Online loan apps provide easy access to cash in case of emergencies. What is needed is usually just your mobile phone to download the app, and a clean credit score record tied to your BVN number.
So if you want to enjoy these funds during emergencies, make sure to keep a good credit score by paying back your loans on time. Also, these online loan apps shouldn’t be relied upon to fund one’s lifestyle, they should only be used for emergencies as they can be expensive with very high-interest rates.
EagleCash loan app provides Nigerians with micro and medium cash loans between ₦10,000 – ₦500,000. The interest rate and loan tenure will depend on the applicant’s credit score. While some borrowers may be offered less than N10,000, others may get above that offer. It all depends on your past borrowing history with other loan apps.
This loan app is relatively new and has so far gained over 10k downloads on the Google play store with mixed reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.
How to Download APK and get a loan from EagleCash loan app
- Download the EagleCash 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.
What other borrowers are saying about EagleCash loan app
These reviews are from users on Google play store.
Praise Believe wrote, “How can I request a loan of 14900 then I get credited with 10430 to pay back almost 16000 in the next 6days who does that then what’s the use of the loan now I don’t understand please you guys should come and collect your money back oo I don’t want again this is nounsences and I don’t have any interest to pay oo just collect the money the way you gave me back thank you.”
Ladi Twin wrote, “After filling that bank details it just keeps rolling and never move to the next page please rectify it.”
Adebanji Bright wrote, “After registration, the Bank details option kept on rolling till eternity, work on it if you guys are serious, sometimes I blame play store for not scrutinized all this app before grant it permit.”
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.
Eligibility:18 – 65 years old.
Loan period: we will require your repayment from 91 days to 180 days.
Loan amount: ₦ 5,000-₦ 500,000
Interest Rate: 0.5% to 3% monthly , APR 10%-35%,it depends on your credit evaluation.
If you choose a loan limit of ₦ 6,000.00 with a period of 360 days
The total interest must be paid: ₦ 6000.00 * 0.05% * 360 = ₦ 1080, monthly interest shall be paid: ₦ 6000.00 * 0.05% * 30 =₦90, monthly repayment bill including principle and interest shall be paid: ₦ 6000/12 + ₦ 90= ₦ 590, total repayment bill including principle and interest shall be paid: ₦ 6000.00 + ₦ 1080 =₦ 7080.
Note that this interest rate is just an example, your actual interest rate on the app will depend on your credit score and how much information the app can get from your device. Keep banking SMS records on your phone to increase your chances of getting a higher loan amount.
EagleCash loan app customer service number
- Service Hotline: 0818883539 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
- Email: email@example.com
Address: PLOT 150A, IDEJO STREET, VICTORIA ISLAND, LAGOS