything you need to know about Singacash, based on the exact questions Nigerians ask when researching loan apps.Trending Posts:
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Is Singacash Legit or Scam?
The answer is Yes. Singacash is owned and operated by ABADI TECHNOLOGY LTD, with a physical office in Mopelola House, Jully Estate, Ikeja, Lagos State, Nigeria. They provide official contact details (cs@singa.ng) and a website (www.singa.ng), which is a good sign of transparency.
The company emphasizes data privacy and safety, using liveness detection technology to protect users. Unlike many unregulated loan providers, Singacash does not request unusual payments outside the official platform.
Loan Amount & Eligibility
- Loan Range: ₦5,000 – ₦480,000
The loan amount for first time users is actually very low compared to other online loan providers. If you’re borrowing for the first time, Singacash will start you with smaller amounts like N5000 – N11000. The sooner you repay on time, the higher your next offer will be.
Eligibility:
To qualify for Singacash loan, you need to meet the following requirements:
- You must be at least 21 years old
- You must live in Nigeria
- You must have a BVN or NIN and a Nigerian bank account
- You must show proof of stable source of income (salary or business)
In our previous article, we shared some of the reliable loan apps you can borrow money without BVN, in case you have missed it, feel free to check it out HERE.
How Singacash loan Works – How to Use It
Here’s a breakdown of how it works and how you can use it:
Step 1: Download & Install the App
Go to the Google Play Store and search for “Singacash Loan”. Download and install the app on your smartphone. Make sure you have a stable internet connection for smooth registration.
Step 2: Register & Create an Account
Open the app and sign up with your mobile number. You may need to verify your phone number via SMS OTP. Fill in basic personal details (name, date of birth, address).
Step 3: Complete Verification
Provide your NIN card for identity verification. Enter your BVN and bank account details (must match your identity). The app uses liveness detection technology to keep your data safe.
Step 4: Apply for a Loan
On the dashboard, choose your desired loan amount (₦5,000 – ₦480,000). Select your repayment period (14 – 90 days). Review the loan terms, interest rate, and total repayment amount. Submit your application for instant review.
Step 5: Loan Approval & Disbursement
Singacash runs a quick analysis of your creditworthiness (based on BVN, repayment history, and income). If approved, the loan is deposited to your wallet or sent directly to your bank account. If rejected, you may need to reapply later with improved credit data.
Step 6: Repay your loan
Repayment is made via bank transfer to your wallet, internet banking, USSD code and virtual account numbers inside the app. Transfer the exact amount you owe into your wallet,the click Repay, Singacash will automatically debit you and your loan is fully settled.
You can choose to repay early without penalty. Always confirm payment details in the app before making transactions (to avoid fraud).
Timely repayment helps you qualify for higher loan amounts in the future.
Late repayment reduces your credit score and limit future approvals.
Interest Rates Breakdown
To be honest, Singacash’s interest rate is slightly on the high side, especially for first-time borrowers. On paper, they advertise a maximum APR of 36% per year (≈0.08% daily), but in reality, many users report that the effective rates feel higher depending on the loan amount and repayment duration.
For example, a ₦20,000 loan over 30 days attracts about ₦7,500 interest, which brings repayment to ₦27,500. That’s fair compared to some predatory apps, but still heavier than traditional bank loans.
Reality check:
Interest rates on Singacash loans is between 18% – 40% monthly, depending on your credit profile, repayment history, and whether you’re a new or returning customer.
Hidden Charges?
The good news is that Singacash does not add hidden charges beyond what you see in the app. What you’re shown before applying is what you pay back.
However, late repayment attracts penalties. Defaulting may:
- Increase your outstanding balance with late fees.
- Reduce your credit score and chances of getting higher amounts in the future.
- Potentially expose you to collection calls.
Singacash is very transparent with interest and repayment terms, but users should be prepared for effective rates closer to 18–40% per month, which is higher than what’s advertised. Timely repayment helps increase your next offers and avoid penalties.
Key Things to Know About Using Singacash
Singacash owner is ABADI TECHNOLOGY LTD. No collateral or guarantor is required. Loan amounts start small for first-time users and increase with good repayment history. The interest rate is slightly high, it ranges between 18% to 40% monthly. Customer support is available Mon–Fri, 8:00 AM – 5:00 PM.
Using Singacash is simple — download the app, register with your NIN & BVN, apply for a loan, get approved, receive money in your bank account, and repay by funding your wallet through bank transfer, and Singacash will automatically debit the exact amount you owe.
Speed of Approval & Disbursement
Singacash promises a fast approval process with funds disbursed directly into your bank account.
Some users confirm quick transfers, while others report minor delays depending on system checks.
Ease of Use (App Performance)
Available on the Google Play Store (Android). Registration is straightforward with mobile number and NIN. The app’s loan request process is simple, but approval may depend on income verification and credit scoring.
Customer Reviews & Complaints
Positive: Many users praise Singacash for fast processing, low-interest rates, and data protection.
Complaints: Some mention low loan limits for first-time users and approval not always guaranteed.
Unlike shady loan apps, there are fewer reports of harassment from Singacash, which is a plus.
Customer Support & Contact Details
- Company Name: ABADI TECHNOLOGY LTD
- Email: cs@singa.ng
- Website: www.singa.ng
- Office Address: Mopelola House, Jully Estate, Ikeja, Lagos State, Nigeria
- Customer Service Hours: Mon – Fri, 8:00 AM – 5:00 PM
- Website:
Having a physical office is a good sign of legitimacy.
Approval Criteria
- Your approval depends on:
- Correct NIN verification
- BVN and account details
- Stable source of income
- Accuracy of information provided
No collateral or guarantor is required.
Long-Term Trustworthiness
Repaying on time increases your loan limit. Operated by a registered company with a physical office. Commitment to privacy and security makes it more trustworthy than many random loan apps.
Pros of Singacash Loan
- Licensed and trusted loan provider
- Loan up to ₦480,000
- Low-interest rates compared to competitors
- 24-hour service availability
- Protects personal data with liveness detection
- Allows early repayment
Cons of Singacash Loan
- Short repayment period (max ~90 days)
- Loan limit for first-time users may be small
- Approval not always instant
- Customer service limited to weekdays
Final Verdict – Should You Use Singacash Loan?
If you’re searching for a fast, secure, and collateral-free loan app in Nigeria, Singacash is worth considering. It offers flexible loan amounts (₦5,000 – ₦480,000), simple application steps, and added security features like liveness detection to protect your data. Its repayment period of 31–90 days is longer than many short-term loan apps, making it a better option if you prefer installment flexibility.
That said, the interest rates can be higher than advertised (typically around 18%–40% per loan cycle), and late repayments may attract penalties. Also, like most digital loan apps, first-time users may start with lower amounts until they build a repayment history.
If you repay on time and borrow only what you can afford, Singacash can be a useful and relatively safe online loan option compared to some unregulated apps.
If you no longer want to use Singacash Loan, you can request for your information to be deleted from their system.
Here’s how:
Contact customer care via in-app chat OR
Send an email to cs@singa.ng requesting that they clear their system and remove your personal information.
In our earlier guide, we explained how to stop loan apps from accessing your phone contacts. You can check it out HERE to protect your privacy further.
Download the Singacash Loan App today on Google Play Store and get quick, safe, and collateral-free loans in Nigeria.
FAQs About Singacash Loan
Is Singacash Loan legit or scam?
It is legit, operated by Abadi Technology Ltd with a registered office in Lagos. It is licensed by the CBN and approved by FCCPC.
How much can I borrow on Singacash?
Between ₦5,000 and ₦480,000 depending on eligibility.
What is the repayment period?
31 – 90 days (around 3 months).
What happens if I don’t repay on time?
You may face penalties and reduced chances of future approval.
Does Singacash require collateral?
No, it is a collateral-free loan app.
Is BVN/NIN safe with Singacash?
Yes, they use advanced technology to protect user data.
Is Singacash licensed?
The answer is yes. Singacash is licensed by the CBN and FCCPC as a legitimate loan provider in Nigeria.
Need More Information?
If you found this review helpful, you might also want to check out our other guides:
- Top 7 Fastest Instant Loan Apps in Nigeria 2025 – Fast Approval & BVN Secure
- Best Licensed Loan Apps in Nigeria – Safe & Reliable Options for Quick Cash
- CBN Approved Loan Apps in Nigeria – Full List and Reviews
- How to Apply for Online Loans in Nigeria Without Collateral
For the most accurate and updated details about Singacash Loan, visit their official website: www.singa.ng
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