Cycle cash loan app: is is legit, interest rate, and how to apply - Startuppreneur

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Cycle cash loan app: is is legit, interest rate, and how to apply

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Cycle cash loan app will give you instant loan without collateral or guarantor. You don’t need to visit any location before you can secure the loan with your phone you are good to go. With cycle cash you can obtain up to #100,000 at a go.

But is cycle cashb loan legit?

Read our verdict about the this loan app

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Requirement to obtain loan from cycle cash

To obtain loan form cycle cash you need to meet up with some requirements which are

Have bank account and BVN

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Have good credit score

Have source of income

Reside in Nigeria
Be above 18 years of age

Have smart photos with which to download the app

How to apply for cycle cash loan app

After meeting up with the requirement, the nest thing is to obtain the loan

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Head over to play store and download cycle cash loan app

Launch the app and register with your name and BVN

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

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 are eligible for

Click on take offer and wait for disbursement

Cycle cash loan interest rate and repayment period

Their interest rate is between 10% to 25% depending on the amount of loan secure and interest rate is between 7 days to 3 months also depend on the loan amount.

If you are a first timer you will be given high interest rate and short repayment period but as you continue to use the app it will improve.

How much you can obtain from cycle cash loan app

You can obtain up to #100,000 at a go but for first timer the amount of loan you can obtain will be less than this but as you continue to use the app the amount you can obtain will increase.

Paying back your cycle cash loan

To payback your loan login to your dashboard

Locate and click on loan repayment

You will see deferent method to pay back click one and proceed

 

Once you make payment it will reflect in your dashboard

What will happen if I default

If you default cycle cash will punish you by increasing your interest rate. Of you then decide not to pay back at all they will send defamatory message to your contact. It can be embarrassing.

Is cycles cash loan legit

Yes the loan app is legit, they do give out loan but they are not license by CBN not insure by NDIV so take caution when taking loan from them. Take loan that you know you can pay back.

Our verdict on cycle cash loan

Cycle cash loan is not a good loan app. Their app have bugs that frustrate people when obtaining loan.

Also if you default they will send defamatory message to your contact telling them all sort of rubbish. They have bad review and poor rating on play store.

Conclusion

As you can see cycle cash koan app is not license by CBN nor insure by NDIC, if anything goes wrong it will take time before CBN will interfere.

Also they send out defamatory message to their defaulter’s contacts., I will advice you not to take loan from this app but if you must, obtain what you can pay back to avoid embarrassment

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