CashAce loan app is another loan application in Nigeria which provides instant loans without collateral or paper documents Their loan is classified as an insecure loan.
The loan process is quick after your application has been approved, you will get your debit card funded within minutes. You don’t have to go to any spot to receive the loan. With a smartphone and you’re ready to go.
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The requirements to get a CashAce loan
Before you can get a the loan through this application, there are a few conditions that you have to meet with. These requirements are
Have a bank account and Bvn.
Reside in Nigeria.
Are you able to earn a living?
Have a minimum of the age of 28. A smart phone that allows you to download the application
For a first-timer, the rates of interest will be very excessive and the time to repay is limited until you prove you are a responsible borrower by making regular payments to your loan.
Paying back your CashAce Loan application
To repay your loan that you have heard about on your dashboard
You will be presented with a deferred option to repay the loan
Click on one to pay
When you pay, it will show on your dashboard. It does not call them.
What happens If I fail to pay
If you fail to pay, you’ll be penalized by an increasing the interest rate, which could be as high as 22%. And if you choose not to repay in any way, your name BVN as well as other information will be sent to the credit bureaus for black listing that means you won’t be able to borrow another time within Nigeria until you’ve paid back the loan and have cleared your name with the credit bureau.
Is CashAce loan legit
Yes, CashAce loan is legitimate and they’ll offer you a loan, but they aren’t licensed by CBN nor insured by NDIC so be careful when you take a loan from them.
CashAce Loan App is a genuine loan app and they’ll surely offer you a loan. They have a good rating on Play Store as of the moment of writing this review, however they do not licensed by CBN so be careful don’t borrow more than what you can repay.
As you will observe, CashAce loan application will grant you a loan instantly in Nigeria however, don’t get a loan that you are unable to not pay back. Try to avoid embarrassment, and I had.
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.