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CashFarm Loan App Review: Online Loan Products in Nigeria

CashFarm loan app is the new comer in the Nigerian online loan market. It is a digital lending app that offers Nigerians short-term personal loans of between ₦10,000 to N50,000 in collateral free loans with minimal documentation.

The app has so far gained over 10k downloads on Google play store with mixed reviews. 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 CashFarm loan app



  • Download the CashFarm 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 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 CashFarm Loan app legit or scam?

Yes, CashFarm 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 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.

What CashFarm loan app can improve?

CashFarm charges high interest rates for short term loans, first time borrowers usually get about 6k to payback 10k within 7 days.

The loan rejection rate is also high, most customers application get rejected after submitting their details. Some are simply kept in review for days.

The app also has some networking issues that prevents some customers from binding their ATM card smoothly among other registration issues. The app also delays in acknowledging loan repayments. After repaying your loan, be patient and keep your proof of payment Handy as it may take a while to clear your dashboard. Sending verification is also complex as most customers report not getting it.

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.

The loan tenure is very small, starting from just 7 days. This is lower than the 30 days minimum tenure recommended by the CBN for short term personal loan providers.

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.

CashFarm loan app interest rate?

Loan rates and fees
Loan Amounts: ₦ 5,000 to ₦ 50,000
One-time service / interest fee: 2%- 35%
Maximum Annual Percentage Rate (APR): 66.21% – 270.44%
Late fee: one-time fee of 8% of outstanding amount due
Minimum repayment period offered = 61 days
Maximum repayment period offered = 180 days

Example interest calculation for a sample loan as follows

Principal: 100,000.00
Loan Interest: (APR): 30%
Tenor: 4 months

Annual Interest (: 100000 * 0.3) :30,000 Naira
Total Interest for 4 mths: 100000 * 0.3 *4/12 :10,000 Naira
Monthly Interest : 2,500 Naira
Monthly Repayment (principal + interest) :27,500 Naira
Total Repayment :110,000 Naira

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.

CashFarm loan app customer service number

+234 9121540760.

Customer Service Email: cashfarm243@gmail.com
Address: No.60 adeniyi Jones,ikeja,Logas.

Ismaeel

Statistician with interests in finance, risk management, loan products and market surveys. I also write on crypto currencies, Forex and a variety of financial instruments.

76 Comments

      1. I was deceived by their staff to collect a loan and now am receiving insults because I actually sent the cash back the same day without the interest cos I kept tell the lady I can’t take 6200 to pay 10710 and she said I could still click to apply and il get 10k to pay back 10720 and I received the same 6200 which I paid back immediately but their online replay platform requires you to pay the whole money so what I paid did not go and I don’t even know till I discovered I could pay offline with an account generated for me which I paid eventually after some days that’s the 6200, now they are harassing me after I sent evidence of my chat with their staff how she deceived me to collect the loan. Am pissed right now.

        1. They are bunch of touts. I take a loan and just when it’s time to pay they begin to send me all manner of messages calling thieves and murderer simply because I asked they should wait till 3pm on my due date so I can make payment. What a stupid strategy to collect back your money. I suggest they train their staff of emotional intelligence.

        2. Same thing happened to me today o please what do I do. I can’t afford to pay 4510 interest in 7days

  1. You people are thief fraudster
    I cleared my loan and you are still saying m owing #5990
    God will punish your generation
    You better deleted it

          1. They are bunch of touts. I take a loan and just when it’s time to pay they begin to send me all manner of messages calling thieves and murderer simply because I asked they should wait till 3pm on my due date so I can make payment. What a stupid strategy to collect back your money. I suggest they train their staff of emotional intelligence.

    1. I can totally relate to this, I had to pay #3000 extra and they kept contacting my contacts, even when I reached out they ignored me.

      1. Omo this people are big thieves i was on my own when one of thier agent called me that if i apply I will get instant 10k i applied they sent 6200 to my account the same agent told me if i should send screenshot to her that she will help me process loan of 50k with low interest i applied and sent screenshot she didn’t reply to my massage up till now reaching yesterday which is the due date they sent massage threatening me that if i didn’t make payment now that they will post my picture all over social media that I’m a fraudster I no mind the insult i made payment from my palm pay account to the account i first pay 1700 the app say them reverse money back because the payment no complete i it was remaining 10 naira o my country people I still transfer 10naria go and they are still calling me telling me to make payment they are the biggest fraudster i ever know big thieves that what they are i have sent screenshots of payment to them but they still went on calling my contacts just imagine the nonsense if they call me again i go swear juju for them this is not the first app i have borrowed money from I have not complain the way am complaining now

  2. See have been loaning from this Cashfarm loan app without defaulting so today it’s my due payment and one of the agent started to send all my contacts list that am sleeping with dogs am ready to sue this platform

      1. This cash farm loan is Scam, and am ready to sue them, imagine on the day that I want to pay bet due to my busy day at work, I decided to make my Payment in the evening that same day bet before I know they have begin to send messages to all my contacts list imagine not that I have default ooh

    1. Please can we work together. They defamed my sister too because yesterday was her due payment which she later payed at night..

      1. Good day, I hope cashfarm agents can see this, the loan I took was meant to be due today 17th August 2022.
        And an agent went ahead sending messages to my contact.
        Loan is due today, the foolish guy started sending messages to my contact.
        Its ohk you lots will hear from me.

      2. I just had a terrible experience with one of their staffs, I didn’t get a loan from them I’m just on the contact list of one of their beneficiary and this lady started laying curses on me and my family, please do they gave a physical office I need to know who that lady is.

  3. I took a loan with cash farm, my repayment is due and the phone I use in registering is faulty, and I have an iPhone but the app is not on apple store

      1. Good morning pls if money mistakenly sent to your acc how many days does it take you to reffer d money

        1. I don’t understand the question. Did you send money to a loan app or they sent you money that you don’t need?
          If you are the one that sent them money, all you can do is to request for another loan in the amount you sent.

          1. Immediately go to the person’s bank that you sent the money to, ask them to place a lien on the account before they can withdraw the money. Go with proof to the bank that you sent money to right now.

          2. I made payments since the 26th of May and they are still saying I am owing and haven’t cleared me. I have sent them emails with proof of payment, communicated with two agents who one of them told me not to disturb him. I have written to them via mail 4 times now and if by any means they send me abusive messages again or threatening messages , I would sue them.

          3. They are thieves and a lier. I don’t advice anyone to take loan from them, just because I ask their agent to give me till 2 that I will pay he started messaging my contacts with my bvn in it, I want this loan app banned forever and if anything happened to my bank through the bvn they sent out you will pay for it, you thieves

          4. Hello good morning …please I also mistakenly sent 24,000 to them and I’m not owing…how do I contact customer care

          5. Hello. A loan was disbursed to my account from cashfarm yesterday 12noon and till now, I’ve not received the money in my account. Meanwhile the app is already counting the days. Sent 2 mails, no response

        2. On the 3/9/2022 dey to the network issue in my bank I pay to your bank twice a some of 10,710 2x when I want to pay back my loan then on Monday I went to my bank to print out my statement account for that transaction then I complain of paying twice into your account on the 5/9/2022 on your email address Cashfarm243@gmail.com. I was told to send my proof my full name and my mobile number wish I did then also send the copy of the statement I collected from my bank up till now no response pls kindly look into my complaints.

    1. If it’s a loan app you can just take another loan or contact the company and explain to them. Which company did you make the transfer to?

        1. The best solution will be to request for another loan in the amount
          That you overpaid. When it’s time to payback, you show them the receipt of when you overpaid into their account.

      1. I took a loan from your company and repaid on the 26th May 2022. Sent receipts of my payment and debit receipts and also sent your customer care emails concerning this transaction.I keep getting calls that you haven’t gotten my repayment and it’s from my bank. I contacted my bank and was told the transfer was successful and was sent account statement having records and transaction reference number of the transaction. Your agent went ahead and called my contacts that I am owing and threatening words about me and I was not taking my calls after we had spoken and I sent her all chats and documents of my transfer . However, I have decided to take this up legally since you choose to wrongly defame me and my reputation. My Lawyer would reach out to you.

      2. I took a loan from your company and repaid on the 26th May 2022. Sent receipts of my payment and debit receipts and also sent your customer care emails concerning this transaction.I keep getting calls that you haven’t gotten my repayment and it’s from my bank. I contacted my bank and was told the transfer was successful and was sent account statement having records and transaction reference number of the transaction. Your agent went ahead and called my contacts that I am owing and threatening words about me and I was not taking my calls after we had spoken and I sent her all chats and documents of my transfer . However, I have decided to take this up legally since you choose to wrongly defame me and my reputation. My Lawyer would reach out to you.

  4. These people just sent a message tarnishing my image for a loan that got due today. Avoid them with your whole life

    1. This people are evil I pay there loan with interest, they are not adding to there overdue, please run away from them there evil

  5. Please how do I get my money back…I mistakenly sent 24,000 into cash farm account after paying my loan…I’ve sent email but I haven’t gotten response yet

    1. Take another loan in the amount you mistakenly sent them. Ones they disbursed the loan to you, you use it to cancel the amount you overpaid

      1. I am due today but begged them to give me grace will pay tmr but been getting thretning msgs on my life.. this is not fair sir

  6. Sir Israel make Dey no use call kill person nah
    Other app are not like dat

      1. Cashfarm app is not a good app to get a loan know this know peace, They are terrible set of people.i pity those who keep borrowing from them,not only are they mannerless,they are stupid, Criminals and inpatient idiots. Imagine am suppose to pay today and a call called me and started saying he will disgrace me if he didn’t receive my payment before 11 this morning just imagine I know am suppose to pay today I didn’t put exact time now..the wereey dey abuse my family I don vex delete the app oh

        1. Exactly wat happened to me today. My due date is15-9-22 but I have been getting calls and series of message calling me a prostitute and a thief. I was insulted a lot. I can never recommend this app to even my worse enemy and I have deleted their app from my phone.

  7. I can’t download cash farm app on play store and I want to repay ur money
    If I can’t download the app and u ternish me god I will pay it ooo

  8. Cashfarm tagging me as a fraud after I have paid their money running my image😭😭😭😭😭it shall never be well with you guys please I want to sue this people

  9. You people are big scam you beginning to spoiled my name due too today is the due date and I have not make the payment and they have beginning to send to my contact that I’m a scam and fraudster to my contact while the day has not pass I will sue you

    1. The same fucking thing they did to me, I’ll advice that nobody patronizes them, they lack a good way of conducting serbices

  10. Good day, I hope cashfarm agents can see this, I applied for a loan and it’s due today 14th August 2022.
    And an agent went ahead sending messages to my contact.
    Loan is due today, the useless guy abi na girl started sending messages to my contact.
    Hmmmmmm. Una go hear from me

    1. This is sad. Im so sorry. They are bunch of touts. This happened to me. They are bunch of touts. I take a loan and just when it’s time to pay they begin to send me all manner of messages calling thieves and murderer simply because I asked they should wait till 3pm on my due date so I can make payment. What a stupid strategy to collect back your money. I suggest they train their staff of emotional intelligence.

  11. Oh my God I was deceive by one of their agent today that I will receive 10000 with repayment of 10710. I told him I saw 6200 to pay 10710 for 7days 4510 that’s outrageous. He said no that he will work on it and it will be 10000 that I should apply. I did and received 6200 I called and called and called he said I should calm down but my mind is not at peace he said he wanted to work on business loan for me . I can’t afford to pay additional 4510 in 7days o. You people should please see you it.

  12. Please beware of one of their staff that has +23491630154 with lion logo as his status
    His work is to hack people’s account and details please don’t ever have any dealing with him don’t disclose your password to him
    He is an animal
    A fraudster and worse frustrated human being on earth

    It’s so bad that cash farm habbor such such a criminal
    When your bank account is hacked please look for him
    If he is able to hack into our account and contact when we didn’t borrow money from them that means he is a treth

  13. Cashfarm all your staffs are scammers
    I swear me I no be Christian oo
    All of una go Start die one by one
    Very soon
    You guys scammed me my 22k

  14. I cant borrow 6200 pay 10710
    And u have paid the money into my account
    Have return ur money back into ur
    bank account
    Clear the money now now
    Ur staff call me to scam me
    If u don’t want God to punish you

  15. My loan will due on 13 of October and your agent are sending my pictures around today 12 of October is that not sound crazy

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