Caycredit loan app: how to apply, interest rate, is it legit
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Caycredit is another loan app in Nigeria where you can obtain quick loan without collateral or paper work, you don’t need to visit any location before you will obtain this loan, with your phone, you are good to go.
Their loan processing is very fast within 1 hour of submitting application your loan will be disburse. With this loan app you can obtain up to #100,000 loan without collaterals or paper work.
Requirements to obtain loan from caycredit
Below are the requirement you need to meet up with before you can obtain loan from caycredit
- Have bvn and bank account
- Have source of income
- Be above 18 years of age
- Reside in Nigeria
- Have smart phone with which to download the loan app
How to apply for caycredit loan
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 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 loan you can obtain from caycredit loan app
With this loan app you can obtain up to #100,000 loan at a go, without collateral or paper work, but as a first timer you will not get up to this, your eligible loan amount will be around #30,000 but as you continue to obtain loan from this app your loan amount will be increase.
Caycredit loan app interest rate and repayment period
Their repayment period is between 5% to 20% depending on the amount of loan you obtain.
The repayment period is between 7 days to 180 days also depend on the amount of loan you obtain. As a first timer your interest rate will be high, your repayment period will also be short.
This is done to test you, as you continue to use the loan app, this will improve.
Paying back your caycredit loan app
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 Williams 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.
Trust me this process is usually time consuming, your best bet is to pay your loan as at when due.
Is caycredit loan app legit
Yes, this loan app is legit, they will surely give you loan, but they are not license by CBN nor insure by NDIC.
Our final verdict on caycredit loan app
As stated above caycredit is not license by CBN and this is a red flag but since they are new they might later get license.
They don’t harass their customer, their loan disbursement is also fast within 1 hour of submitting application your loan will be disburse.
The problem they have is high interest rate and short repayment period, especially for the first timer. Since they are not license by CBN I will advice you to exercise caution when taking loan from them.
Above is how to obtain loan from caycredit. As you have read above, they will surely give you loan but ensure you don’t take more than you can pay back, try to avoid embarrassment.
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