Cashcredit loan app: interest rate, is it legit and how to apply - Startuppreneur
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Cashcredit loan app: interest rate, is it legit and how to apply

Cashcredit is one of the loan app that will give out instant loan in Nigeria. Their loan processing is fast and you don’t need to visit anywhere, with your phone you will secure the loan. Cash credit give out loan with out collateral or paper works and you can obtain up to #100,000 from them.

Requirement to obtain loan from cashcredit

Like many loan app in Nigeria, you need to meet up with certain requirement before you can obtain cash credit loan, these requirement are

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Have source of income

Reside in Nigeria

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Have bank account and BVN

Be above 18 years of age

Have smart phone with which to download the app

How to apply for cashcredit loan

Head over to playstore and download the app

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Register with your name , BVN and other detail.

You will be ask to bind your ATM card with the app, 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’re eligible to obtain Click it and wait for disbursement

 

Cashcredit interest rate and repayment period

Their interest rate is between 15% to 30% per annum. Their repayment period is between 7 days to 90 days depending on the the amount of loan obtain and the credit score.

As a first timer you interest rate will be high and your repayment period will be short, this will improve as you continue to take loan from the app.

How much you can loan form cash credit

With cashcredit you can obtain up to #100,000 at a go, if you are taking loan for the first time you won’t be able to obtain up to this, your eligible loan will be between #7,000 to #25,000 though depend on your credit score. As you continue to use this app the amount of loan will increase.

How to pay back your cashcredit loan

To pay back your cash credit loan login to your dashboard

Locate loan repayment and click on it

There you will see deferent method to pay back your loan

Click on one and make your payment

Once you make payment it will reflect on your dashboard

If it does not, contact them.

What will happen if I default

If you default, your interest rate will be increase as a punishment and if you decide not to pay back they might send defamatory message to your contact.

Is cashcredit loan legit

Yes the loan app is legit, they have given loan to many people in Nigeria, but they are not license by CBN so exercise caution when taking loan from them.

Our verdict on cashcredit loan

Cashcrdit is a legit loan app, they will surely give you loan in Nigeria, they have good rating and review on play store though this might be due to low number of reviewers.

Since they are not license by CBN I will tell you to exercise caution when taking loan from this app.

Conclusion

Cash credit loan app is legit, they will give you loan but take loan that you know you can pay back to avoid embarrassment.

Also know that they are not license by CBN if anything went wrong it will take time before CBN interfere

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