Cashsea Loan is an online lending company that is new in the game of granting personal loans to Nigeria without documents.
Cashsea, a Nigerian loan application, provides microloans from N8,000 up to N1,000,000 for emergency needs. Access to collateral-free loan products is possible online with minimal documentation.
The app is still fairly new and has only over 5k downloads on the Google Play store. It uses a loan program to collect information about potential customers, including phone records, bank transaction alerts, BVN, and BVN to determine the borrower’s credit score.
You will be able to get a loan or higher amounts if you keep accurate bank transaction messages and have no outstanding loans with other loan applications.
It’s easy to apply. Just download the app from the 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.
Table of Contents
How to download APK and apply for a Cashsea loan app
- Install the Cashsea Loan App only available on Google Playstore.
- Register with your phone number to create an account
- For verification, you should use the phone number associated with your BVN.
- Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin 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 higher loan amount.
- 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 clear selfies for identification.
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.
This app allows you to access your phone contacts, SMS, and other information that it uses to improve your credit score.
Cashsea Loan App Legit or Scam?
Cashsea Loan App is real and offers loans. However, the interest rates are very high for first-time borrowers. If you default on your repayments, this loan shark will send you derogatory messages. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN or any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on the 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.
How can the Cashsea app improve your cash flow?
The Cashsea app may have some coding mistakes. You might have paid off your loan before the due date but still, see that your in-app dashboard is not cleared. If this happens, keep your proofs of repayment handy to avoid late fees.
These coding mistakes can also cause problems with registration. Customers have complained that the app crashes sometimes when they try to register. Customers also reported that the app kept saying their names aren’t compatible and they couldn’t bind their BVN numbers to their accounts. Contact support if you are experiencing this.
This app has a high-interest rate. You’ll typically receive a loan of N5000 for your first use. However, customers complain that they didn’t receive the entire N5000 and had to repay the entire amount plus interest.
Cashsea loan application will call you to threaten, insult and send derogatory messages to you if you are unable to pay your dues.
The interest rate for Cashsea Loan App
The loan term can be extended from 91 days up to 365.
The loan amount range is N5000-N500,000
The total interest range for loans is 2% to 244. Monthly interest ranges from 1% to 2.2%, and APR from 12% to 244.
Example Interest Calculation:
The APR for N20,000 is 91 days (3 months) and the total amount due on the due date is N20,000.
Interest: N 20,000 * 20 / 365 * 9 = N 997
Principal repayment = N20,000
Repayment total: N20,000 +N997 = N20.997
The repayment period is 3 months
The monthly payment is N20.997 / 3 =N6,999
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 Cashsea Loan App
E-mail: help@cashsea.ng
Address: Alhaji Lateef Adegboyega Street, Off Ago Palace Way, Oshodi-Isolo 100263, Lagos, Nigeria
