Cycle Cash loan app will give you instant loans without collateral or a guarantor. You don’t need to visit any location before you can secure the loan with your phone you are good to go. With cycle cash, you can obtain up to #100,000 at a go.
But is a cycle cash loan legit?
Read our verdict about this loan app
Table of Contents
The requirement to obtain a loan from cyclCycleh
To obtain a loan from cycle cash you need to meet up with some requirements which are
Have a bank account and BVN
Have a good credit score
Have a source of income
Reside in Nigeria
Be above 18 years of age
Have smart photos with which to download the app
How to apply for the cycle cash loan app
After meeting up with the requirement, the next thing is to obtain the loan
Head over to the play store and download the cycle cash loan app
Launch the app and register with your name and BVN
You will be asked to bind your ATM card which will attract a #30 fee, do so
After the registration, you will be login to your dashboard
On your dashboard locate and click on the loan
There you will see the amount of loan You are eligible for
ClickTaketake Offerffer and wait for disbursement
Cycle cash loan interest rate and the repayment period
Their interest rate is between 10% to 25% depending on the amount of loan secured and the interest rate is between 7 days to 3 months also depending on the loan amount.
If you are a first-timer you will be given a high-interest rate and a short repayment period but as you continue to use the app it will improve.
How much you can obtain from the cycle cash loan app
You can obtain up to #100,000 at a go but for first timer, the amount of loan you can obtain will be less than this but as you continue to use the app the amount you can obtain will increase.
Paying back your cycle cash loan
To pay back your loan login into your dashboard
Locate and click on loan repayment
You will see different methods to pay back click one and proceed
Once you make a payment it will be reflected in your dashboard
What will happen if I default
If you default cycle cash will punish you by increasing your interest rate. If you then decide not to pay back at all they will send a defamatory message to your contact. It can be embarrassing.
Is cycles cash loan legit
Yes, the loan app is legit, they do give out loans but they are not licensed by bCBN and not insured by NDIV so take caution when taking a loan from them. Take a loan that you know you can pay back.
Our verdict on a cycle cash loan
A cycle cash loan is not a good loan app. Their app has bugs that frustrate people when obtaining a loan.
Also if you default they will send a defamatory message to your contact telling them all sorts of rubbish. They have bad reviews and poor ratings on the play store.
Conclusion
As you can see cycle cash loan app is not licensed by CBN nor insured by NDIC, if anything goes wrong it will take time before CBN will interfere.
