CashKey Loan is a quick and instant loan application that gives access to over 100k naira to solve personal and business issues in Nigeria.
CashKey is a simple and secure lending platform designed that is suitable for Nigeria mobile users. It offers loans that are collateral-free to Nigerians with only minimal documents.
If you’re an Android user, you may apply for the collateral-free loan that starts at N5,000 and goes up to a maximum loan of N100,000. The documentation is minimal.
CashKey’s loan application is new and has already been downloaded over 5k times on Google Play Store, but with mixed feedback. It utilizes a loan software to collect information from prospective customers including telephone records, banking notifications for transactions and BVN for credit scoring of the borrower.
To be eligible for loans or other amount, ensure you keep a record of your bank transactions on your mobile and don’t have any outstanding loans with other loan applications!
It’s easy to use, just download the application from the Google Play Store, and provide your personal information The algorithm will then analyze the information you provide and determine your credit score, and then make you an offer to lend money within a matter of hours.
How do you download the APK to take a loan through CashKey loan app
- Get Cashkey Loan, the Cashkey App only available through the Google Playstore and install it on the back of your Android phone.
- Create an account using your mobile number.
- It is recommended that the number you have linked with your BVN as a one-time password will be provided to the BVN to confirm your identity.
- Complete your essential Kwow-your customer KYC details, which include your residential address, your next of kin information and details about your job.
- Then you will also have to submit you with your Biometric confirmation number BVN.
- The amount you pay will be N30 to connect an ATM account to the account in order to increase your chances of getting an amount that is higher.
- One-time username and password OTP is sent directly to you mobile to verify your details.
- Following the submission of an application for a loan, application will examine your credit score. The final score will be displayed in the application.
- The final result should be shown within less than two minutes. If you are eligible for an loan, the amount will be paid to your bank account immediately.
- 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.
Your BVN is tied with your credit rating, therefore when you’re in the middle of a loan with another lender or failed to pay any other lender in full when they were due you can expect to be denied.
Credit score a summary of your previous borrowing as well as the amount of time you pay and cash transactions that go in as well out of your account, and other details.
Once you download this application, it will have the ability to access your mobile book’s contact information as well as SMS and other information it utilizes to improve your score on credit.
Are you sure that CashKey Loan app legit or fraud?
The fact is that CashKey loans are authentic, though the app is only new to the Play Store. it is able to provide loans to users, however caution is advised prior to applying for any loan online. Be sure to read reviews from other customers before submitting an application for an loan in Nigeria.
You must be aware that these loans aren’t regulated or registered through CBN, CBN or any other government organization in Nigeria. The responsibility lies with you for the security of your transactions using these apps and there isn’t any recourse to redress poor customer service.
Its availability in the Google Play Store does not ensure that transactions made on it are safe. The play store is an opportunity to download and you are accountable for your security when using loan applications in Nigeria.
What CashKey loan app could you make better?
CashKey offers a high rejection rate. However, you could apply and pay the N30 fee to bind an ATM debit card on your account , but you will still be denied with no justification. Maintain a high credit score to improve the chances of being approved.
The application also is slow to process loans, meaning the loan may have been approved but the due date is counting and you are still waiting to receive the funds to your account at the bank. If this happens to you wait or call support.
The application also doesn’t allow you to choose the amount you wish to take. Once an amount has been granted to you, you aren’t able to select an amount that is lower or more according to your needs. you must accept whatever amount was approved by the system you.
The loan tenure is not long enough, most borrowers have seven days to pay back their loans and pay interest.
Since there are no laws in Nigeria the majority app developers are loan sharks that may threaten to send texts to family members of yours calling them scammers in the event of a default on your loan. It is recommended to stay clear of these apps if you do not have other alternatives.
CashKey loan app rate of interest?
The loan term is 91 to 180 days
The loan amount is NGN5,000 to 100,000
Rate of interest: The minimum annual rate of interest is 14.4 percent, while the highest (APR) can be 21.5 percent (no additional charges)
Daily Interest Rate:0.04%-0.06%
Service cost: NGN 0
For example, it is NGN 10,000, the loan will have a period of 120 days and an the interest rate is 14.4 percent
The amount of the payment is calculated using the following formula:
The amount of the loan * Rate of interest divided by the number of days * the amount of loan (10,000 * 14.4 percent / 365 * 120 * 10,000) = NGN10,473.
As an example, suppose you take out a loan of NGN 10,000, with a repayment period of 91 days, and an interest rate of 21.5 percent
The amount of the payment is calculated using the following formula:
Amount of loan * Rate of interest divided by number days The amount of the loan (10,000 * 21.5 percent/365 * 9 + 10,000) = NGN10,536
This rate of interest and time is just an example, you can expect your loan amount and duration to be considerably shorter when you’re borrowing for your first time. You could increase the amount by keeping accurate documents and repaying loan in time.
What are the rules?
- You must be a legal citizen or a legal resident of Nigeria
- At minimum 18 years old.
- A monthly income source.
- Make sure you connect your ATM card onto your account
- Give the details about two next of kin including their telephone numbers.
- A good credit score and no any outstanding loan from lenders.
- Maintain a account in your bank.
- Your phone number should be that which is linked to your BVN.
- Be sure to have a valid government issued ID card.
What happens if I fail to repay my loan, or pay it off late?
In the event of late loan repayments, they automatically accrue the cost of 2.2% per day. Therefore, it is recommended to make sure that you do not go over deadlines. The loan that is paid back by the time of due allows access to larger loan amounts. In the event of late repayments, it will impact your chances of getting additional or larger loans. If you are extremely in arrears with your repayments, you’ll be recorded to the First Central Credit Bureau. The blacklisting process by the First Central Credit Bureau may hinder your ability to get loans from other lenders.
CashKey Loan app customer service number
- Customer Service Hotline: 07088953673
- Customer Service Contact: email@example.com
- Address: 47 ajanaku street,ikeja,Lagos,Nigeria
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