Alikash loan app gives you a great access to get over 100 thousand naira to solve business and personal financial needs.
Alikash loan app, a Nigerian smartphone loan service, offers a convenient personal loan with credit limit of up to N300,000. 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.
Alikash makes it easy to get a personal loan by using your phone data, including your information to verify and build a credit score.
Alikash 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 in order 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 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 loan through Alikash Loan App
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 bank account is refundable. However, it can take up to 7 to 12 days for the money back to your bank account.
Your BVN is tied to your credit score. If you have an outstanding loan from another lender 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.
Is Alikash a scam or legit?
Alikash loan app offers micro loans up to N300,000. 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 licensed or regulated by any Nigerian government agency or the CBN. 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.
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 to see alerts.
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 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 Alikash’s loan app
This app is notorious for causing loan rejections and making it difficult to register.
Taiye Olayemi said, “The service was good and the interest rates are fair compared with other loan apps. The loan repayment time should be extended to 14 days as I currently have 7 days to repay the loan. Anyone in urgent need of funds should use the app.
adetayo jimoh wrote: “Please stop sending me messages telling me I should apply to loan anymore okay. Don’t disturb me anymore that I should request loan, cos I got nothing after I applied for the loan okay.”
Awujoola Mariam wrote: “After filling out my information.but it is not approved.” You can read other user reviews right here.
What is the interest rate?
Alikash offers 1 loan amount starting at N10,000 and ending at N100,000. 2 Repayments from 91days up to 365days It’s easy to get a loan.
Example: The loan amount should not exceed NGN5,000. If the term is 180 days and the interest rate at 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.
Mr Olawale Olokede is a registered loan officer and worked for over 10 years as a senior financial consultant for accounting, finance and business management firms in Nigeria. Mr Olawale Olokede implemented and supervised financial and loan solution to Lagos based small and medium scale businesses after lecturing at the Lagos Business school. He is channeled his writing skills and passion for blogging to set up Lending Naija with over 50 reviews on different loan application and downloads.