Chacha loan app: Interest rate, is it legit and how to apply

Chacha loan app is another loan company in Nigeria, with this loan app you can obtain more than #100,000 without collateral or paper wok and you don’t need to leave your location with your smart phone you are good to go.

Their loan processing is very fast once your application is successful you will obtain the loan.

Apart from loan you can also make payment and chat with your friend on this app

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Requirement to obtain loan from chacha loan app

Before you can obtain loan from this platform there are some requirement you need to meet up with, which are

Have good credit score

Have bvn and bank account

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Be above 18 years of age

Have source of income

Have smart phone with which to download the app

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Once you meet this requirements. It is time to obtain the loan

How to apply for chacha 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

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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

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There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much you can obtain form this loan app

With chacha loan app you can obtain up to #100,000 without collateral or paper work. But if you are applying for the first time, the amount of you can obtain will be less than this, as you continue to use the app, this will increase.

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Chacha loan Interest rate and repayment periods

Cahcha loan interest rate is between 5% to 25% depending on the amount of loan obtain.

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

As a first timer you will be given high interest rate and short repayment period as you continue to use the app this will improve.

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Paying back your chacha loan

To payback your loan head over to your dashboard

click on loan repayment

Here you will see deferent option to pay back your loan

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Click on one and make payment

Once you make payment it will reflect on your dashboard

If it does not you should contact them.

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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 chacha loan legit

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

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Our final verdict on chacha loan

Chacha loan have both positive and negative review on play store. They have given loan to many people in Nigeria.

They do not send defamatory message to their customer contacts. The only problem with this loan app is that they are not license by CBN, therefore exercise caution when taking loan from them.

Conclusion

Above is how to obtain loan from chacha, as you can see they will surely give you loan as long as you meet up with their requirements.

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Do not take more than you can pay back try to avoid embarrassment and had I know.

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