JoyCash Loan App Review: online app in Nigeria

Online loan apps provide easy access to emergency loans with very minimal requirements. JoyCash is a Naira loan app that provides micro loan for emergencies.

With just your BVN and an ID card, you can get cash limit of up to #100k sent to your bank account within minutes. You do need to have a good credit score, and good SMS banking record on your phone to qualify for higher amounts.

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.

Because of their minimal documentation and no collateral requirement, online loans are very expensive with high-interest rates. They should not be taken to fund one’s lifestyle but rather should only be used for emergency needs.

How to Download APK and get a loan from JoyCash loan app

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.

Note that online loan apps are not licensed or regulated by any government agency in Nigeria, you are responsible for your own safety while taking a loan from them as there is no way to make complain about poor service.

What other borrowers are saying about JoyCash loan app

These reviews are from users on Google play store.

Nelson Johnwill wrote, “I give it 3 stars. Instant disbursement. The only problem I have is that you don’t increase your loan offer after I paid 4 installments before the due date pls work on it… It is frustrating.”

Balogun Soliu wrote, “The app is really good but I have a problem I had a one-day overdue and later pay up but since then have been unable to get another loan it keeps telling me to apply again the next day please work on that for me.”

Omojero Happy wrote, “The app is awful. How do you approve a loan and say disbursement is successful when for over two days the recipient did not get the alert? I won’t be liable to any loan I allegedly received without receiving it. If you can’t work on your app then it’s no one’s fault because I won’t pay for a loan I did not receive.”

What are the requirements?

Interest rate

Loan Products
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.

For Example
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.

JoyCash loan app customer service number

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