Flashcash Loan is an online loan that gives instant and quick online loans to all loan applicants with a fast approval plan.
Flashcash is the new payday loan app from the Fintech company, Blue Ridge Microfinance Bank Limited that provides Nigerians with microloans starting at the lowest amount of ₦2,000 to the highest amount of ₦500,000, for users to meet emergency needs. Users can access collateral-free loan products with minimal documentation which is a 100% online process.
Flashcash loan app is still relatively new in the business and has just over 10k downloads so far on the Google play store with mixed reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build the credit score of each borrower.
To qualify for a loan or higher amounts, be sure to keep good bank transaction messages on your phone and not have outstanding debts with other loan apps!
The application is simple, just download the app from the Google play store, and provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer Within a few hours.
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How to Download APK and get a loan from the Flashcash loan app
- Download the Flashcash loan App exclusively available on the Google Play store and install it on your Android phone.
- Register an account with your phone number.
- Preferably the phone number connected to your BVN as a one-time password will be sent to it for verification.
- Fill in your basic Know-your-customer KYC information, including your residential address, next of kin, and employment details
- You will also be required to provide your Biometric verification number BVN.
- You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
- A one-time password OTP will be sent to your phone to confirm your details.
- After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
- The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
- Make sure you’re using a good phone as you will be required to take a clear live selfie for identification.
Is the Flashcash loan app legit or a scam?
Yes, the Flashcash Loan app is legit, the app is from Blue Ridge Microfinance Limited. Always read other customers’ reviews before you apply for a loan in Nigeria.
You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.
Also, its availability on the Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your security while using loan apps in Nigeria.
What Flashcash loan app can improve?
Flashcash loan app contains some coding errors, you might have repaid your loan long before your due date and still notice that your in-app dashboard hasn’t been cleared. If this happens to you, you should keep your proof of repayment handy in case you’re challenged to pay late fees.
These coding errors also lead to difficulty in registration, some customers have complained that the app is crashing sometimes during registration. Some customers also complained that they are unable to bind their BVN number to their account as the app keeps saying their names don’t match. If you’re experiencing this, contact support.
You might have gotten an ad SMS saying your loan is ready and all you have to do is log in to receive it, that’s just an advert as you’ll still have to undergo a review process. Most customers end up not qualifying for a loan which can be frustrating.
The customer service support on this app is also very poor, their phone contacts don’t usually go through and Whatsapp messages left on the numbers are usually unresponded to.
Because there are no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.
Flashcash loan app interest rate?
Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 500,000.
Loan interest: the total interest range is from 2% to 24%. The equivalent monthly interest is from 1% to 2% and APR is from 12% to 24%.
Example Interest calculation:
If the loan amount is ₦20,000 for 91 days (3 months), the APR is 20%, the interest and total amount to pay on the due date is
Interest: ₦ 20,000 * 20% / 365 * 91 = ₦ 997
Principal repayment = ₦20,000
Total amount of repayment: ₦20,000 + ₦997 = ₦20,997
As the repayment period is for 3 months:
The monthly repayment is ₦20,997 / 3 = ₦6,999
This interest rate and tenure is just an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loans on time.
What are the requirements?
- Be a legal citizen or legal Resident of Nigeria
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kin including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Have an active bank account.
- Your phone number must be the one connected to your BVN.
- Have a valid government-issued ID card.
What will happen if I don’t repay my loan or pay my loan late?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repaying the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
Flashcash loan app customer service number
Address: Room 503, Japaul House, Plot 8 Dr. Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria