Procash Loan App Review: Nigerian loan app
Procash loan is a Nigerian personal loan platform that gives short-term loans to its customers to meet their emergency needs. The loan app provides collateral free online loan services to meet customer’s financial needs for various requirements ranging from purchase of mobile phones, medical needs, bill payments etc.
Procash is relatively new on the Google play store and has garnered over 50k downloads with mixed reviews from users. The app uses AI to collect prospective customers information including phone records, bank 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!
How to Download and Apply for Procash loan
- Download the Procash loan App exclusively available on the Google Playstore and install on your Android phone.
- Register an account with your phone number.
- Fill in basic information, including your residential address, next of kin and employment details
- You will also be required to provide your Biometric verification number BVN.
- 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 algorithm will analyze your credit score and the final result will be shown in the APP.
- If approved, the loan amount will be disbursed into the bank account directly.
- Loan disbursement on Procash can take a while, so be patient.
What are the requirements?
- Be a Nigerian citizen or legal Resident.
- Be between the age of 22 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 Nigerian bank account.
What Procash loan app can improve?
Procash loan app is a loan shark. This apps gives loans with repayment tenure of less than 7 days, should you default on your repayment they will call you with threatening calls and send messages to your family and friends calling you a fraudster. Be very careful before applying for a loan!
Binding your ATM card to the app can also be an issue, if you’re experiencing difficulty, try binding a GTbank card if you have one.
Some customers complain of not getting the OTP sent to their phones to complete registration. This app has to fix its bugs.
Procash is not an instant loan app, your application would have to be reviewed which can sometimes take days.
First time loan is small with short tenure, usually just 7 days.
Procash 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%.
If the loan amount is ₦ 6000 and the interest rate is 2% per month with the tenure of 4 months.
The total interest would be ₦ 6000* 24%/12*4= ₦480, and the monthly interest is ₦120.
Total amount the user should repay is ₦ 6480. Before the due day, User could have 4 months to settle the payment, and the monthly payment would be NGN 1620.
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.
Is Procash loan app legit or scam?
Yes, Procash Loan app is legit and does give out loans to customers but with extremely high interest rates most especially for first time borrowers. Read other customer’s reviews on play store before you apply for a loan.
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 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.
Procash loan app customer service number
- Email: email@example.com
- Hotline: +2348029153049
- Address: PLOT B, BLOCK B IKOSI RESIDENTIAL COADIZ PLAZA (ikeja, LAGOS)
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