9jaCash Loan App Review: Swift Mobile Loan Service in Nigeria
9jaCash loan app is an easy to use Nigerian mobile lending service that offers micro and medium short-term personal loans of up to ₦80,000.
The loan app has great user interface with smooth registration process. With some details and your ID card, you can qualify to get the loan online.
The app has so far gained over 10k downloads on Google play store with mixed reviews. Most costumers seem impressed with the app’s simple and smooth registration process. It uses a loan software to collect prospective customers information including phone records, banking transaction alerts, BVN to build the credit score of each borrower.
To qualify for higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!
Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all Within a few hours.
How to Download APK and get a loan from 9jaCash loan app
- Download the 9jaCash personal Loan App exclusively available on the Google Playstore and install on your Android phone.
- Register an account with your phone number.
- Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
- Fill in your basic Kwow-your-customer KYC information, including your residential address, next of kin and employment details
- You will also be required to provide your Biometric verification number BVN.
- You’ll be charged N50 to bind your ATM card to your account to increase your chances and get a higher loan amount.
- A one-time password OTP will be sent to your phone to confirm your details.
- After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
- The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
- Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.
The N50 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.
Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.
Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.
When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.
Is 9jaCash loan app legit or scam?
Yes, 9jaCash app is a legit loan app. But caution should be taken before taking any online loan. Always read other customer’s reviews before you apply for a loan in Nigeria.
You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.
Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.
- Offers loan amount of upto N80k.
- It’s legit, has been confirmed by admin that they actually do give loans.
- Charges maximum of 10% interest rate monthly.
- Simple and easy to use registration process.
- Low interest rate compared to other loan apps.
- Takes time to disburse loans after approval, some customers take days even weeks before seeing alert.
- Short loan duration especially for new users, starts at just 8 days.
Please do not take a 9jacash loan to fund your lifestyle or service long-term debts. Short-term loans are helpful in emergencies but can quite expensive when compared to long-term loans and should be used with care.
When taking loan, be mindful of the repayment plan. If you take a 60 days loan with two repayment installments, the app might attempt to auto debit you on the due date of the first installment and even charge overdue charges before the end of your 60 days tenure.
You can change your ATM card password to prevent auto debit. This app has been reported to deliberately auto debit their customers even after they have made payments via bank transfer.
Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.
If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.
You can get as little as N5,000 and up to N80,000, and you can pay back between 60 to 180 days. Our usual repayment period is monthly. Our minimum interest rate, determined by our credit scoring algorithm, is 3% per month and a maximum of 10% per month. This comes to an Annual Percentage Rate (APR) of 36% to 120%.
If you choose a loan package of N10,000 (Principal) to pay back over a 6-months tenor at an interest rate and fees of 3% per month (36% APR), you will be paying back N1,966.67 monthly for 6 months. At the end of the 6 months, you would’ve paid a total of N11,800.
This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.
What are the requirements?
- Be a legal citizen or legal Resident of Nigeria
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kins including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Have an active bank account.
- Your phone number must be the one connected to your BVN.
- Have a valid government issued ID card.
What will happen if I don’t repay my loan or pay my loan late?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
9jaCash loan app customer service number
- Tel: 08040590240
- You can reach us by: help@9jaCash.cc or talk to us via Whatsapp.
- Office: EGBA LAGOS