Personal loans have become a popular way to borrow money — and with good reason. You can use the money from a personal loan for anything you’d like, whether that’s to consolidate debt, improve your home, or pay for a wedding. And the best personal loans often come with lower interest rates than what you’d pay on a credit card or other types of high-interest consumer debt, such as payday loans. This is where Cash Lion Nigeria loan app can help.
Cash Lion is a Nigerian loan app that allows you to borrow short term loans ranging from N1000 to N250000. The app is designed with smooth and easy to use user interface and uses AI to analyze your credit score based on the information you provide to disburse loans to your bank account all in less than five minutes.
How to apply for a loan from Cashlion?
Getting a loan can be done easily online by:
Download and install the CashLion mobile app from Google play store
Share some information about yourself, including your employment, ID card, BVN number etc
Verify the information you have provided
Get money in your bank account once you’re approved. The whole process should not take more than 10 minutes.
Cash Lion interest rate
Expect The interest rate offered on your loan to be between 5-30% monthly, with a one-time origination fee ranging between N1000 and N6000 advertised.
Representative Example of the total cost of the Loan:
-If you apply amount ₦ 4,000 with total 91days (45 days 1st installment & 46 days 2nd installment) loan on 22 Mar 2021.
-You will get the loan amount ₦ 4,000 on 22 Mar 2021.
-The 1st installment due date is 5 May 2021 with amount ₦ 2,000, Interest ₦ 90 and origination fees ₦ 810, due repayment is 2,000+90+810=₦ 2,900
-The 2nd installment due date is 20 Jun 2021 with amount ₦ 2,000, Interest ₦ 46 and origination fees ₦ 414, due repayment is 2,000+46+414=₦ 2,460
-The total repayment should be 1st installment due repayment ₦ 2,900 + 2nd installment due repayment ₦ 2,460 = ₦ 5,360.
Note: expect both your loan amount and loan tenure to be significantly lower as individual interest rate, loan amount and loan tenure are calculated based on the applicant’s credit score and credit worthiness. Keep a good credit score and repay your loan on time to qualify for higher amounts. See how loan apps make lending decisions for first time borrowers and how to increase your loan limits.
How to repay CashLion loan?
You have two ways to repay your CashLion loan.
Repay via bank card:
- Enter the bill details, select the bank card payment method, confirm that all the details are correct, and click [Repay Now];
- Enter your bank card password;
- Enter the OTP sent to your phone to complete the repayment;
Repay via offline transfer:
- Enter bill details, select offline transfer method, repayment amount and receiving account;
- Complete the repayment by bank / online transfer to this account;
Advantages of Cashlion loans
- Loan amount of up to ₦250,000
- 5 minutes online loan approval
- Loan without collateral. Free registration. Calculation of loan limit is free
- Revolving line of credit
- Easy loan in three steps
Get revolving credit limit
Revolving credit means Cash Lion will borrow you a higher amount Everytime you repay your previous loans. You just have to pay back your loans on time to qualify
Is Cash Lion legit?
Cash Lion loan is legit. A lot of customers have testified to receiving a loan from them. Read other customer’s review on Google play store. However, this app will call your contacts and embarrass you if you default on your loan. Cashlion needs permission to access your camera, location, storage, and phone contact list. The requested content is meant to provide KYC information (part of which is needed to determine your creditworthiness), due to a lack of a centralized address verification database in Nigeria.
What will happen if I default on my loan?
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, they report to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
- The loan is exclusively for Nigerian citizens or legal Nigerian Residents.
- You should be aged between 20-60 years old.
- You should have a verifiable Monthly income source.
- You should have your 11 digit BVN number ready.
Cash Lion customer care number
If you have the need to contact customer care service call:
Message us on WhatsApp : +234 8109252549