LendCash is a Nigerian personal loan app that offers you loans up to N400000 with no long queues, no long wait times, and no collateral or guarantors needed. You can run the whole process from start to finish just on your smartphone, and get a loan disbursed to your bank account in less than 5 minutes.
LendCash loans use AI to analyze your credit score, which enables it to guarantee a 24-hour loan disbursement service to customers.
Short-term online loans can be handy during emergencies, but they should not be relied upon to fund one’s lifestyle as they can be very expensive with high-interest rates.
How to apply for a loan from LendCash?
Getting an LendCash loan can be done easily online by:
- Download and install the Lendcash mobile app from the Google play store or Apple store if you’re on iOS.
- 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.
Expect The interest rate offered on your loan to be between 2.7-30% monthly, with Processing fee of between 0-2% as advertised.
LendCash Example Calculation:
Loan amount: ₦50,000
Tenor: 3 months
Interest rate: 6%
Processing fee: 2% x ₦50,000 = ₦1,000 (For FastCash users processing fees is 0%)
Credit amount: ₦50,000 – ₦1,000 = ₦4,9000
Interest Repayment: 6% x ₦50000 = ₦3000
Capital Repayment: ₦50000/ 3 months = ₦8333.33
Monthly Repayment: ₦8,333.33 + ₦3000 = ₦11,333.33
Total Repayment: ₦11,333.33 x 3 months = ₦67,999.98
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 why loan apps limit funds for first time borrowers and how to increase your loan limits.
Advantages of LendCash loans
- Loan amount of up to ₦400,000
- 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 LendCash 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 LendCash legit or a scam?
LendCash loan is legit. A lot of customers have testified to receiving a loan from them. Read other customer’s reviews on Google Play. However, this app will call your contacts and embarrass you if you default on your loan. LendCash 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 LendCash 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.
LendCash customer care number
If you have the need to contact customer care service call: