Care Finance Loan App is an online loan application that gives instant and quick loans of over 100k to Nigerians to solve personal and business issues.
The Care Finance Loan App is a Nigerian payday loan that offers loans that are collateral-free for Nigerians, with no documentation required.
If you’re an Android user, you may apply for a collateral-free loan, which starts from N5,000 up to a maximum amount of N100,000 with only minimal documentation.
Care Finance Loan App was recently released and has earned more than 5k downloads on Google Play Store, with mixed reviews. It utilizes loan software to gather customer information such as phone numbers, bank transactions, and BVN for the credit scoring of every borrower.
If you want to be eligible for loans or other amounts, make sure you keep a record of your bank transactions on your mobile and don’t have any outstanding debts on other loan applications!
It’s easy to use, just download the application from the Google Play store, enter your personal information, and the app will review your data and calculate your credit score, and then make an offer for a loan within a matter of hours.
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How do I download APK and obtain an advance from the Care Finance loan app
- Install the CareFinance Loan app only available through the Google Play store and install it on the back of your Android phone.
- Make an account by entering your mobile number.
- It is recommended that the number you have linked to the BVN as a one-time password will be provided to it to verify your identity.
- Input your essential Kwow-your customer KYC details, which include your residence address, next of kin, and employment information.
- It also needs to submit your Biometric Verification Number BVN.
- The amount you pay will be N30 to connect an ATM account to the account to increase your chances of getting more money.
- One-time username and password OTP is sent directly to your mobile to verify your details.
- When you submit your application to borrow, the program will examine your credit score. The final results will be displayed in the app.
- The results should be visible within less than two minutes. If you are eligible for an advance loan, the amount will be deposited directly into your bank account.
- You should ensure that you’re using an excellent phone that has enough memory capacity as you’ll have to snap a live selfie to prove the verification of your identity.
Your BVN is tied to your credit rating, therefore should you have an outstanding loan with another lender or did not pay your other lenders in full when they were due you can expect to be denied.
The credit score you have is a summary of previous borrowings and the time you pay and cash transactions that go in or out of the bank accounts, and other details.
Once you download this application, it gives you access to all your phone book contacts as well as SMS and other information it utilizes to improve your credit score.
Are you sure? CareFinance Loan application legitimate or a fraud?
The CareFinance Loan app indeed seems authentic, and it does provide loans however, caution should be taken before taking out any loan via the Internet. Be sure to read reviews from other customers before applying for a loan in Nigeria.
It is important to know that these loan applications aren’t licensed or regulated by CBN, CBN, or any other government organization in Nigeria. You are accountable for the safety of your transactions through these loans and there is no remedy for poor customer service.
Its availability in the Google play store doesn’t ensure that transactions made on it are safe. The store only provides an opportunity to download and you are accountable for your security using loan applications in Nigeria.
What CareFinance loan app could you make better?
CareFinance offers a high rejection rate. However, you could apply and pay the N30 fee to connect an ATM account to the account, but you will still be denied with no justification. Maintain a high credit score to improve your chances of getting approved.
The application also does not allow you to choose the amount you’d like. If an amount is granted to you, there is no option to choose the amount you want to pay according to your requirements. you’re required to take whatever amount the system has approved for you.
The application also takes a long time in clearing your account following the payment. This can result in multiple debits and customer service is also quite poor.
The loan term is too short The typical loan term is seven days to pay back their loans, plus interest.
There is no regulation in Nigeria the majority of app developers are loan sharks that may threaten to send texts to family members of yours accusing you of being a fraud when you fail to pay your loan. Avoid these apps if you do not have other alternatives.
The interest rate for CareFinance loans?
The term of the loan is 91-180 days
The loan amount is NGN5,000 to 100,000
Rate of interest: the minimum annual rate of interest is 14.4 percent, as well as the top rate (APR) of 21.5 percent (no extra fees)
Daily Interest Rate:0.04%-0.06%
Service cost: NGN 0
For example, the amount of the loan is NGN 10,000, with a repayment period of 120 days and a rate of interest of 14.4 percent
The amount of the payment is calculated in the following manner:
The amount of the loan * Rate of interest divided by several days The amount of the loan (10,000 * 14.4 percent / 365 * 120 * 10,000) = NGN10,473.
As an example, suppose you take out a loan of NGN 10,000 with a period of 91 days and an interest rate of 21.5 percent
The amount of the payment is calculated in the following manner:
Amount of loan * Rate of interest divided by the number of days * the amount of loan (10,000 * 21.5 percent / 365 * 91 * 10,000) = NGN10,536
This rate of interest and time is only an example. You can expect the amount of your loan and its duration to be much shorter if you’re borrowing this first time. You could increase your loan by keeping accurate documents and repaying the loan in time.
What are the conditions?
- Legal citizens or a resident of Nigeria
- At minimum 18 years old.
- A monthly income source.
- Make sure you connect your ATM card to your account
- Give the details about two next of kin including their telephone numbers.
- A good credit score without any outstanding loans from lenders.
- You must have a valid bank account.
- Your phone number must match the same as your BVN.
- Be sure to have a valid government-issued ID card.
What happens if I fail to repay my loan, or pay it off late?
In the event of late loan repayments, they automatically accrue an interest rate of 2 percent per day. Therefore, it is recommended to make sure that you do not go over deadlines. The loan that is paid back by the due date permits you to obtain larger loan amounts. The late payment will limit your ability of you to obtain additional or larger loans. If you’re extremely late with your payments, you’ll be identified by the First Central Credit Bureau. The blacklisting process of the First Central Credit Bureau may impact your ability to get loans from other lenders.
CareFinance’s loan app customer support number
Email: CareFinance.service. CareFinance.service.co@gmail.com
Customer Service Hotline: 07088953673
Address: BANJO STREET OJODU BERGER LAGOS