HiKash Loan is an online loan company that conveys fast and instant loans to Nigerians without collateral or any form of guarantor.
HiKash, is an Android loan app that offers short-term loans between N3000 and N50,000 in Nigeria. If you’re an Android user you are eligible to apply for the collateral-free loan. The process for applying is entirely online.
HiKash has been in existence for some time now, from 2020, and has more than 100k downloads to date on the Google Play Store but with mixed opinions. The software is used to collect information from prospective customers such as phone numbers, bank transactions, and BVN for credit scoring of every borrower.
If you want to be eligible for loans or larger amounts, ensure you keep your bank transaction information on your mobile and don’t have any outstanding debts on other loan applications!
The application is easy, simply download the application from the Google Play Store, and provide certain details about yourself The algorithm will then analyze the information you provide and calculate your credit score and offer an offer for a loan within a matter of hours.
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How do you download APK and take out an installment loan through the HiKash Loan app
- Get HiKash Loan, the HiKash loan app only available through the Google Play store, and install it on the back of your Android phone.
- Create an account using your telephone number.
- It is recommended that the number you have linked with your BVN as a one-time password will be provided to the BVN to confirm your identity.
- Complete your most basic KYC details, which include your residence address, next of kin information, and employment information.
- It also has to submit you with your Biometric Verification Number BVN.
- The amount you pay will be N50 to connect an ATM account to the account to increase your chances of receiving a loan and obtaining more money.
- One-time username and password OTP can be sent via your mobile to verify your information.
- When you submit your application to borrow, the application will examine your credit score. The final score will be displayed in the app.
- The results should be visible within less than two minutes. If you’re eligible for a loan, the amount will be paid directly into your bank account.
- Be sure to use an excellent phone that has enough memory capacity as you’ll have to take an unobstructed live selfie for identification purposes.
Do you think the HiKash loan app is legitimate or is it a fraud?
The HiKash App is indeed genuine it does give loans however caution should be taken before obtaining any loan from an online source. Read reviews of other customers before applying for loans in Nigeria.
You must be aware that these loan applications are not regulated or registered through The CBN or any other government organization in Nigeria. The responsibility lies with you for the safety of your transactions through these loans and there is no recourse to redress poor customer service.
Additionally, its presence in the Google Play Store does not ensure that transactions made on it are safe. The store only provides an opportunity to download and you are accountable for your security when making use of loan applications in Nigeria.
What HiKash loan application can you make better?
The duration of loans is very limited and the loan amount is also very small beginning at N2000 You have just 6 days to pay back the loan, plus interest. While the app claims to offer higher amounts of loans and longer terms for customers who have been repeat customers, there’s no guarantee of longer terms on subsequent loans.
HiKash also is known for its high rate of rejection for applications. If you receive a message, it’s only an ad but it’s not a guarantee that you’ll get the loan.
The customer service of HiKash is also inadequate, they don’t appear to have a functioning customer support to file inquiries or reports.
HiKash loan app rate of interest?
The loan period is from 90 days to the full 365 days. Loan amounts range from N5000 to N 500 000.
The total interest range ranges from 24% to 2 percent. The monthly equivalent interest ranges between 1% and 22%, and APR ranges from 12 to 24 percent.
Example Interest calculation
If you take out a loan of N10,000 and decide to pay the loan in 3 months your monthly interest as well as service costs are 1% over three months. This is a total of 3 percent. This means that we will be charging the interest rate of $300 throughout your repayment.
The total amount you pay is N10,000 plus N10,000 + 3% = N10,300.
The monthly amount you pay would be (N10,000 + N10,000 * 3%)/3 = N3,433.
The interest rate and duration is only an example, you can expect the amount of your loan and its duration to be much shorter when you’re borrowing for the first time. You may be able to increase the amount by keeping accurate documents and repaying the loan in time.
What are the conditions?
- You must be a legal citizen or a legal resident of Nigeria
- At the age of 18.
- A monthly income source.
- Make sure you connect your ATM card to your account
- Give the details for two kin including their telephone numbers.
- Have a credit score that is good without unpaid loans with other creditors.
- You must have a valid bank account.
- Your phone number should be the same as your BVN.
- You must have a valid government-issued ID card.
What happens if fail to repay my loan, or make my payment on time?
In the event of late loan repayments, they automatically accrue the cost of 2 percent per day. Therefore, it is recommended to not overpay deadlines. Paying the loan on its due date allows you access to larger loan amounts. In the event of late repayments, it will impact your chances of getting additional or larger loans. If you’re extremely in arrears with your payments, you’ll be recorded to the First Central Credit Bureau. The blacklisting process from the First Central Credit Bureau may hinder your ability to get loans from other lenders.
HiKash app customer service number
Customer Service SachinRana8701@yahoo.com
3 ALHAJA KOFOWOROLA CRESCENT OFF OBAFEMI AWOLOWO WAY. IKEJA LAGOS, NIGERIA