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Home Loan CayCredit Loan: Apply For Loan Now

CayCredit Loan: Apply For Loan Now

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CayCredit loan application is an Nigerian personal loan service that provides fast and secure micro and medium-sized loans. The app for smartphones allows users to take out loans up to N60,000 in unsecured loans with minimal collateral and with no documentation.

An unsecure loan is one type of loan that doesn’t need collateral or a downpayment in order to get. It’s typically short-term and comes with very high interest rates.

CayCredit is ready to help business owners in the expansion of their businesses and assist individuals who have urgent needs such as unpaid utility bills or car repairs emergency situations in the family. It is possible to satisfy these needs quickly with the quick credit they provide.

With CayCredit it is not a long wait, no long line, and there is no need to provide collateral. All you need is an iPhone to be able to access the instant money that’s deposited right to your account at the bank.

Don’t take out an online lending app to pay for your lifestyle. These loans can be useful in situations of emergency, but they can be quite costly when compared with long-term loans , and must be handled with caution.

CayCredit loan application helps you get a personal loan easy making use of the information on your phone, including your personal information to verify your identity and build an account with a credit score.

CayCredit Loan
CayCredit Loan

The process of getting a loan in Nigeria via banks or other official sources is long and time-consuming. It requires documents like collateral, which many people do not have. That’s why services like this are extremely beneficial particularly during times of emergency.

Although the app is quite new, the customer’s feedback is positive. The app has had more than 10k downloads on Google Play Store, with mixed reviews. The app uses a loan program to gather information about prospective customers such as phone numbers, bank alerts for transactions, BVN to build the credit score of every borrower.

In order to be eligible for greater amounts, make sure you keep a record of your bank transactions on your smartphone and don’t have any outstanding loans with loans from other lenders!

How to download Caycredit App and apply for Caycredit loan

  • Get the CayCredit personal loan App, which is available on the Google Playstore and install it on the back of your Android phone.
  • Make an account by entering your telephone number.
  • It is recommended that the number you have linked with your BVN as a unique password will be provided to the BVN to verify your identity.
  • Complete your basic Know-your-customer KYC details, which include your address for residence, next of kin, and your employment information.
  • You’ll also have to submit you with your Biometric Verification Number BVN.
  • It will cost you N30 to tie the ATM debit card on your account in order to increase your chances of receiving an amount that is higher.
  • One-time security code OTP is sent directly to you mobile to verify your information.
  • When you submit an application for a loan, program will examine your credit score. The final score will be displayed in the application.
  • The final result should be available in no more than two minutes. If you are eligible for an loan, the amount will be deposited into your bank account within approximately five minutes.
  • You must ensure that you’re using an appropriate phone with sufficient memory capacity as you’ll have to take an authentic live selfie for identification.
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It is important to note that affixing your ATM card with N30 doesn’t assure you that you’ll be able to receive a loan. However, you still must get a credit score.

The N30 charge to tie the ATM debit card in your checking account is refunded however it can take anywhere between 7 and 12 business days for the funds to be returned in your banking account.

Your BVN is tied to the credit score you have. So 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 be prepared for your application to be denied.

The credit score you have is the result of previous loans as well as the amount of time you pay your bills cash transactions coming into or out of the bank accounts, and other details.

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If you download this application, you will need to agree to it in order to gain access to the contacts in your phone book that can be used as your guarantors. You can also use text messages to view your banking transactions, and apps for your phone to observe how you are using other loan applications and other information it utilizes to increase the credit score.

While CayCredit does offer loans to certain customers, there have been complaints that the app took funds from their accounts following the binding of their ATM cards. So be cautious when you use this loan application.

Is Caycredit loan legit?

It is true that CayCredit loans app an legit loan app that provides short and long-term loans that can be up to a maximum sum of N60,000 to customers however it comes with extremely high rates of interest and bugs that impede easy registration. Be cautious before making any online loan. Make sure you read the reviews of other customers before submitting an application for loans in Nigeria.


  • A short loan period, specifically for those who are new to the loan, begins at only 7 days.
  • High interest rates for smaller loan amounts.
  • A high rejection percentage.
  • The app is only compatible with Android smartphones.
  • Issues with network connectivity that may stop binding of cards.

When you take out a loans, remember the repayment schedule. If you are taking an 60-day loan with two installments for repayment The app could attempt to debit you automatically at the due date of the first installment, and may make overdue charges prior to the expiration date of your 60-day tenure.

You can modify your ATM card’s password to stop auto debit. This application has been found to intentionally auto debit their customers, even after they’ve paid through bank transfers.

There is no regulation in Nigeria the majority applications are loan sharks that could threaten to send out messages to your family members , calling them scammers when you fail to pay your loan. Avoid these apps if you do not have other alternatives.

If you’re being harassed or bullied by a loan sharks in Nigeria Check out the following facebook group in which you can get help and read about the experiences of others who have been victimized by loans apps.

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What are other borrowers saying about CayCredit loan application

Kayode Aduloju wrote, “It keep crashing at date of birth work on it.”

Akan Afaha said, “I got a call to finish my registration on caycredit, but unfortunately the same thing is still happening – App crashes each time I get to the input date of birth.”

Josephine Kattey wrote, “Thank you. Dashboard already states the amount to be repaid and the date, but I haven’t received the money.  This isn’t fair. You continue to send me messages that I owe to you even though you didn’t give me any money. What can I do to pay back the amount I did not receive. Please don’t ask me to send any bank statements. I would like you to send me your bank statement to prove that the funds were debited from your account into my bank account. You should stop sending me this message until you forward me your bank statement that demonstrates how much was deducted.”

Caycredit Loan Interest rate

CayCredit Product:
Tenure: We’ll require your payment between 91 and the end of 365* days.
The amount of the loan ranges from NGN 5 000 to NGN 500 000.
Annual Percentage Rate(APR) between 6 to 35 percent. Interest rates are computed on daily basis.
Service Charge: based on your credit score, usually between 0% and 10%.

For Instance:
Loan Amount:N30,000
The loan period is 180 days.
Interest Rate: 24% per year,
Interest: N 30,000 * 24% / 365 * 180 = N 3,550
Service Charge:N 30,000 * 1% = N 300
Total Repayment Amount: N 30,000 + N 3,550 + N 600 = N 34,150

Take note that this interest rate and loan term is only an example. You can expect the actual amount and length to be lower however you can increase it by repaying the loan in time and maintaining a good credit rating.

Caycredit Customer service number

Customer Service Email: support@caycredit.co
Message us on WhatsApp: +234 7055487723
Company address: 20 Bola Odupitan St, Amuwo Odofin 102102, Lagos

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