Mr Cash Loan App, an online payday loan company that offers collateral-free loans in Nigeria up to #100,000. This loan is only available to Android users. The application process is 100% online.
Mr Cash Loan App, which is still relatively new to the market, has only about 10k downloads on Google Play Store with mixed reviews. It uses a loan app to gather information about potential customers, including phone records, banking transaction alerts and BVN in order to improve each borrower’s credit score.
You will be able to get a loan, or higher amounts, if you keep accurate bank transaction messages and have no outstanding loans with other loan applications.
It’s easy to apply. Just download the app from Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
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How to download APK and apply for Mr Cash Loan App
- Install the Mr Cash Loan App only available on Google Playstore.
- Register with your phone number to create an account
- For verification, it is preferable that you use the phone number associated to your BVN.
- Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin details.
- Your Biometric verification number BVN will also be requested.
- To bind your ATM card with your account, you will be charged N30. This will increase your chances of getting a loan amount that is higher.
- To confirm your details, a one-time OTP password will be sent to you.
- After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
- You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
- You will need to take clear selfies for identification. Make sure your phone has enough memory.
- The loan disbursement process can take anywhere from a few hours up to three days
Your BVN is tied to your credit score. If you have an outstanding loan from another lender or have not paid other lenders on time, your application will be denied.
Credit scores are a record of all your borrowings and cash transactions.
This app allows you to access your phone contacts, SMS and other information that it uses to improve your credit score.
Is Mr Cash Loan App Legit or Scam?
Yes, Mr Cash Loan App is legitimate. The app offers loans, but it should be noted that you must exercise caution before applying for any online loan. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN nor any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
How Mr Cash Loan App can help you improve your life?
Mr Cash Loan App can be disbursed in as little as 3 days. This is quite slow for an instant loan application. Customers complain about high rejection rates and that their applications are rejected without valid reasons.
You might have trouble onboarding your BVN via the app, as it is prone for frequent crashes. It can be difficult to card-bind because you might not be able to find your bank account on the app.
This app’s customer service support is very poor. Their phone contacts are not usually able to reach them and Whatsapp messages left on their numbers are often unreplied to.
Most of these apps are loan sharks and may threaten to send you messages calling your family members a fraudster if you default on your payment. If you have other options, it is better to avoid these apps.
Mr Cash Loan App interest rate?
The loan term can be extended from 91 days up to 365.
The loan amount range is N5000-N500,000
The total interest range for loans is 2% to 244. Monthly interest ranges from 1% to 2.2%, and APR from 12% to 244.
Example Interest Calculation:
The APR for N20,000 is 92 days (3 months) and the total amount due on the due date is N20,000.
Interest: N 20,000 * 20 / 365 * 9 = N 997
Principal repayment = N20,000
Repayment total: N20,000 +N997 = N20.997
The repayment period is 3 months
Monthly payment is N20.997 / 3 =N6,999
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
What are the requirements?
- You can be a Nigerian citizen or resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from any otherList of Money lenders in Lagos Nigeria lenders.
- Maintain an active bank account
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
Mr Cash Loan App customer service number
Hours of Operation: 9:00-18:00
Address:Room 201, Japaul House, Plot 5 Dr. Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria