You might have landed here after seeing a flashy advert for Speedyloan and are trying to figure out whether it’s legitimate. To be clear from the start, this is not a platform you should trust.
What is Speedyloan?
The app itself doesn’t seem to have a clear purpose. Sometimes it’s advertised as a loan eligibility calculator while implying you could also borrow on the app.
Other times, it’s explicitly presented as a money-lending platform, which is false. This hide-and-seek dishonesty compels me to just say avoid this app.
Speedyloan is just an Ad farm
Once you get to actually use the app, you will be hit with a flurry of ads. Every tap you make first leads to an ad before showing you what you are looking for.
The ads themselves are not scams since they are provided by Google AdSense. However, the app itself is misleading since it seems to only exist as an ad dispenser.
Who owns the Speedyloan app?
I always say if you want to determine if a loan app is legit or a scam, you first start by checking who the owner is. Legitimate online apps like Zamcash, which is one of the first of its kind in Zambia, is owned by BIU Capital; Zeed Loan App, a relatively newcomer, is owned by Chibanje Financial Resourcesn; and Zamloan is owned by BIU Capital.
All these have listed addresses and multiple contact numbers. But who owns Speedyloan? Jollyseen Info, that’s who. But who is Jollyseen Info? I don’t know, I couldn’t find any information about them.
Google Play requires you to link to your privacy policy. Speedyloan has its privacy policy on a free Blogger website. If this doesn’t scream ‘unprofessional’, I don’t know what does.
The Google Play reviews speak for themselves
Checking Speedyloan’s user reviews only proves to be the final nail in its coffin.
The ones that look real are incredibly negative, while the positive ones seem fake. Apparently, the app forces you to write a review before they can give you the loan.
Obviously because you are trying to get a loan, you will be compelled to leave a positive comment. What makes this even scammier is that they don’t give out the loan even after you do what they ask.
Here is an example of the kinds of reviews you will find.
Does Speedyloan steal data?
Like many loan-related apps, Speedyloan requests access to sensitive permissions such as your contacts and messages during installation. While this isn’t unusual in the lending app space, it becomes worrying when combined with the app’s overall lack of credibility and transparency.
Given how unreliable and misleading the app appears, there’s a real concern that user data could be collected for purposes beyond what’s stated.
If you haven’t installed Speedyloan yet, it’s best to avoid it entirely.
Final Thoughts
It’s important to understand that not every app in this category operates the same way. There are legitimate platforms that are transparent about their services, clearly explain how they handle your data, and don’t rely on aggressive advertising tactics to function.
Before downloading any loan app, take time to research it properly. Look for verified reviews, check the developer’s background, and pay attention to permissions being requested. If something feels off, it usually is.
In short, Speedyloan raises too many red flags to be considered safe. It’s better to stay cautious and choose more reputable alternatives.