What Happens If I Don’t Pay Sycamore App?

If you don’t repay a loan from Sycamore, a mobile app that offers collateral-free personal and business loans in Nigeria, the specific consequences can vary but generally align with those associated with non-repayment of unsecured loans.

Initially, you might face increased interest rates and late payment penalties. Sycamore’s interest rates range from 3.5% to 5% for personal loans and 5% to 10% for business loans.

If the loan remains unpaid, it could lead to negative impacts on your credit score. Persistent non-repayment might also result in the account being sent to collections, where collection agencies attempt to recover the debt, which can stay on your credit record for up to seven years. In extreme cases, legal action might be taken to force repayment.

ALSO SEE: What Happens If I Don’t Pay Fitloan?

Sycamore offers loans ranging from N100,000 to N5 million for personal needs and N500,000 to N5 million for business needs, with flexible repayment plans of 3 to 9 months for personal loans and 3 to 6 months for business loans.

The maximum annual percentage rate is 72%. It’s important to contact Sycamore or seek financial advice if you’re struggling with repayment to explore possible solutions like restructuring the loan or setting up a new payment plan.

For more information on the Sycamore app and its services, you can visit their App Store page.


  1. What is the Sycamore app?
    • Sycamore is a financial solution app offering personal and business loans in Nigeria.
  2. What loan amounts does Sycamore offer?
    • For personal loans: N100,000 – N5 million; for business loans: N500,000 – N5 million.
  3. Are there collateral requirements for Sycamore loans?
    • No, Sycamore loans are collateral-free.
  4. What are the interest rates for Sycamore loans?
    • Personal loans: 3.5% – 5%; Business loans: 5% – 10%.
  5. How long does Sycamore loan approval take?
    • Loan approval is typically within 24 hours.
  6. What are the repayment terms for Sycamore loans?
    • Personal loans: 3 – 9 months; Business loans: 3 – 6 months.
  7. What happens if I don’t repay a Sycamore loan?
    • You may face increased interest, late payment penalties, and a negative impact on your credit score.
  8. Can I invest through the Sycamore app?
    • Yes, Sycamore offers investment opportunities with returns of 11% – 16.5% per annum.
  9. Is Sycamore available for non-Nigerian residents?
    • The app primarily serves Nigerian residents.
  10. How do I apply for a Sycamore loan?
    • Download the app, register, verify identity, apply for a loan, and meet basic requirements.
  11. What is the maximum annual percentage rate for Sycamore loans?
    • The maximum APR is 72%.
  12. Can I pay bills through the Sycamore app?
    • Yes, you can pay everyday bills like electricity, cable subscriptions, etc.
  13. How secure is my personal data with Sycamore?
    • Sycamore prioritizes data encryption and user privacy.
  14. Do I need a guarantor for a Sycamore loan?
    • Loan-specific requirements regarding guarantors are not specified.
  15. How can I contact Sycamore customer support?
  16. Is a bank account required for a Sycamore loan?
    • Bank statements are required for loan applications.
  17. Can I manage loans I give out through Sycamore?
    • Yes, you can lend money, track loans, and set reminders for repayments.
  18. What is required to become a borrower on Sycamore?
    • A BVN/NIN, a recent passport photograph, and a functional debit card.
  19. Are there any hidden charges with Sycamore loans?
    • Sycamore claims no hidden charges.
  20. What documents are needed for a Sycamore loan?
    • Bank statement, valid ID, utility bill, BVN/NIN, and a passport photograph.

For more detailed information, you can visit the Sycamore App Store page.

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