Cashfarm Loan App : Download, How To Apply
CashFarm loan app is the new comer in the Nigerian online loan market. It is a digital lending app that offers Nigerians short-term personal loans of between ₦10,000 to N50,000 in collateral free loans with minimal documentation.
The app has so far gained over 10k downloads on Google play store with mixed reviews. It uses a loan software to collect prospective customers information including phone records, banking transaction alerts, BVN to build the credit score of each borrower.
To qualify for higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!
Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all Within a few hours.
The N30 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.
Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.
Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.
When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.
Is CashFarm Loan app legit or scam?
Yes, CashFarm loan app is legit, tho the app is still relatively new on the play store it does give out loans to customers but caution should be taken before taking any online loan. Always read other customer’s reviews before you apply for a loan in Nigeria.
You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.
Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.
What CashFarm loan app can improve?
CashFarm charges high interest rates for short term loans, first time borrowers usually get about 6k to payback 10k within 7 days.
The loan rejection rate is also high, most customers application get rejected after submitting their details. Some are simply kept in review for days.
The app also has some networking issues that prevents some customers from binding their ATM card smoothly among other registration issues. The app also delays in acknowledging loan repayments. After repaying your loan, be patient and keep your proof of payment Handy as it may take a while to clear your dashboard. Sending verification is also complex as most customers report not getting it.
When taking loan, be mindful of the repayment plan. If you take a 60 days loan with two repayment installments, the app might attempt to auto debit you on the due date of the first installment and even charge overdue charges before the end of your 60 days tenure.
You can change your ATM card password to prevent auto debit. This app has been reported to deliberately auto debit their customers even after they have made payments via bank transfer.
The loan tenure is very small, starting from just 7 days. This is lower than the 30 days minimum tenure recommended by the CBN for short term personal loan providers.
Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.
If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.
CashFarm loan app interest rate?
Loan rates and fees
Loan Amounts: ₦ 5,000 to ₦ 50,000
One-time service / interest fee: 2%- 35%
Maximum Annual Percentage Rate (APR): 66.21% – 270.44%
Late fee: one-time fee of 8% of outstanding amount due
Minimum repayment period offered = 61 days
Maximum repayment period offered = 180 days
Example interest calculation for a sample loan as follows
Loan Interest: (APR): 30%
Tenor: 4 months
Annual Interest (: 100000 * 0.3) :30,000 Naira
Total Interest for 4 mths: 100000 * 0.3 *4/12 :10,000 Naira
Monthly Interest : 2,500 Naira
Monthly Repayment (principal + interest) :27,500 Naira
Total Repayment :110,000 Naira
This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.
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 kins 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.
What will happen if I don’t repay my loan or pay my loan late?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
CashFarm loan app customer service number
Customer Service Email: [email protected]
Address: No.60 adeniyi Jones,ikeja,Logas.
You can Apply For Quick Loan Using These Loan Apps
These loan apps are only for urgent loan for personal needs, they are all genuine loan apps
Unable to download Ur app on playstore
yes.i cannot download the app
Pls I need d app cashfarm
I dont know how to apply for a loan from umsuka instead i just see some other loans not umsuka
Cashfarm is a scam flat form people pls don’t trust them I requested 10000 ten thousands naira loan they transfer 6200 naira to my accounts which I have the evidence of everything, the transaction
After 6days they started calling me to pay the amount of ten thousands seven hundred and ten naira.
I ask the woman that call that since the day I applied for the loan there was a woman charting me on what’sapp telling me did I received the loan I tell exactly what happened that I requested for 10,000 they are giving me 6200 ,which in your flat form it remains like that but I received the An Alert of 6200, in which in the first place they call me, send me texts messages to applied from there flat form no any collateral. And Also wanting to pay the amount that I did not collected, wanting to pay after I come back from Fridays prayer 2:00pm on my way coming back home wanting to settle and pay back that amount that there have not giving me before I rich home a friend of my call on me telling that a useless scam Person like a Cashfarm agent sending my BVN and Name, phone number accusing my character.
Pls I want to use this media, which is an opportunity for me to let there management knows, to be aware of what there agent are doing for god sake how can you lend a person loan of 6200 naira after six days (6) asking him to pay 10,710 naira pls fear god. Pls you did not gave me what I ask for in the first place, so you shouldn’t ask me to pay what you have not giving me exactly We all from one god and to him we shall all returned.
So my piece of Advice to the gentlemen and gentle ladies should not give there trust to this Apk (App). They can only cheat not helping, government should take an action on this type of flat form should remain eliminated.
Pls I want a serious conversations with a serious management in other to the relevant details. And how to over come them
Is a shame to most of the ladies Claiming that there are there agent they are the worst part of the action pls take note, the management should not sit down watching you guys cheating on others people. Taxing them the amount you have not giving them.
I don’t know if the management can follow up with my transaction in other to resolves the issue concerning me and the agency
This app is a scam… They come in form of a loan app, they will give you a little amount 6000 within 5 to 6 days they will be requesting 10700 from you. The next thing they will start publishing your pictures and posting you as a criminal they go about collecting money from your contact it’s a very useless app and fraudster
Pls I need the cash farm app,
The app is not on play store. Just send me the app link to download via dis num 09123137624
I need a loan to burst my father farm , like cocoa, orange, banana, also akah of land, so I need a loan like 5m to burst it so I can bring a large quantities of farm products in a year
My phone number is, 08028040183
I couldn’t find the app on internet, when downloaded it changes to say cash app…