Xcash loan app is an Nigerian smartphone loan app that gives micro and medium-term, short-term loan that is unsecured and ranges from N10,000 and N50,000 as collateral-free loans.
Unsecured loans are short-term loan that doesn’t require downpayments or collateral to be obtained. It’s usually more costly with rates starting at double digits each month.
Don’t take an Xcash loan app to finance your lifestyle or to pay off long-term debts. These loans can be useful for emergencies, but they are very expensive when compared with long-term loans , and must be handled with caution.
With a few details and your identity card could be eligible to receive the loan on the internet.
The app has been downloaded more than 10K times on Google play store , but with mixed reviews. Many customers are pleased with the application’s straightforward and easy registration procedure. It utilizes a loan software to gather information about prospective customers such as phone numbers, bank transactions, and BVN for credit scores of every borrower.
In order to be eligible for greater amounts, make sure you keep your bank transaction information on your mobile and don’t have any outstanding loans with other loan applications!
The application is easy, simply 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 offer an offer for a loan within a couple of hours.
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How do you download the APK to take a loan through Xcash loan app
- Download the personal loan Xcash App that is only available in 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 the BVN to verify your identity.
- Input your most basic KYC details, which include your residential address, your next of kin, and your employment information.
- Additionally, you will be asked to submit the Biometric Verification Number BVN.
- It will cost you N50 to connect an ATM account to the bank account to improve your chances of getting more money.
- One-time security code OTP can be sent via your mobile to verify your information.
- When you submit an application for a loan, application will examine 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 paid to your bank account immediately.
- Be sure to use an excellent phone that has enough memory capacity as you’ll have to snap a, live selfie to verify your identification.
The N50 that is charged to tie to your ATM credit card with your bank account is refundable however, it can take anywhere between up to 12 days to allow the funds to be credited back in your banking account.
Your BVN is connected to the credit score you have. So should you have an outstanding loan with another lender or failed to pay any other lender on time you can expect to be denied.
Credit score the result of previous loans and the time you pay your bills and cash transactions coming into or out of the bank accounts and other details.
After downloading this app, you will need to agree to it in order to gain access to the contacts in your phone book that will act as your guarantors. Also, you can use the text messages to view your banking transactions, and apps on your phone to track how you interact with other loan applications as well as other data it uses to increase the credit score.
Is Xcash loan app legitimate or a scam?
Xcash loan app is a genuine loan application with more than 500k downloads in the Google Play Store. However, caution must be exercised prior to obtaining any online loan. Be sure to read reviews from other customers prior to applying for an loan in Nigeria.
It is important to be aware that these loans aren’t regulated or registered with CBN, 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 guarantee that transactions conducted on it will be safe. The store only provides the possibility of downloading and you are accountable for your security when making use of loan apps in Nigeria.
Xcash loan app Pros
- Higher loan amounts are available starting at 10k and going up to 50k.
- The band has been around for quite several years and thus has earned a name.
- Maximum charge 10 percent interest each month.
- Completely online and no need for collateral.
Xcash loan app cons
- Are there network issues that block seamless registration and the binding to ATM cards.
- It takes time to clear the dashboard, even after payment
What do other borrowers have to say about the app Xcash
There are a lot of mixed reviews about this lender. The application has an average rating of four stars out of 1547 reviews on the play store.
Abimbola Sunday commented, “This is great, initially I was thinking it was one of the typical scammer who takes your information and then turns them down, however that’s not the situation in this case. I was offered the loan so quickly and simple, however it’s interest is way too high and the period is not enough. If you could alter the rate of interest and period to make it more friendly for people and I’ll tell you that you’re the most helpful.”
What is the interest rate for Xcash loan app
The amount of online loans is between N10,000 and N50,00. duration ranges from 91 days to 180 days
The interest rate for loans is 4 to 24%. Equivalent monthly Interest Rate: 4%~4.7%,the annual percentage rate (APR) on an Xcash loan is 24%56 percent
If you take a six-month loan and borrow N10,000, Xcash will charge an annual interest of 4percent per month. The interest rate is 24%. the APR stands at 56%.180 days of repayments of N24,00.Total amount paid is NGN124,00.
This rate of interest and time is just an example, you can expect the amount of your loan and its duration to be much shorter when you’re borrowing for your first time. You may be able to increase the amount by keeping accurate record and repaying loans in time.
What is the requirement of Xcash loan app
- Legal citizens or a resident of Nigeria
- At the age of 18.
- A monthly income source.
- Make sure you connect your ATM card onto your account
- Please provide the names for two next of kin including their telephone numbers.
- Have a credit score that is good and no unpaid loans with other creditors.
- Maintain a bank account.
- Your phone number must match that of your BVN.
- You must have a valid government-issued ID card.
Xcash loan app customer service number
- Service Hotline: 017001000 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
- Service Contact Email: email@example.com
- Facebook : https://www.facebook.com/xcashng/
- Office Address: 45c Sauket St, Ikeja GRA, Ikeja, Lagos, Nigeria