Ucash online loan is an online and quick instant loan company that gives Nigerians access to get over 100 thousand naira loan.
Ucash online loan Loan app provides a flexible credit platform that is suitable that is suitable for Nigerian mobile users. Ucash loan app offers loan collateral-free for Nigerians, with only very little documents.
If you’re an Android user, you may apply for the collateral-free loan starting at N5,000 up to a maximum loan of N100,000. The documentation is minimal.
Ucash online loan application has already received over 50k downloads in the Google Play Store, and has received mixed opinions. It utilizes a loan program to gather information about prospective customers such as phone records, bank notifications of transactions and BVN for credit scoring of every borrower.
To be eligible for loans or other amount, ensure you keep a record of your bank transactions on your mobile and you don’t have outstanding loans with other loan applications!
It’s easy to use, just download the application from the Google Play Store, and provide your personal information The algorithm will then analyze your data and calculate your credit score, and then make an offer for a loan within a couple of hours.
Table of Contents
How to download APK and then get the loan through Ucash loan app
Get Ucash, the Online Loan Ucash App only through the Google Playstore 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 to the BVN as a one-time password will be provided to it to verify.
Complete your most basic KYC information, which includes your address of residence, your next of kin, and your employment information.
Then you will also have to supply the Biometric Verification Number BVN.
The amount you pay will be N30 to connect an ATM account to the bank account to increase your chances of receiving more money.
One-time username and password OTP can be sent via your mobile to confirm your account details.
Following the submission of an application for a loan, application will examine your credit score. The final score will be displayed in the application.
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 a quality phone with sufficient memory as you’ll have to snap a, live selfie for identification.
Your BVN is tied to the credit score you have, therefore when you’re in the middle of a loan with another lender or did not pay your other lenders on time be prepared for your application to be denied.
Credit score the result of previous loans and the time you pay your bills and cash transactions that go in or out of the bank accounts, and other details.
Once you download this application, it gives you the ability to access your mobile book’s contacts along with SMS, as well as other data it uses to increase the credit score.
Does Ucash Loan app legit or fraud?
The answer is yes, Ucash loans are authentic, though it’s still new to the Play Store. it is able to provide loans to users, however caution is advised prior to taking any loan online. Be sure to read reviews from other customers prior to applying for an loan in Nigeria.
It is important to know that these loans are not regulated or registered through CBN, CBN or any other government institution in Nigeria. The responsibility lies with you for the security of your transactions using these loans and there is no remedy for inadequate customer service.
Its availability in the Google Play Store does not ensure that transactions made on it are safe. The play store is the possibility of downloading but you are ultimately responsible for your security making use of loan apps in Nigeria.
Ucash is a very high interest rate and the loan’s repayment period being short. One user reported that they were offered an N14,000 loan to pay back N23,000 in seven days.
Be aware that high interest rates are typical for short-term payday loan applications, but certain lenders offer longer repayment times beginning at 2 weeks , and ending at one month.
The application also delays the time to process loans, meaning the loan may 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 your take your time or call support.
The application also does not allow you to choose the amount you’d like. If an amount is accepted for you, you aren’t able to select the amount you want to pay depending on your requirements, you must accept whatever amount was approved by the system for you.
There is no regulation in Nigeria and the vast majority applications are run by loan sharks that may threaten to send texts to your family members , calling you a fraudster in the event of a default on the repayment. It is recommended to stay clear of these apps if there are other alternatives.
Ucash loan app rate of interest?
The loan term is 91 to 180 days The loan amount is NGN5,000 to 100,000 Interest rate: The minimum annual rate of interest is 14.4 percent, as well as the top rate (APR) of 21.5 percent (no additional charges) Daily Interest Rate:0.04%-0.06% Service cost: NGN 0
For example, the amount of the loan is NGN 10,000, the loan will have a term of 120 days , and an the interest rate is 14.4 percent The amount of the payment is calculated in the following manner: Amount of loan * The interest rate is divided into the number days The amount of the loan (10,000 * 14.4 percent / 365 * 120 * 10,000) = NGN10,473. As an example, suppose it is NGN 10,000, the loan will have a duration of 91 days and an interest rate of 21.5 percent The amount of the payment is calculated using the following formula: The amount of the loan * The interest rate is divided into the the number of Days * Loan period the amount of loan (10,000 * 21.5 percent / 365 * 9 + 10,000) = NGN10,536
The interest rate and duration is only an example, you can expect the amount of your loan and its duration to be much shorter in the event that you’re borrowing your first time. You may be able to increase the amount by keeping accurate records and repaying 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 source of income.
Attach your ATM card onto your account
Give the details about two next of kin including their contact numbers.
A good credit score without unpaid loans with other creditors.
Maintain a bank account.
Your phone number must match the same as your BVN.
Be sure to have a valid government issued ID card.
What happens if I do not repay my loan? Or pay it off late?
In the event of late loan repayments, they automatically accrue an interest rate of 2.2% per day. It is advised to make sure that you do not go over the date of due. Paying the loan on its time of due allows access to larger loan amounts. In the event of late repayments, it will impact the ability of you to obtain future loans or bigger ones. If you’re extremely in arrears with your repayments, you’ll be recorded to the First Central Credit Bureau. The blacklisting of the First Central Credit Bureau may impact your ability to obtain loans from other lenders.
Ucash loan App customer service number
Customer Service Hotline: 07088953673 NO 117 Makurdi Rd, opposite PHCN ENG, Lafia, Nigeria
Mr Olawale Olokede is a registered loan officer and worked for over 10 years as a senior financial consultant for accounting, finance and business management firms in Nigeria. Mr Olawale Olokede implemented and supervised financial and loan solution to Lagos based small and medium scale businesses after lecturing at the Lagos Business school. He is channeled his writing skills and passion for blogging to set up Lending Naija with over 50 reviews on different loan application and downloads.