A Nigerian online loan app called Cashdey offers short-term personal loans in addition to other services. The Android-based app offers little documented collateral-free loans starting at N3,000 up to a maximum loan sum of N100,000.
The app, which has received over 100k downloads to date, employs a loan software to gather data from potential customers, such as phone records, banking transaction alerts, and BVN, in order to create each borrower’s credit score and provide them with a tailored loan offer.
Make sure to keep recent bank transaction messages on your phone and avoid having any unpaid balances with other lending applications to qualify for bigger amounts.
Simply download the app from the Google Play store, enter some personal information about yourself, and the algorithm will review your data, determine your credit score, and present you with loan offers. A few hours later.
Don’t use an internet loan to support your way of life. Online loans can be helpful in emergency situations, but they can be costly with extremely high interest rates because they are unsecured and require little to no paperwork to obtain.
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How to Download APK and get a loan from CashDey loan app
- Download the CashDey personal Loan App exclusively available on the Google Playstore and install it on your Android phone.
- Register an account with your phone number.
- Preferably the phone number connected to your BVN as a one-time password will be sent to it for verification.
- Fill in your basic Know-your-customer KYC information, including your residential address, next of kin and employment details
- You will also be required to provide your Biometric verification number BVN.
- You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
- A one-time password OTP will be sent to your phone to confirm your details.
- After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
- The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
- Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.
It can take between 7 and 12 business days for the N30 that was charged to link your ATM card to your account to be returned to your bank account.
Your BVN is connected to your credit score, so if you owe money to other creditors or have a history of late payments, your application will likely be declined.
Your past borrowings, payment punctuality, and cash in and outflows from your bank account, among other things, are all recorded in your credit score.
You must give permission for this app to access your phone book contacts who will act as your guarantors, SMS to view your banking transaction history, apps on your phone to see how you use other loan apps, and other information it uses to create your credit score when you download it.
Is CashDey Loan app legit or a scam?
Although the CashDey lending app is still quite new on the Play Store, it does indeed grant loans to users. However, caution should be exercised before applying for any online loan. Before you apply for a loan in Nigeria, always read evaluations left by previous applicants.
You should be aware that neither the CBN nor any other Nigerian government organisation has registered or regulated these loan apps. There is no means to get revenge for bad customer service, and you are responsible for the security of your transactions with them.
Additionally, the fact that it is available on Google Play does not make the transactions made through it secure. While utilising loan apps in Nigeria, you are in charge of your own security as the play store only acts as a download location.
What other borrowers are saying about CashDey loan app
The Google Play Store users who wrote these reviews.
The worst app I have yet to come across, according to Robert Tyoaa. These individuals are nothing more than con artists. They choose the amount for you, credit you with almost half of the amount they choose before you can say “Jack,” and then demand payment for almost twice the amount they credited you. For instance, they showed me 7000, and in less than 5 seconds, I got a warning for 4550. I was also prompted to pay $7320.77. Service charge accounts for the difference. They are con artists, so please avoid them!
Richard remarked on Sunday, “This app is completely useless. I was trying to connect my account with it after I just downloaded it from an advertisement I saw. When it didn’t work, I tried to go back, but as soon as I did, I was prompted to choose to borrow money on a timer even though I hadn’t yet entered the desired amount. Before I could say no, the app informed me that I had requested the requested amount, it had been deposited to my account, and I had been given time to reimburse it. Money shouldn’t be forcedly provided; it should be voluntarily given.
Written by ADA ANYASI. “Poor experience… I’ve been trying to pay back my loan, but no account information was showing up on my dashboard. I called your customer service, who gave me the account information, and I made a payment into the specified repayment account, but it isn’t showing up on my dashboard. No one from your agent has phoned, the loan is past due, and despite my repeated emails and Facebook messages, no one has responded. Now that they have refused to provide a method of payment, I suspect that this app is bogus.
CashDey loan app interest rate?
One amount up to $100,000 is available through CashDey.
2 Terms ranging from 91 to 365 days.
3 No extra costs
4 12% – 24% annual interest rates
An illustration is an interest rate as low as 12% APR. The total interest would be NGN5,000*12%=NGN600 if you chose a sum of NGN5,000 and a 180-day term. The total repayment would be NGN5,600 (or NGN5,000 plus NGN5,000 multiplied by 12%).
If you’re borrowing for the first time, your loan amount and term will likely be much smaller than those shown below in terms of interest rate and tenure. By maintaining accurate records and promptly repaying loans, you can raise your amount.
What are the requirements?
- Be a legal citizen or legal resident of Nigeria
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kin including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Have an active bank account.
- Your phone number must be the one connected to your BVN.
- Have a valid government-issued ID card
CashDey loan app customer service number
- Phone number: 018883539
- Service Email: email@example.com
- Office Address: 27-21 Layi Oyekanmi St., Mushin 102215, Lagos, Nigeria