Chacha Loan and Payments App Review

ChaCha is an Android based integrated one-stop loans & payments service platform. On ChaCha, you can chat with your friends without any scruples, transfer money, recharge and pay bills anytime and anywhere without queuing. They also provide multiple loan options which save you the troubles caused by financial difficulties.

If you’re an Android user, you can apply for the collateral free loan starting from N5,000 to a maximum loan amount of N100,000 with minimal documentation.

Released in December 2020, Chacha has since gained over 10k downloads so far 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 a loan or 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 chacha loan app

  • Download the Chacha 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 identify.

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 it gets access to your phone book contacts, SMS, and other details it uses to build your credit score.

Is Chacha Loan app legit or scam?

Yes, Chacha loan app is legit, the app does give out loans but caution should be excesissed 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 Chacha loan app can improve?

First, majority of the reviews on Google Play Store page of Chacha loans are fake, so there’s that red flag. The genuine review from actual users are poor with multiple complain.

Loan tenure is extremely small, and loan amount is also small starting from N4000, you typically get just 8 days to payback your loan plus interest. Although the app promises to give higher loan amounts with longer tenure for repeat customers, there is no guarantee you’ll get longer tenure on your subsequent loans.

Interest rate is also very high, and not well explained to customers. One customer was approved to get a loan of N5,000 only for N3,000 to be disbursed to their account with the rest calculated as interest and service fee.

Several customers complain of not getting funds disbursed to their account despite their dashboards already counting when they are supposed to repay.

Chacha is full of red flags and it’s best to stay away from this app. The few applicants that eventually got a loan complained of getting labelled a fraudster when they defaulted.

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.

Chacha loan app interest rate?

Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 500,000.
Loan interest: the total interest range is from 2% to 24%. The equivalent monthly interest is from 1% to 2% and APR is from 12% to 24%.

Sample Loan Calculation
Loan amount: NGN. 10,000, APR: 30%, service fee: 0%, loan tenure: 91 days.
The total amount to pay on the due date is
Interest: 10,000 x 30%/365 x 91 = 748
Service fee: 20,000*0% = 0
Total amount disbursed: 10,000 (10,000 – 0)
Total amount to repay: 10,748 (20,000 + 748)
Monthly amount to repay:3,583 (10,748 / 3)

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.

Chacha loan app customer service number

Customer service hotline: 08129857030, 09155053675
Customer Service Email:
Address: 1 Abiodun Sobajo St, Agidingbi , ikeja,lagos


A writer! Columnist and an academic researcher


  1. Omo una wicked ooo because of 8K to pay 10K same day that loan is due you dey call contact even call person parent join huh?? Shey the guy say e no go pay. Go and check your rules late payment means additional fees which favour your Company but you decided to start sending all the personal information attach to BVN to everyone.. don’t you think that person trust your company before he could drop all the information.. what if he said he want to pay back the loan what will you do with all his information you sent to different contact… This two of your foolish and stupid customer need to be punish for the rubbish they did?? +234 814 287 1875 and +234 703 876 3166 both of you are wicked and God will pay you back for what you did to the guy.. rubbish

  2. Am highly disappointed in you people and I regret taking loan from you…

    This loan of a things ain’t one side benefits it’s but side benefits and understanding, taking money from you is not free you are getting Interest on it right?

    8K go have interest of 2K why acting as the loan is free without benefit huh???

    How can loan due on Saturday and that same Saturday you just call with threaten for no reason?

    If my payment is due and you are adding interest did I said am not going to pay I know when it’s due interest is attach to it each day and that fine I will surely pay the interest…. To the extend you call me a bastard call my parent all because of 2000 interest haaabaaa.. no be this country me and you dey shey na so e easy to see it make money, all of us they try to survive make I tell una?? I will surely Advice all the users on this platform to be careful of their personal information..

    How can you post my BVN, PHONE NUMBER EMAIL ADDRESS ACCOUNR DETAILS AND PICTURE ALL BECAUSE OF 2K INTEREST?? And you call your company safe and reliable huh am very disappointed in your people🖕 Shame on you🖕07038763166. 08142871875

    One Question I need to ask you?? If I pay your loan now what will happen to my personal info and BVN you have been posting to my contact list?

    Is this not senseless and foolishness?? Go and learn work from Fairmoney and their customer service not like your Under dogs and senseless workers!!! Shey him say e no go pay the loan ni abi na yhu won pay d interest ni??

    If your workers go school then go know say rubbish wey Dem don go Implicate una company for posting your customer BVN and all bank info with number email address to every one.. E no go better for una foolish people we are coming for youuuuuuuuu

Back to top button