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
How do I make an application for CashAce loan application
First, go to the play store then download the borrow application
Sign up with your name and BVN and any other information
You will be asked to tie your ATM card that could be attracting #30. Do this and then proceed
After registration, you will then be logged in to your dashboard
On your dashboard , look for the”loan” and click it .
You will then see the how much loan you are eligible to get
Accept the offer and then sit back to wait for payment
What amount can you get from the CashAce loan app
The app CashAce Laon is brand new The maximum amount you can get via this app is 50,000.
If you are a first-time user, you could not be able to get more than 20,000, but this number will grow when you keep using the application.
Interest rate for CashAce loans and repayment time
The CashAce loan’s interest rate is between 5% and 10 percent per month. The repayment term is 7 days and 180 days.
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.
Our opinion on CashAce loan application
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.