Cashpal loan app is an online lending company that is new in granting personal loans to Nigeria without documents.
Cashpal loan app is a mobile Loan Platform that provides Nigerians with safe ways to borrow and solve the problem of the urgent need for money with up to a maximum loan of NGN500000. Users can access collateral-free loan products, a 100% online process.
This app is relatively new in the loan business, with just over 100k downloads on the Google play store, and uses loan software to collect prospective customers’ information, including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.
The application is simple, just download the app from the Google play store and provide some information about yourself; the algorithm will analyze your information, calculate your credit score and make you a loan offer Within a few hours.
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How to Download APK and get a loan from the Cashpal loan app
- Download the Cashpal personal loan app, exclusively available on the Google Play store, 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.
- 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 submitting 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 as you will be required to take a clear live selfie to identify.
- You must also provide your NIN, so keep it handy.
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 when due, expect your application to be rejected.
When you download this app, it gets access to your phone book contacts, SMS, and other details it uses to build your credit score.
Is the Cashpal loan app legit or a scam?
Yes, the Cashpal loan app is legit and gives out loans to customers but with extremely high-interest rates, especially for first-time borrowers. Always read other customers’ 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 the Google play store does not make transactions performed on it secure. The play store provides an avenue for download; you are responsible for your security while using loan apps in Nigeria.
What Cashpal loan app can improve?
The Cashpal loan app gives customers loans and even higher amounts than other loan apps, but that is the only good thing about this app.
First-time borrowers usually don’t get above N5000 loans to pay back N8000 within seven days. The tenure needs to be longer, and the interest rate is ridiculous. Though the app promises to give you a revolving loan with a higher amount and higher term on your subsequent loans, there is no guarantee you’ll be approved.
The Cashpal loan app has plenty of hidden charges that the app claims are processing fees. The loan amount displayed on the app usually differs from the amount disbursed to your account; you will be required to pay back all hidden charges and pay interest on every loan you collect.
The Cashpal loan app also has some bugs; some customers have complained that their loan needs to be cleared on their dashboard even after repayment. If this happens to you, send a message with your proof of payment to customer support to rectify the issue, as you will still be charged late payment fees even though the fault is not yours.
Ncredit loan app also collects too much information from customers, unlike other loan apps; they will collect your passport and still ask you to take a live selfie; they collect your NIN number and a copy of your work ID card.
Because there are 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.
Ncredit loan interest rate?
Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 500,000.
Loan interest: the total interest range is from 2% to 24%. The equivalent monthly interest is from 1% to 2%, and APR is from 12% to 24%.
Example Interest calculation:
If you choose a loan limit of NGN 6,000.00 with a period of 360 days,
the total interest must be paid: NGN 6000.00 * 0.05% * 360 = NGN 1080, monthly interest shall be delivered: NGN6000.00 * 0.05% * 30 =NGN 90, monthly repayment bill including principal and interest shall be paid: NGN 6000/12 + NGN 90= NGN 590, total repayment bill including principal and interest shall be provided: NGN 6000.00 + NGN 1080 = NGN 7080
This interest rate and tenure is just an example; expect your loan amount and period to be significantly lower if you borrow for the first time. You can increase your amount by keeping good records and paying back loans on time.
What are the requirements?
- Be a Nigerian citizen or legal Resident.
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Please 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 Nigerian bank account.
- National identity number NIN
- Two passport photographs
- Work ID card.
What will happen if I don’t repay or pay my loan late?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one is within the due date. Repaying the loan by its due date allows you to access larger loan sizes. Payments will affect your ability to get subsequent or larger loans. You will be reported to the First Central Credit Bureau if you need to catch up on your payments. Blocklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
