LetsCash loan application is an online moment and quick loan company that gives access to get above 100k to solve personal needs.
If you’re an Android user, you may apply for a collateral-free loan that starts at N5,000 and goes up to a maximum loan of N50,000, with only minimal documentation.
LetsCash loan application has already accumulated over 10k downloads from the Google Play Store and has received mixed opinions. It utilizes a loan application to gather information about prospective customers such as phone numbers, bank alerts for transactions, and BVN to build the credit score of every borrower.
If you want to be eligible for loans or other amounts, make sure you keep a record of your bank transactions 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, and the app will review 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 I download APK and receive a loan from the LetsCash loan app
- Get LetsCash, the LetsCash loan app online exclusively through the Google Play store, and install it on the back of your Android phone.
- Create an account using your telephone number.
- The preferred phone number that is connected to the BVN as a unique password will be provided to the BVN to verify your identity.
- Complete your most basic KYC details, which include your residence address, next of kin, and the details of your job
- Then you will also need to supply the Biometric Verification Number BVN.
- It will cost you N30 to tie the ATM debit card to your account to increase your chances of getting a higher amount.
- One-time security code OTP is sent directly to your mobile to verify your details.
- Following the submission of an application for a loan, the application will examine your credit score. The final score will be displayed in the app.
- The final result should be shown within less than two minutes. If you’re eligible for a loan, the amount will be deposited directly into your bank account.
- Be sure to use a quality phone with sufficient memory capacity as you’ll need to capture a crisp, live selfie to prove your identification.
Your BVN is tied to your credit rating, therefore should you have an outstanding loan with another lender or did not pay your other lenders in full when they were due you can expect to be denied.
CrA credit score is the result of previous loans and the time you pay your bills cash transactions coming into or out of the bank accounts and other data.
After you download the app, it gives you the ability to access your mobile book’s contact information as well as SMS and other information it utilizes to increase your score on credit.
Does the LetsCash Loan app legit or fraudulent?
Yes, the LetsCash loan application is legitimate even though it is new to the Play Store. it offers loans to users, however, caution should be exercised before making any online loan. Be sure to read reviews from other customers before applying for loans in Nigeria.
It is important to know that these loan applications aren’t regulated or registered through The CBN or any other government organization in Nigeria. You are accountable for the security of your transactions using them, and there’s no recourse to redress inadequate customer service.
Additionally, its presence as a feature on 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 using loan applications in Nigeria.
How can the LetsCash loan app could it improve?
The first red flag I noticed regarding this app was the fact that the app sells numerous fake reviews on Google Play Store. The app has been in use for less than 60 days old as of the date of this review and has around 10k downloads and more than 2k reviews. A majority of the reviews are fake 5-star reviews written by fake users. An online loan app that contains fake reviews should be avoided.
LetsCash offers a very high interest rate and the loan’s repayment period is short. One customer said they were provided with the loan amount of N14,000 and were required to repay N23,000 within 7 days.
It is important to note that high interest is common for short-term payday loans, however, certain lenders provide longer repayment terms beginning at two weeks and up to one month.
The app isn’t an instant loan application because it also takes a long time to make loans available, so your loan could be approved, but the date of your repayment is already running but you haven’t received the funds in your account at the bank. If this happens to you take your time or call assistance.
The application also does not allow you to choose the amount you wish to take. If an amount is accepted for you, you aren’t able to select the amount you want to pay according to your needs. you’re required to accept whatever amount the system has approved for you.
Let ”s cash credit app interest rate.
The loan term is 91 to 180 days
The loan amount ranges from NGN5,000 to NGN100,000.
Interest rate: The minimum annual rate of interest is 14.4 percent as well as the top rate (APR) of 21.5 percent (no extra fees)
Daily Interest Rate:0.04%-0.06%
Service cost: NGN 0
*Example: If the amount of the loan is NGN 10,000, with a repayment term of 120 days, and an interest rate is 14.4 percent
The amount of the payment is calculated in the following manner:
The amount of the loan * The interest rate is divided into the number of days the amount of loan (10,000 * 14.4 percent/365 * 120 * 10,000) = NGN10,473.
As an example, suppose the amount of the loan is NGN 10,000, the loan will have a duration of 91 days and an interest rate of 21.5 percent
The amount to be paid is calculated in the following manner:
Amount of loan * The interest rate is divided into the number of Days * Loan period * the amount of loan (10,000 * 21.5 percent/365 * 91 * 10,000) = NGN10,536
This rate of interest and time is just an example. You can expect the amount of your loan as well as the time to be considerably shorter when you’re borrowing for the first time. You could increase the amount by keeping records in order and repaying the loan promptly.
What are the conditions?
Legal citizens or a resident of Nigeria
At the age of 18.
You should have a monthly income source.
Attach your ATM card to your account
Please provide the names of the 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 do not repay my loan? Or pay it off late?
Repayments that are late automatically result in an interest rate of 2.2% per day. Therefore, it is recommended to not overpay deadlines. Paying the loan on its deadline allows access to larger loan amounts. In the event of late repayment, it will impact your chances of getting future loans or bigger ones. 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 hinder your ability to obtain loans from other lenders.
LetsCash loan app customer support number
Customer Service Hotline: 07088953673
Email: LetsCashALL@outlook.com
Address:B 144 Ojuelegba Rd, Idi Oro 101241, Lagos, Nigeria