Nigcash Loan App Review: Instant Payday Loan in Nigeria

Nigcash Loan App is a Nigerian payday loan service that provides collateral free loan to Nigerians with minimal documentation.

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.

Nigcash loan app is relatively newly released and has gained over 50k 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 Nigcash loan app

• Download the Nigcash 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 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.

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 Nigcash Loan app legit or scam?

Yes, Nigcash 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 Nigcash loan app can improve?

Nigcash has a high loan rejection rate, you can submit your application and pay the N30 to bind your ATM card to your account and still get denied for no good reason. Keep a good credit score to increase your chances.

The app also doesn’t have the option to select the loan amount you want. Ones an amount has been approved for you, you can’t select a lower or higher amount based on your needs, you have to accept what ever amount the system approved for you.

This app also takes too long to clear your dashboard after repayment, this sometimes lead to multiple debits and the customer service contact is also very poor.

Loan tenure is too short, borrowers usually get 7 days to repay their loans plus interest.

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.

Nigcash loan app interest rate?

Loan amount. ₦8,000 – ₦100,000
Loan term: minimum term is 91 days, maximum term is 365 days
Daily interest rate: 0.0057%
Highest annual interest rate: 20.55%

HOW TO CALCULATE THE REPAYMENT AMOUNT?
For example, if you would like to get a loan of 100,000 with a 12-month plan, you will see the details below:
Repayment Plan: 12 months
Principal: ₦100,000
Total Interest Rate: 25%
Total Interest: ₦25,000
Total Amount: Principal + Total Interest = ₦125,000
PMT (Monthly Payment Amount): ₦125,000 / 12 = ₦10416.7
Monthly Interest Rate: 2%
Extra Cost: ₦0

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.

Nigcash loan app customer service number

09030242904
Company: Nigcash Nigeria
Company Adress:Room 1010 Ado Rd,Lagos Nigeria