Cash Farm Loan App is the newest player in the Nigerian online lending market. It’s a lending app that gives Nigerians small-scale personal loans between N10,000 and N50,000 loans without collateral and with no documents.
Cash Farm Loan App has received more than 10k downloads from Google Play Store but with differing opinions. The app uses a loan program to collect information from prospective customers such as phone numbers, bank alerts for transactions, BVN to build the credit score of every borrower.
To be eligible for larger amounts, make sure you keep a record of your bank transactions on your smartphone and you don’t have outstanding loans with loans from other lenders!
Cash Farm Loan App is easy, simply download the application from the Google Play Store, and provide your personal information and the app will review your data and determine your credit score, and then make you an offer to lend money within a matter of hours.
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How to download the APK and take out an installment loan from Cash Farm Loan App
- Install the Cash Farm personal loan App only available through the Google Playstore and install it on the back of your Android phone.
- Create an account using your mobile number.
- The preferred phone number that is connected with your BVN as a one-time password will be provided to the BVN to verify your identity.
- Complete your essential Kwow-your customer KYC details, such as your residential address, your next of kin information and details about your job.
- You’ll also have to submit the Biometric Verification Number BVN.
- The amount you pay will be N50 to connect the ATM debit card onto your account in order to increase your chances of getting an amount that is higher.
- One-time security code OTP can be sent via your mobile to verify your details.
- Following the submission of an application for a loan, application will examine your credit score. The final results will be displayed in the application.
- The final result should be shown within less than two minutes. If you’re eligible for an loan, the amount will be paid directly into your bank account.
- You should ensure that you’re using an appropriate phone with sufficient memory capacity as you’ll have to snap a and live selfie to prove your identification.
The N30 that is charged to bind the ATM debit card in your checking account is refundable however, it can take between up to 12 days to allow the funds to be returned in your banking account.
Your BVN is tied to the credit score you have, therefore when you’re in the middle of a loan with another lender, or did not pay your other lenders on time you can expect to be denied.
Credit score the result of previous loans as well as the amount of time you pay cash transactions coming into as well out of your account and other data.
After downloading Cash Farm Loan App, you will need to agree to it in order to gain access to your phone book contacts which be your guarantors. SMS for access to your bank transactions, applications on your phone that observe how you are using different loan apps, and other information it utilizes to improve credit scores.
Are you sure that Cash Farm Loan App legit or fraud?
Cash Farm Loan App is genuine even though the app is only new to the Play Store. they do offer loans to clients, but care is advised prior to making any online loan. Read reviews of other customers before submitting an application for loans in Nigeria.
It is important to know that these loans aren’t regulated or registered with CBN, CBN or any other government institution in Nigeria. You are accountable for the safety of your transactions through them , and there’s no recourse to redress poor customer service.
Its availability as a feature on the Google Play Store does not ensure that transactions made on it are safe. The store is merely an opportunity to download but you are ultimately responsible for your security when using loan applications in Nigeria.
What Cash Farm loan app can improve?
Cash Farm Loan App offers high interest rates on short-term loans. First time customers typically get around 6k to repay 10k within 7 days.
The rejection rate for loans is also very high. The majority of applicants are rejected after providing their information. Others are kept in the process for a few several days.
Additionally, the app has network issues that hinder certain users from linking their ATM card easily, among other issues with registration. The app is also slow in accepting the repayment of loans. After you’ve paid back your loan, you must be patient and keep the proof of payment handy because it could take some time to clear your dashboard. The process of sending verification can be a bit complicated because most people report that they have not received it.
If you are taking out a loan, remember the repayment schedule. If you are taking 60 days of loan that has two installments of repayment it could be that the app tries to automatically debit your account at the due date of the first installment. It may also charge you for overdue fees before the expiration date of the 60-day period.
You can modify your ATM card’s password to avoid auto debit. The app was reported to purposely auto debit customers, even after having paid through bank transfers.
The duration of the loan is extremely short, beginning from 7 days. This is less than the 30 day minimum timeframe that is recommended by the CBN for short-term personal loans.
Since there are no laws in Nigeria and the vast majority app developers are loan sharks. They could threaten to send out messages to your family members , calling you a fraudster when you fail to pay the repayment. It is recommended to stay clear of these apps if you do not have other alternatives.
If you’re feeling threatened or bullied by a loan sharks in Nigeria Check out the following facebook group in which you can get assistance and learn about the experiences of others who have been victimized by loan applications.
Rate of interest for Cash Farm Loan App?
Fees and rates for loans
Loan Amounts: N 5,000 to N 50,000
One-time service or interest charge: 2% – 35 percent
Maximum Annual Percentage Rate (APR): 66.21% – 270.44%
The late fee is a one-time charge equal to 8% of the amount due
Minimum term for repayment is 61 days
Maximum term of repayment is 180 days
An example of interest calculation for a loan sample as follows
Principal: 100,000.00
Loan Interest: (APR): 30%
Tenor 4 months
Annual Interest (: 100000 * 0.3) :30,000 Naira
All Interest for the 4 months 100000 * 0.3 *4/12:10,000 Naira
Monthly Interest : 2,500 Naira
Monthly Repayment (principal plus interest) 27,500 Naira
Total Repayment :110,000 Naira
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 when you’re borrowing for your first time. You may be able to increase the amount by keeping accurate record and paying off your loan on time.
Cash Farm Loan App Requirement
- You must be a legal citizen or a resident of Nigeria
- You must be at minimum 18 years old.
- A monthly source of income.
- Make sure you connect your ATM card onto your account
- Give the details for two kin including their telephone numbers.
- Have a credit score that is good and no unpaid loans with other creditors.
- You must have a valid bank account.
- Your phone number should be that of your BVN.
- You must have a valid government-issued ID card.
What happens if fail to repay my loan, or make payments on my loan in time?
In the event of late loan repayments, they automatically accrue the cost of 2.2% per day. Therefore, it is recommended to not overpay by the date of due. The loan that is paid back by the due date lets you get larger loan amounts. In the event of late repayment, it will impact the ability of you to obtain future loans or bigger ones. If you are extremely late with your repayments, you’ll be recorded to the First Central Credit Bureau. The blacklisting of the First Central Credit Bureau may hinder your ability to get loans from other lenders.
Customer service for the Cash Farm Loan App
+234 9121540760.
Customer Service Email: CashFarmLoanApp@gmail.com
Address: No.60 adeniyi Jones,ikeja,Logas.
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