Care finance loan app: interest rate, how to apply, is it legit - Startuppreneur

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Care finance loan app: interest rate, how to apply, is it legit

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Care finance is another loan app in Nigeria that give instant loan without collateral or paper work. With Care finance you will obtain up to #100,000 loan at a go. You don’t need to visit any location with just your phone you will secure the loan.

Requirements to obtain loan from care finance

Below are the requirement you need to meet up with before you can obtain loan from this app

Have good credit score

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Be above 18 years of age and below 55 years

Have source of income

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Reside in Nigeria

Have smart phone with which to download the app

How to apply for care finance loan app

The fist step to take is to head over to play store and download the app

Launch it and register with your name , BVN and other banking information

You will be ask to bind your ATM card which might attract #30 fee, do so and proceed

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After the registration you will be login to your dashboard

On your dashboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much you can obtain from care finance loan app

With care finance loan app you can obtain up to #100,000 loan at a go. As a first timer you will not be able to obtain up to this. But as you continue to use the app your eligible loan will increase.

Care finance loan interest rate and repayment period

Care finance loan interest rate is between 0.04 to 0.06% per day and 15% to 22% per year, it depend on the amount of loan obtain and the repayment period.

Their repayment period is between 7 days to 180 days. As a first timer your interest rate will be high and your repayment period will be short, this will improve as you continue to use the loan app

Paying back your Care finance loan

To pay back your loan head over to your dashboard

Locate and click on loan repayment

There you will see option to pay back your loan

Click on one and make payment

Once you make payment it will reflect on your dashboard

If it does notz you should contact them

What will happen if I default or refuse to pay

If you default you will be punish with increase in your loan interest rate and if you refuse to pay back, your name, bvn and other details will be send to credit bureau for black listing.

Which means you will not be able to take loan again in Nigeria. They might also send defamatory message to your contacts

Is care finance loan app legit

Yes they are legit, they have given loan to many people in Nigeria but they are not licence by CBN nor insure by NDIC.

Our verdict on care finance loan app

Care finance loan app is legit, they will surely give you loan, they have good review on play store Their loan processing is fast and they do not charge loan processing fee.

The only problem with them is that they are not license by CBN, so exercise caution when taking loan from them.

Conclusion

Above is how to obtain loan from care finance, as you can see they do give out loan, I will advice you not to take loan that you can’t pay back, try to avoid embarrassment and had I know

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