CashDey Loan App Review: online loan app in Nigeria
Cashdey is a Nigerian online loan app that provides short-term personal loans among other services. The Android-based app gives collateral-free loans starting from N3,000 to a maximum loan amount of N100,000 with minimal documentation.
With over 100k downloads so far, the app uses a loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score and make them a personalized loan offer.
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!
The application process is simple, just download the app from the Google play store, and provide some information about yourself, and the algorithm will analyze your information, calculate your credit score and make you a loan offer Within a few hours.
Do not take an online loan to fund your lifestyle. Online loans can be useful in times of emergencies but can be expensive with very high-interest rates because they are unsecured and require minimal documentation to get.
How to Download APK and get a loan from CashDey loan app
- Download the CashDey personal Loan App exclusively available on the Google Playstore and install it 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 Know-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 N30 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 N30 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 CashDey Loan app legit or a scam?
Yes, CashDey loan app is legit, tho the app is still relatively new on the play store it does give out loans to customers but caution should be taken before taking any online loan. Always read other customers’ 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.
What other borrowers are saying about CashDey loan app
These reviews are from users on Google play store.
Robert Tyoaa wrote, “The worst app I have ever come across so far. This guys are nothing but fraudsters. They choose the amount for you, before you say jack they have credited an amount almost half the one they choose for you and they now ask you to pay an amount almost twice the one they credited you with. For example they displayed ₦7000 for me in less than 5 seconds I received an alert of ₦4550. And I was asked to pay ₦7327.77. That the difference is service charge. Please run from this guys, they are scammers!”
Sunday Richard wrote,”This app is totally useless. I just downloaded it from an ad I saw and I was trying to link my account with it. when it didn’t work I was trying to go back, immediately I was asked to chose to borrow money on a timer, when I haven’t even entered the amount I wanted. Before I could decline the app said I’ve applied for said amount and it was credited to my account and I was given time to repay. Money shouldn’t be given forcefully it should be by choice.”
ADA ANYASI wrote. “Bad experience…been trying to repay my loan but no account details was displayed on my dashboard, I called your customer care who gave me an account details and I paid money into the said repayment account, but it’s not displaying on my dashboard…none of your agent has called, loan is now overdue, I have sent several emails and Facebook messages but no response…now I am thinking this app is fraudulent that’s why they don’t want to provide means of payment…”
CashDey loan app interest rate?
The CashDey offers:
1 Amount up to ₦100,000.
2 Terms from 91days to 365days.
3 No hidden fees
4 Annual interest rates from 12%-24%
-Interest rate as low as12% APR. If you choose an amount of NGN5,000 and the term is 180days, the total interest should be NGN5,000*12%=NGN600. The total repayment amount would be NGN5,000+ NGN5,000*12%= NGN5,600.
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 kin 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.
CashDey loan app customer service number
- Phone number: 018883539
- Service Email: email@example.com
- Office Address: 27-21 Layi Oyekanmi St., Mushin 102215, Lagos, Nigeria