Is Coolbucks Legit? [The Unbiased Truth]

Is Coolbucks legit? In this article, we will talk about Coolbucks and determine if it’s a legit fintech company.

Coolbucks Loan is an instant loan provider in Nigeria; loans are disbursed shortly after applications are submitted on the user-friendly website. 

So far, we’ve discovered that they are a group of regional and global experts who have created a smart Fintech platform that leverages tens of thousands of data points to profile clients and provide financial services to everyone, even the financially excluded. 

While that is a good starting point in determining how legit they are, let’s learn more about their history and if they are registered with the proper authorities.

Contents

• Who owns Coolbucks?
• How does Coolbucks work?
• How much money can I borrow from Coolbucks?
• Is Coolbucks registered with CBN?
• Does Coolbucks have an office?
• Coolbucks Reviews
• How to get started on Coolbucks
• Final thoughts on Coolbucks

Who owns Coolbucks?

While it’s unclear who owns Coolbucks Nigeria, Ikenna Ajator is the Chief Executive Officer of COOLBUCKS Limited.

Ikenna Ajator is a Chartered Accountant with 14+ years of working experience. He has served in various management roles for multinationals and was previously the Chief Financial Officer of RenMoney MFB Limited.

Not only did we get information about Coolbucks’ CEO from their website, but we also got the names of two high-profile management staff- the adviser to the board and the Director.

Mike Nwanolue is the Director of Coolbucks Nigeria. He has 13+ years of experience and has served in various well-known companies like UBA group, Afrexim Bank, and Cedar Express.

The adviser to the board is Csaba Szentpetery. He was the MD/CEO of RenMoney before coming on board Coolbucks.

This is quite impressive and is an excellent start in our quest to answer the question; Is Coolbucks legit?

How does Coolbucks work?

Now, let’s learn more about the platform and see how it works. 

Coolbucks is an innovative Fintech integrating local and global experiences; it is integrated with several platforms, and they use it to deliver loans in under 30 minutes. 

They use a risk-based pricing strategy and give their clients one of the lowest risk-adjusted rates in the market. Because of their excellent operational efficiency, they provide cheaper interest rates to their clients.

After you submit your application, the online lending site CoolBucks will give you an unsecured loan (without any security). Depending on your profile, you can receive the payout within 5 to 24 hours of finishing your application. 

As a low-income consumer, you can get small ticket loans starting at N15,000, while high-income customers can get loans up to N5,000,000. 

Again this is quite impressive. Even though they aren’t as popular as other online loan lending platforms like Branch, FairMoney, or Opay, they give a large amount of loans generously compared to big names in the industry.

How much money can I borrow from Coolbucks?

Let’s take a more investigative approach to how much you can borrow from the platform.

Here’s an overview of the loans you can get from Coolbucks and how much you can borrow:

Payday Loans: These are small-ticket loans that typically range from N15,000 to N30,000 and have terms of 1-3 months. For a nominal charge that cannot exceed 2% of the outstanding loan balance, the 1-month loans may be financeable. This loan is only available through the mobile app.

Paid-in-full loans (for salary earners)

These loans have a minimum duration of three months and a greater ticket size- meaning they can exceed N15,000 to N30,000. The loans are distributed to customers in their network minutes after approval.

SMME Loans (secured)

Coolbucks provide secured loans upon special arrangement to clients seeking access to sums more significant than N5,000,000. A sale and leaseback agreement makes this arrangement possible.

Is Coolbucks registered with CBN?

There’s no record of that on their website, so we aren’t entirely sure if they are registered with the CBN or any other regulatory authorities. But given their high-profile management team, they should be registered. This is just our opinion.

Read more: Is Quick Check legit?

Is Renmoney legit?

Does Coolbucks have an office?

Their office is at 11A/B Oko-Awo Street, Victoria Island, Lagos. A physical office helps to build credibility that they are a legit company. 

We’ve heard gory stories of loan companies harassing their customers, and when these customers made a step to reach out to them, they discovered that the loan company didn’t have any traceable office.

As you can see, with Coolbucks, that isn’t the case. You can go to their office at Victoria Island to lay complaints or address any issue you are experiencing with their platforms.

Coolbucks Reviews

This is one issue we ran into when trying to learn more about Coolbucks. We only found their Google reviews, an average of 3.6 stars from 5. This is poor for a company that has been in operation since 2018.

How to get started on Coolbucks

To get started, here are the requirements to obtain a loan from Coolbucks:

• Utility Bill
• A valid form of identification (such as a driver’s license, passport, or national ID card)
• A work ID (optional)
• Six months’ bank statements.
• Workplace letter (Except bankers who earn N140,000 and above)

To register, follow the steps below…

Step 1: Visit the Coolbucks website, as the app isn’t on Google Play Store.

Step2: Click on the “Apply Now” button.

Step 3: Click on the “New Customer” button, as shown in the image below.

Step 4: Set up your 4-digit security pin.

Step 5: Input your phone number and email 

Step 6: Enter your BVN ( Bank verification number).

After providing the necessary information, your account is all set up; you can go ahead and apply for a loan.

Final thoughts on Coolbucks

With the above review, you can agree that Coolbucks is a legit loan app; for us, this is based on their high-profile management team. 

One red flag we observed was that there is no privacy policy or terms of use on their website. So, tread with care when borrowing from them.

You must adhere to the instructions to avoid any problems with acquiring a loan or paying it back. Check out other credible options like FairMoney, Palmcredit, PalmPay or Branch to get instant loans.

When using Coolbucks, be aware of any unauthorized debits and report them immediately to your bank so they may be investigated.

So, let’s hear from you, is Coolbucks legit? Do you plan to use them in the foreseeable future?