Cashpro loan app provides convenient personal loans in Nigeria up to N500,000 that don’t require collateral or a downpayment.
These loans are usually short-term and have very high interest rates.
Cashpro loans should not be used to finance your lifestyle or pay off long-term debts. While short-term loans can be helpful for emergencies, they are more expensive than long-term loans. Therefore, you should use them with caution.
The app received mixed reviews from Google Play Store users after its first month. It uses a loan program to gather information about potential customers, including phone records, banking transaction alerts and BVN in order to determine each borrower’s credit score.
You will be able to get higher amounts if you keep your bank transaction messages up and have no outstanding debts from other loan apps.
It’s easy to apply. Just download the app from Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
How to download APK and apply for a Cashpro loan app
- Install the Cashpro personal loan app only available through the Google Playstore.
- Register with your phone number to create an account
- For verification, it is preferable that you use the phone number associated to your BVN.
- Complete your Know-your-customer KYC information. This includes your address, next-of-kin, and employment details
- Your Biometric verification number BVN will also be requested.
- To bind your ATM card with your account, you will be charged N30. This will increase your chances of getting a loan amount that is higher.
- To confirm your details, a one-time OTP password will be sent to you.
- After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
- You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
- You will need to take a clear selfie of your identity so make sure you have enough storage.
You should note that simply binding your ATM card to N30 doesn’t guarantee you get a loan.
The N30 that was charged to attach your ATM card to your account can be refunded. However, it may take up to 7 to 12 business day for the money to reach your bank account.
Your BVN is tied to your credit score. If you have an outstanding loan from another lender or have not paid other lenders on time, your application will be denied.
Credit scores are a record of all your borrowings and cash transactions.
To download the app, you must agree to allow it access to your phone contacts, SMS to view your banking transaction records, and apps on your smartphone to see how other loan apps are used.
Cashpro Loan App Legit or Scam?
Cashpro loan app offers micro loans up to N500,000. However, it has high interest rates and bugs that make registration difficult. Before you apply for an online loan, be cautious. Before you apply for an online loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN nor any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
- They do indeed give loans.
- Online, no collateral is required
- Loan amount up to 500k
- Are you having problems with your network that hinder smooth registration?
- It takes time to disburse loans once approved. Some customers may take days or weeks to see alerts.
- For new users, the loan term is only 7 days.
- For small amounts of loan, very high interest rates
- High rejection rate
- There is no functional customer service.
Be aware of your repayment plan when taking out a loan. The app may attempt to auto-debit you on the due date for the first installment of a 60-day loan. It might also charge you overdue fees before the end 60 days.
To prevent automatic debit, you can change the password for your ATM card. The app is known to auto-debit customers after they make payments via bank transfer.
This Facebook group is for you if you feel bullied or threatened by loan sharks in Nigeria. You can also find support and learn from others who have been victim to bullying loan apps.
What is the interest rate?
Loan Product Information:
- Maximum loan amount: NGN 5,000- NGN 100,000
- The loan period is shortest at 91 days and longest at 180 days
- Annual interest rate: Maximum 14% per year (APR).
- Daily interest rate: 14%/365 = 0.0384%
- Service fee, admin & other: NGN 0.
If you are applying for a loan of NGN 55,000 with a 180-day repayment period, the amount due is NGN 55,000 plus NGN 5,000 interest * 0.034% * 180 = NGN 5,345
Total Monthly Payment: NGN 890 = NGN 5 345 / 6 Months
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
What are the requirements?
- You can be a Nigerian citizen or resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from any other lenders.
- Maintain an active bank account
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
Customer service number for Cashpro Loan App
Phone: +234 814 978 6116Address: Bethel House, 6A, Akin Osiyemi Street, off Allen Avenue, Ikeja, Lagos, Nigeria
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