Chacha Loan is a loan application that gives quick and instant online loan to Nigeria to solve emergency issues.
ChaCha is an Android platform that is an integrated one-stop lending and payment service platform. On ChaCha you can talk with your buddies without doubts, transfer money or recharge your phone and pay bills anywhere and anytime without waiting in queues. They also offer multiple loan options that can help you avoid the hassles caused by financial issues.
If you’re an Android user, you may apply for the collateral-free loan that starts at N5,000 and goes up to a maximum amount of N100,000. The documentation is minimal.
It was launched in December of 2020. Chacha has gained more than 10k downloads on the Google Play Store, and has received mixed feedback. It utilizes a loan software to gather information about prospective customers such as phone numbers, bank alerts for transactions, BVN to build the credit score of every customer.
To be eligible for loans or other amounts, make sure you keep your bank transaction information on your smartphone and don’t have any outstanding debts on other loan applications!
The application is easy, simply download the application from the Google play store, enter your personal information The algorithm will then analyze the information you provide and calculate your credit score and offer an offer for a loan within a couple of hours.
How do I download APK and then get a loan through the chacha Loan app
- Get the Chacha Loan App only available through the Google Playstore and install it on the back of your Android phone.
- Make an account by entering your mobile number.
- It is recommended that the number you have linked to the BVN as a one-time password will be provided to it to verify your identity.
- Complete your Kwow-your-customer KYC details, which include your residential address, your next of kin, and your employment information.
- It is also have to submit you with your Biometric confirmation number BVN.
- The amount you pay will be N50 to tie the ATM debit card onto your account in order to improve your chances of getting an amount that is higher.
- One-time username and password OTP can be sent via your mobile to confirm your account details.
- When you submit an application for a loan, program will evaluate your credit score. The final results will be displayed in the application.
- The final result should be shown within less than two minutes. If you are eligible for an loan, the amount will be paid into your bank account immediately.
- Be sure to use an excellent phone that has enough memory as you’ll be required to snap an authentic live selfie for identification purposes.
Your BVN is connected with your credit rating, therefore when you’re in the middle of a loan with another lender, or did not pay your other lenders on time you can expect to be denied.
Credit score a summary of previous loans as well as the amount of time you pay your bills and cash transactions that go in or out of the bank accounts and other data.
Once you download this application, it will have access to all your phones book’s contact information along with SMS, as well as other information it utilizes to improve your score on credit.
Is Chacha Loan app legit or scam?
It is true that the Chacha Loan app seems legitimate, and the app can provide loans, however caution must be exercised prior to making any online loan. Read reviews of other customers prior to applying for an loan in Nigeria.
It is important to know that these loans aren’t regulated or registered with CBN, CBN or any other government institution in Nigeria. The responsibility lies with you for the security of your transactions using these apps and there isn’t any recourse to redress poor customer service.
Its availability as a feature on the Google Play Store does not guarantee that transactions conducted on it will be safe. The store only provides an opportunity to download and you are accountable for your security using loan applications in Nigeria.
What Chacha loan app could be improved?
The first thing to note is that the majority of reviews posted on Google Play Store page of Chacha loans are fakes, and that’s the warning sign. The real reviews from actual customers is not good, with numerous complaints.
The duration of loans is very limited and the amount of loan is also very small, starting from N4000. Typically, you have just eight days to repay your loan and also pay interest. While the app promises to offer higher amounts of loans with a longer term for customers who have been repeat customers, there’s no guarantee of more time to repay your loans.
The interest rate is also extremely high and it isn’t explained well to the customers. One person was allowed to receive a loan of N5,000, but only for N3,000 to be credited to their account and the remainder being credited as interest and service charge.
Many customers complain about not receiving funds to their accounts despite their dashboards counting the time they are supposed to pay.
Chacha is filled with red flags, and you should avoid this app. A few of the applicants who received a loan complained about being labeled a fraudster once they failed to pay.
Since there are no laws in Nigeria the majority applications are loan sharks that may threaten to send texts to family members of yours calling them scammers when you fail to pay the repayment. Avoid these apps if there are other alternatives.
Chacha loan app interest rate?
Time of loan: From 90 days until 365 days.
Loan amount range: N5000 to N 500 000.
The total interest range ranges from 24% to 2 percent. The average monthly interest ranges between 1% and 22%, and APR ranges from 12 to 24 percent.
Sample Loan Calculation
The loan amount is NGN. 10,000, APR: 30%, service fee: 0%, loan tenure: 91 days.
The total amount due at the due date is
Interest: 10,000 x 30%/365 x 91 = 748
Service cost: 20,000*0% = 0.
Total amount disbursed: 10,000 (10,000 – 0)
Total amount due to be repaid 10 748 (20,000 plus 748)
The monthly amount due to be repaid is $3,583. (10,748 or 3)
The interest rate and duration is only an example, you can expect the amount of your loan as well as the time to be considerably shorter in the event that you’re borrowing your first time. You may be able to increase the amount by keeping accurate record and repaying loans promptly.
What are the rules?
- Legal citizens or a resident of Nigeria
- You must be at minimum 18 years old.
- A monthly source of income.
- Attach your ATM card onto your account
- Give the details about two next of kin including their telephone numbers.
- Have a credit score that is good without any outstanding loan from lenders.
- You must have a valid bank account.
- Your phone number must match the same as your BVN.
- You must have a valid government-issued ID card.
What happens if I fail to repay my loan, or pay it off late?
Repayments that are late automatically result in the cost of 2.2% per day. Therefore, it is recommended to not overpay by the date of due. Paying the loan on its due date allows you access to larger loan amounts. In the event of late repayment, it will impact the ability of you to obtain additional or larger loans. If you are extremely late with your repayments, you’ll be identified by the First Central Credit Bureau. The blacklisting of the First Central Credit Bureau may impact your ability to get loans from other lenders.
Chacha app for loan customer service number
Customer service hotline: 08129857030, 09155053675
Customer Service Contact [email protected]
Address: 1 Abiodun Sobajo St, Agidingbi , ikeja,lagos
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