The Cashbean app is a Nigerian smartphone loan service that offers a personal loan of up to N100,000. Unsecured loans are those that don’t require collateral or a down payment. These loans are usually short-term and have very high-interest rates.
Cashbean loans should not be used to finance your lifestyle or pay off long-term debts. While short-term loans can be helpful for emergencies, they are more expensive than long-term loans. Therefore, you should use them with caution.
The app received mixed reviews from Google Play Store users after its first month. It uses a loan program to gather information about potential customers, including phone records, banking transaction alerts, and BVN to determine each borrower’s credit score.
You will be able to get higher amounts if you keep your bank transaction messages up and have no outstanding debts from other loan apps.
It’s easy to apply. Just download the app from the Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
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How to download APK and apply for a Cashbean loan app
- Install the Cashbean personal loan app exclusively on the Google Play Store.
- Register with your phone number to create an account
- For verification, you should use the phone number associated with your BVN.
- Complete your Know-your-customer KYC information. This includes your address, next of kin, and employment details
- Your Biometric verification number BVN will also be requested.
- To bind your ATM card with your account, you will be charged N30. This will increase your chances of getting a higher loan amount.
- To confirm your details, a one-time OTP password will be sent to you.
- After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
- You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
- You will need to take a clear selfie of your identity so make sure your phone has enough memory.
You should note that simply binding your ATM card to N30 doesn’t guarantee you get a loan.
The N30 that was charged to attach your ATM card to your account can be refunded. However, it may take up to 7 to 12 business days for the money to reach your bank account.
Your BVN is tied to your credit score. If you have outstanding loans with other lenders or have not paid other lenders on time, your application will be denied.
Credit scores are a record of all your borrowings and cash transactions.
To download the app, you must agree to allow it access to your phone contacts, SMS to view your banking transaction records, and apps on your smartphone to see how other loan apps are used.
Cashbean Loan App legit or a scam?
The Cashbean loan app offers legitimate loans up to N100,000. However, it has high-interest rates and bugs that make registration difficult. Before you apply for an online loan, be cautious. Before you apply for an online loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN or any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on the 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.
Pros
- They do indeed give loans.
- Online, no collateral is required
- Loan amounts up to 100k
Cons
- Are you having problems with your network that hinder smooth registration?
- It takes time to disburse loans once approved. Some customers may take days or weeks before they see an alert.
- For new users, the loan term is only 7 days.
- For small amounts of loan, very high-interest rates
- High rejection rate
- This app is only compatible with Android smartphones.
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 of 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.
Most of these apps are loan sharks and may threaten to send you messages calling your family members a fraudster if you default on your payment. If you have other options, it is better to avoid these apps.
See what other borrowers have to say about Cashbean’s loan app
Although some of the reviews are fake/paid, the genuine ones can still be very helpful.
Aminat Opeyemi wrote: “You don’t deserve a star from me. If you won’t borrow, stop asking for us to join your cards. Unless you’re scammers. Have to bind my card. If anything goes wrong with my money, it won’t be funny.”
Ifada Douglas wrote that “You people refuse to fix this application.” It continues to say that you have an outstanding loan to pay off when you apply.
Gloria Chinonso wrote: “U approved loan to me for two weeks now, but every time I try to withdraw the money they will tell me that they are sorry they won’t offer me a loan for now.” I applied to Palmcredit, Newcredit, and Cashbean.” See more user reviews.
What is the interest rate?
Cashbean offers
1 loan amount between N10,000 and N100,000.
2 Repayments from 91days up to 365days
It’s easy to get a loan.
-Interest Rate: As Low as 12% APR
Example:
The loan amount should not exceed NGN5,000. If the term is 180 days and the interest rate of 12% is applied, the total interest should not exceed NGN5,00012%= NGN600. The total amount of repayment would be NGN5,000+NGN5,00012%=NGN5,600.
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 Cashbean Loan App
- Telephone: 017001000, 018888188
- Our Office Address: Oshodi pedestrian Overpass, Ilupeju 5255, Ikeja, Nigeria
