Nigcash Loan is an online quick and instant loan application that gives Nigerians access to solve personal and business issues.
Nigcash Loan App is a Nigerian payday loan service that offers loans that are collateral-free for Nigerians, with only very few documents.
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 amount of N100,000 with only minimal documentation.
The Nigcash loan application is recently released and has earned over 50k downloads on Google Play Store, and has received mixed opinions. It makes use of a loan program to gather information about prospective customers including phone records, bank alerts for transactions, and BVN to build the credit score of every borrower.
If you want to be eligible for loans or another amount, ensure you keep your bank transaction information on your smartphone 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 enter your personal information The algorithm will then analyze your data and determine your credit score, and then make you an offer to lend money within a couple of hours.
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How do I download APK and then get an installment loan from the Nigcash loan app
- Get Nigcash Loan, the Nigcash loan app exclusively through the Google Play store, and install it on the back of your Android phone.
- Make an account by entering your mobile number.
- It is recommended that the number you have linked to the BVN as a one-time password will be provided to the BVN to verify your identity.
- Input your essential Kwow-Your-Customer KYC details, which include your residence address, next of kin information, and employment information.
- Then you will also have to submit your Biometric confirmation number BVN.
- It will cost you N30 to tie the ATM debit card to your account to increase your chances of getting more money.
- One-time username and password OTP is sent directly to your mobile to verify your information.
- Following the submission of an application for a loan, the program will evaluate your credit score. The final score will be displayed in the application.
- The final result should be shown within less than two minutes. If you are eligible for a loan, the amount will be deposited directly into your bank account.
- You should ensure that you’re using a quality phone with sufficient memory as you’ll have to snap a live selfie to verify your verification of your identity.
Your BVN is tied to your credit rating, therefore when you’re in the middle of a loan with another lender or failed to pay any other lender on time you can expect to be denied.
The credit score you have is the result of previous loans and the time you pay your bills cash transactions coming into as well out of your account and other data.
After you download the app, it will have the ability to access your mobile book’s contact information along with SMS and other information it utilizes to improve your score on credit.
Are you sure that the Nigcash Loan app is legit or fraudulent?
Nigcash loans are authentic, and it does offer loans, but caution must be exercised before applying for any loan online. Be sure to read reviews from other customers before applying for a loan in Nigeria. Unregulated loan apps might send such embarrassing messages to you and your family should you default on repaying your loan.
It is important to know that these loans are not regulated or registered with The CBN or any other government organization in Nigeria. The responsibility lies with you for the safety of your transactions through these apps and there isn’t any 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 play store is an opportunity to download but you are ultimately responsible for your security when making use of loan apps in Nigeria.
What Nigcash loan app could be improved?
Nigcash is a popular rejection rate. You can fill out an application and then pay N30 to tie the ATM account to it but yet be denied without a justification. Maintain a high credit score to boost the chances of being approved.
The application also does not allow you to choose the amount you’d like. If an amount is granted to you, there is no option to choose the amount you want to pay according to your needs. you must accept whatever amount the system has approved for you.
The application also takes a long time for your dashboard to be cleared following payment, which can result in multiple debits and the customer service is also quite poor.
The loan term is too short, most borrowers have seven days to pay back their loans, plus interest.
There is no regulation in Nigeria the majority of applications are lender-based. They could threaten to send out messages to your family members, calling you a fraudster when you fail to pay your loan. Avoid these apps if there are other alternatives.
Nigcash loan app rate of interest?
The amount of the loan. N8,000 – N100,000
The term of the loan is 91 days. The maximum period is for 365 days
Rate of interest for the day: 0.0057%
The annual interest rate at the highest: 20.55%
HOW TO CALCULATE THE REPAYMENT AMOUNT?
For instance, if you want to obtain an amount of 100,000 dollars with a 12-month plan then you’ll find the following details:
The Repayment Program: 12 Months
Total Interest Rate: 25%
Total Interest: N25,000
Total Amount: Principal + Total Interest = N125,000
PMT (Monthly Payment Amount): N125,000 / 12 = N10416.7
Monthly Interest Rate: 2%
Extra Cost: N0
The interest rate and duration is only an example. You can expect the amount of your loan and its duration to be much shorter if you’re borrowing this first time. You could increase the amount by keeping accurate documents and repaying the loan on time.
What are the conditions?
- Legal citizens or legal residents of Nigeria
- At minimum 18 years old.
- You should have a monthly source of income.
- Attach your ATM card to your account
- Give the details for two kin including their telephone numbers.
- A good credit score and no outstanding loans from lenders.
- You must have a valid bank account.
- Your phone number must match that of 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 a cost of 2 percent per day. Therefore, it is recommended to not overpay deadlines. Paying the loan on its deadline allows access to larger loan amounts. The late payment will limit your ability of you to obtain additional or larger loans. If you are extremely in arrears with your payments, 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.
Nigcash credit app number for customer support
Company: Nigcash Nigeria
Company Address:Room 1010 Ado Rd, Lagos Nigeria