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

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Cashfarm loan app: interest rate, how to apply, is it legit and others

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Cashfarm loan app is another loan app in Nigeria that give out instant loan without collateral or paperwork. With just your phone you can obtain up to #100,000 loan from this loam company.

Their loan process is fast and disbursement is also fast, they don’t waste time at all once your application is successful they will credit your account straight away

Requirements to take loan from cash dark

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

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Have bank account and BVN

Have good credit score

Be above 18 years of age

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Be a Nigerian and reside in Nigeria

Have a source of income

Have smart phone with which to download the app

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How to apply for Cashfarm loan

Once you meet up with the requirement, the next thing is to apply

Head over to play store and download Cashfarm loan app

Register with your name and other details

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You will be ask to submit your bvn, do so and proceed

You will aslo be ask to link your ATM card with which you will use to pay back the loan

After this you will be login to your daahbaord

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On your dashboard locate and click on loan

There you will see the amount of loan you are eligible for

Click it and wait for disbursement

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If everything is right you should have credit alert in 2 hours time at most.

How much you can loan from Cashfarm

With Cashfarm you can obtain up to #100,000 loan without collateral or paper work. For first timer your loan will not be up to this it will be between #10,000 to #30,000 until you prove yourself by paying back loan regularly.

Cashfarm loan interest rate and repayment period

Their interest rate is between 5% to 30% depending on the amount of loan obtain. Their repayment period is between 7 days to 3 months. As first timer you will be given high interest rate and short repayment period. It will improve as you take loan from the app

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Paying back your loan

You can pay back your loan with ATM card or contact them for their account number and transfer to it.

Ensure you have their correct account number to avoid story that touch.

Is Cashfarm legit

Yes the app is legit, they have given loan to a lot of people in Nigeria, but they are not license by CBN nor insure by NDIC but since they are new let see what will become of them in the coming days.

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What will happen if I default

If you default you will be punish by increase in interest rate until you pay back. And if you refuse to pay back, you name and BVN will be sent to credit bureau for blacklisting which means you will not be able to take loan again in Nigeria until you settle your debt and your name get cleared from the blacklist

What I like about Cashfarm loan app

  • Fast disbursing
  • They give loan to every body
  • Loan processing is fast

What I don’t like about cashfarm loan app

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  • They are not licensed by CBN
  • Their interest rate is high especially for first timer
  • Their repayment period is short

Contacts

Phone no
234 9121540760.

Email
[email protected]

Address
No.60 adeniyi Jones,ikeja,Logas.

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Conclussion

Cashfarm loan app is new, they are not license by CBN yet, so I will advice you to exercise caution when taking loan from this app, take loan that you know you can pay back to avoid embarrassment.

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