Quick Cash Loan Code gives you the access to get loan from quick cash by dialing a ussd code from your mobile phone and money will be sent to you.
Finding one of these quick online credit in Nigeria isn’t always an easy task. In fact, getting a loan is an occupation that could be full-time. There are regulations to meet and forms to fill out and a series of cross-checks. To be honest, nobody would like to find themselves in a position where they give money away and never receive a repayment. This is the reason it’s complicated to secure.
It’s not always that difficult using Quick Cash Loan Code.
In this post, we’ll examine how to obtain loans from a particular kind of loan provider. Here is the low-down o quick cash.
Quick Cash Loan App is an online lending company that is new in the game of granting personal loan to Nigeria without document.
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Is Quick Cash Loan App legit?
Quick cash loan is a legit loan app. However, the app is still new to the Play Store. It does offer loans to customers, but it is important to be cautious before applying for an online loan. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN nor any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
How can the Quick Cash Loan App improve your cashflow?
Quick cash loan charges high interest rates on short-term loans. First time borrowers typically get 6k to 10k in 7 days.
High rejection rates mean that most loan applications are rejected. Some are kept for several days.
There are also networking issues with the app that may prevent customers from registering their ATM cards smoothly. It also takes a while to acknowledge loan repayments. It may take some time for your dashboard to clear after you have repaid your loan. Be patient and keep your proofs of payment handy. It can be difficult to send verification, as many customers don’t receive it.
Be aware of your repayment plan when taking out a loan. The app may attempt to auto-debit you on the due date for the first installment of a 60-day loan. It might also charge you overdue fees before the end 60 days.
To prevent automatic debit, you can change the password for your ATM card. The app is known to auto-debit customers after they make payments via bank transfer.
The loan tenure starts at 7 days. This is less than the minimum 30 day tenure that the CBN recommends for personal loans providers who are short-term.
Interest rate for Quick Cash Loan App
Rates and fees for loans
Loan amounts: N 5,000 to n 50,000
Service / Interest Fee: 2% – 35%
Maximum Annual Percentage Rate (APR), 66.21% – 2740.44%
Late fee: One-time fee of 8.8% of the outstanding amount
Minimum repayment period: 61 days
Maximum repayment period: 180 days
Here’s an example of interest calculation for a loan:
Principal: 100,000.00
Lender Interest: (APR: 30%)
Tenor: 4 Months
Annual Interest (: 100000 * 0.3) :30,000 Naira
Total Interest for 4 Months: 100000 *0.3 *4/12:10,000 Naira
Monthly Interest: 2,500 Naira
Monthly Repayment (principal and interest): 27,500 Naira
Total Repayment :110,000 Naira
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
What are the requirements?
- You can be a Nigerian citizen or resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from any other lenders.
- Maintain an active bank account
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
Customer service number for Quick Cash Loan App
+234 9121543276.
Customer Service Email: cashloanbapp@gmail.com
