CashRain Loan App Review: instant personal loans in Nigeria

CashRain is a new personal loan app on Google playstore that gives Nigerian collateral-free loans to meet emergency financial needs.

The app has over 10k downloads in its first month of release. A lots of Nigerians are really into these loan apps despite the risks associated with using them and the poor service most of them offer.

RainCash uses Artificial Intelligence AI to analyze prospective customers financial records, including the bank transaction SMS on their phones and their credit worthiness from other lenders. To qualify for a loan and get a high loan amount always keep your bank transaction records on your phone.

How to Download and Apply for CashRain loan

1. Download the CashRain App exclusively available on the Google Playstore and install on your Android phone.
2. Register an account with your phone number.
3. Fill in basic information, including your residential address, next of kin and employment details
4. You will also be required to provide your Biometric verification number BVN and bind your ATM card to your account as a means of repayment.
5. After the submission of your loan application, the algorithm will analyze your credit score and the final result will be shown in the APP.
6. If approved, the loan amount will be disbursed into the bank account directly.
7. The whole process should ideally take less than 5 minutes from application to loan disbursement.

What are the requirements?

1. Be a Nigerian citizen or legal Resident.
2. Be between the age of 22 years old.
3. Have a Monthly income source.
4. Bind your ATM card to your account
5. Provide details of two of your next of kins including their phone numbers.
6. Have a good credit score with no outstanding loans from other lenders.
7. Have an active Nigerian bank account.

CashRain loan app interest rate?

Loan term: from 3 months to 1 year.
2.Loan amount: from 8,000 to 100,000.
3.Loan interest rate: from 4.5% to 34%, with monthly interest rates of 3% to 29% and
4.Annual interest rates from 29% to 365%.

Examples:
1.Loan term: 3 months.
2.Loan amount: 100,000.
3.Monthly interest rate = 100,000*3%=3,000.
4.Total interest = (100,000 * 3%) * 3 = 9,000.
5.Principal repayment : 100,000
6.Total repayment amount = 100,000 + (100,0003%)3 = 109,000.

This interest 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.

Is CashRain loan app legit?

Yes, CashRain Loan app is legit and does give out loans to customers but with extremely high interest rates most especially for first time borrowers. Read other customer’s reviews on play store before you apply for a loan.

You should know that these loan apps are not registered and 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.

Security
Loan application process is absolutely secure and safe. CashRain promises never to share customer’s information with anyone without consent.

What CashRain loan app can improve?

The app contains bugs which debits customers multiple times while trying to bind their ATM card to their account.

Some customers have complained of not getting a higher loan amount even after repaying their previous loans on time.

This app has lots of hidden charges and high interest rate for new customers. For example, a customer might be approved to receive a loan of N10k, only N6k might be disbursed to there account with the balance charged as interests or other app charges. Watch out for these hidden charges before accepting a loan.

CashRain loan app customer service number

Email:service@cashrain.ng
Address:17 Ikorodu Rd, Igbobi 10146, Lagos, Nigeria