Cash mall loan app review: interest rate, is it legit and how to apply - Startuppreneur
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Cash mall loan app review: interest rate, is it legit and how to apply

Cash mall loan app will give you instant loan in Nigeria without collateral or paper work, their loan is easy and hassle free, you don’t need to leave your location before you will obtain the loan you can obtain it with your phone just ensure you have good credit score.

With cashmall loan app you can obtain up to #500,000 loan at a go.

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Requirement to obtain loan from cash mall
Like many loan app in Nigeria, you need to meet up with some requirement before you will be able to obtain the loan

Have good credit score

Reside in Nigeria

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Have bank account and BVN

Have source of income

Have smart phone with which to download the app

If you meet up with his requirement, you can proceed to apply for the loan

How to apply for cash mall loan

The first step to take is to download the loan app from play store

Launch it and register with your name and other details

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

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 disbursemt

How much you can loan from cash mall loan app

With this loan app you can obtain up to #500,000 loan without collateral or paper work.

If you’re applying for the first time your loan amount will be small between #2,000 to #30,000 but as you continue to take the loan and payback on time the amount of loan you cab obtain will increase.

Cashmall interest rate and repayment period
Their interest rate is between 15% to 30% per annum depending on the credit score and the amount of loan obtain.

The repayment period is between 7 days to 90 days also depend on the amount of loan obtain . 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 app

How to pay back your cash mall loan

Login to your dashboard

Locate and click on loan repayment

There you will see option to pay back your loan

Click it and make payment

Once you make payment, it will reflect on your dashboard

You might not want to pay back with your ATM card, contact them them and ask for their account number and transfer to it.

What will happen if I default

If you default you will be publish by increase in your interest rate and if you decided not to pay back at all, your name, bvn and other details will be sent to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you settle your debt.

Is cashmall loan legit

Yes the loan app is legit, they will give you loan without collateral but they are not licence by CBN.

Our verdict on cash mall loan app

Cash mall loan app is legit they have given loan to a lot of people in in Nigeria, they have good review and rating on play store bit since they are not license by CBN I will advice you to exercise caution when taking loan from them

Conclusion

Above is how to apply for cash mall loan app, as you can see they are not license by CBN which means if anything goes wrong it will take time before CBN will interfere. Do not take loan that you can not payback to avoid embarrassment.

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