Cashrain loan app review: interest rate, is it legit - Startuppreneur

Cashrain loan app review: interest rate, is it legit

Cash rain will give you instant loan in Nigeria without collateral or paper work. Their loan processing is very fast and you don’t need to leave your location, with you smart phone you wil secure the loan. With cashrain loan app you can obtain up to #100,000 loan at a go.

Requirements to obtain loan from cashrain loan app

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


Have source of income

Be above 22 years of w age


Have bank account and bvn

Have good credit score

Reside in Nigeria

How to apply for cashrain loan app

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


Register with your name, bvn and other details

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

Once you are done with registration you will be login to your account

On your dasbboard 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 cash rain loan app

With cashrain loan app, you can obtain up to #100,000 loan without collateral or paper work.

As a first timer you will not be able to obtain up to this , your eligible loan might not be more than #30,000. As you continue to use the app, the amount of loan you can obtain will increase.

Truemoney loan interest rate and repayment period

Truemoney interest rate is between 5% to 25% depending on the amount of loan obtain. The repayment period also depends on the amount of loan obtain. It is between 7 days to 90 days.

Paying back your cashrain loan

To payback your loan head over to your dashboard

click on loan repayment

There you will see deferent 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 not you should contact them.

What will happen if I default or refuse to pay back

If you default you will be punish by Increase in your loan Interest rate which might be up to 2%. If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.

Is cashrain loan legit

Yes, cash rain loan is legit, they will surely give you loan but they are not license by CBN nor insure by NDIC.

Our final verdict on cashrain loan app

Cashrain loan app is legit they have good review on plays store as at the time of writing this article which shows that they are doing something right.

They do not send defamatory message to their customer’s contact. The problem they have is that it take time they approve application also they are not license by CBN

If you are taking loan from this app, you should exercise caution.


Above is how to obtain loan form Cashrain, as you can see they do give out loan but take loan that you know you can payback to avoid had I know and embarrassment.

This loan app is not license by CBN so if there is a problem it will take time before they will interfere.

Do you like this article?
Feel free to share it

Back to top button