Cashsea loan is an online lending company that is new in the game of granting personal loan to Nigeria without document.
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 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 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.
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How to download APK and apply for a Cashsea loan app
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 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.
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. In the event that 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.
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 month) 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 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.
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 : [email protected] Address : Alhaji Lateef Adegboyega Street, Off Ago Palace Way, Oshodi-Isolo 100263, Lagos, Nigeria
Mr Olawale Olokede is a registered loan officer and worked for over 10 years as a senior financial consultant for accounting, finance and business management firms in Nigeria. Mr Olawale Olokede implemented and supervised financial and loan solution to Lagos based small and medium scale businesses after lecturing at the Lagos Business school. He is channeled his writing skills and passion for blogging to set up Lending Naija with over 50 reviews on different loan application and downloads.