An unsecured loan is a type of loan that does not require collateral or downpayment to obtain. It is usually short-term with very high-interest rates.

This app has so far gained over 5k downloads 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.

Because lending decisions is made by the computer, to qualify for 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 APK and get a loan from CashClub Loan app

• Download the CashClub Loan App 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 in about 5 minutes.
• Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identification.

Note that binding your ATM card with N30 does not guarantee that you will get a loan, you still have to pass the credit score check.

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.

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 you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.

Although this app gives some customers loans, others have complained that the app deducted money from their banks after binding their ATM cards, be careful when using this loan app.

Is CashClub loan app legit or a scam?

Yes, CashClub loan loan app is a legit loan app that gives micro and medium term loans up to a maximum amount of N50,000 to borrowers, but has really high interest rates and bugs that prevents smooth registration. caution should be taken 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 the 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 security while using loan apps in Nigeria.a

Requirements to obtain a CashClub loan

• Have a bank account and bvn; your eleven-digit BVN will be used to check your credit score.
• Have source a of income
• Have a good credit score; if you have a history of late payments with other loan apps you might be denied a loan or be given a very high-interest rate.
• Reside in Nigeria
• Have a smart phone with which to download the app; the app is only available on the Google play store accessible only with an Android smartphone.

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.

If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.

What other borrowers are saying about CashClub loan loan app

Ademolu Ifeoluwa wrote, “It was okay,and disbursement was fast.”

Adeleke Inioluwa wrote, “If you love yourself, run oooo, the interest rate/payback is more than 50 percent…imagine taking 7000Naira to payback 10300plus in 7 days…this is not help.”

Israel Ayanwola wrote, “A app that disburse money within just 15seconds i say you are the best.”

Interest rate?

Product Features
1. Loans Amount: NGN 7,000 to NGN 200,000
2. Loan Tenure: 91 days ~ 365 days
3. The Annual Percentage Rate (APR) is 10%~25%
Please noted: Penalty is charged only when someone delays their scheduled payment.

Example:
If the loan amount is ₦20,000 for 91 days (3 months), the APR is 20%, the interest and total amount to pay on the due date is
Interest: ₦ 20,000 * 20% / 365 * 91 = ₦ 997
Principal repayment = ₦20,000
Total amount of repayment: ₦20,000 + ₦997 = ₦20,997
As the repayment period is for 3 months:
Monthly repayment is ₦20,997 / 3 = ₦6,999

Note that this interest rate and loan duration is just an example, expect your actual loan and duration to be much lower, but you can improve it by paying back your loan on time and keeping a good credit record.

CashClub loan app customer service number

• Consumer hotline: 09162827890
• Customer Service Email: help@cashclubng.com
• Address: Se15/22 idi ayunre ,off idi obi Ibadan, Oyo state Nigeria 110115

The post CashClub Loan App Review: Flexible loan app in Nigeria appeared first on AFRICA EXPLAINED.

There is a proliferation of scam loan apps that target unsuspecting borrowers on Google play store. These apps take advantage of the economic situation in Nigeria – most people turn loan apps to meet their immediate financial needs. Unfortunately, scammers are now feeding fat on the little money most of these borrowers have, one of the apps they use in perpetrating such scam is called CashClub loan app on Google play store.

CashClub advertises itself as a secure and instant online loan app, and so far has over 100k downloads.

It says if you you downloan the APP and register an account, you can get a loan between NGN 20,000~~NGN 300,000.

The app further gives details of it’s loan as follows:

Loan Amount: ₦20,000 ~ ₦300,000
Loan Term: the shortest is 91 days, the longest is 365 days
Loan interest: It depends on the customer’s risk profile and loan period. The interest rate is from 12% to 25% per annum.
Service charge: 0%.

For example:
If you apply for a loan of ₦30,000, the term is 180 days and the annual interest rate is 15%.
So the daily interest rate=15%/365=0.041%, the interest for 180 days =₦30,000×15%/365×180= ₦2,214, the totally repayment=₦30,000+₦2,214= ₦32,214.f you choose a 12-month loan and borrow NGN 20,000, Naira Hub charges an interest rate of 2.08% per month. And the interest rate is 25%, we would charge you GNN 5,000 as interest of 12-month repayment period. Total amount of repayment is NGN 25,000.

These claims are all untrue, CashClub does not give loans to customers, rather they collect your details and refer you to other loan companies by advertising them to you. The app is a waste of time according to what customers who have downloaded report on play store reviews.

Pay attention, here is how the scam works; when you download the app you will be prompted to provide your KYC details like every other loan app, then you will be asked to bind your ATM card to your account as a means of repayment. The app will then make you a loan offer that is too good to be true but also ask you to pay a loan disbursement fee.

This is the part where you get scammed, the disbursement fee is usually a small amount compared to the loan you have been approved for – say pay a fee of 4k to get 100k loan. Ones you make the payment the app will start to malfunction and will not take you any further instead it will redirect you to the advert of other loan apps.

Is CashClub loan app legit?

No, CashClub app is a scam, it doesn’t give loans to customers, the app has all the known features of a scam app. The app asks you to make upfront and refer you to other money lenders.

Most of the reviews of the app on Google play store are fake, it is not from genuine users which is why most of it is 5 stars. The address on the app is also fake, and it has no functional customer service contact.

How to detect a fake loan app

Note that loan apps in Nigeria operate unregulated, they are mostly unlicensed by the CBN and Google play store does not carry out verification before allowing them on it’s platform, you will most likely come across this app because those behind it run paid advertisements on the app store. So you are responsible for your own security when you download and use them. You can stay safe by looking out for the following red flags:

• Loan apps asking for KYC information including your BVN and asking you to bind your ATM card to your account is normal, but when an app is asking you to make upfront payments or pay a processing fee, such an app is most likely a scam.
• Always read other customer’s review on play store or read reviews on websites like this before downloading any loan app.
• If an app does not have a contact phone number, or the phone number is not functional, that is a redflag.
• Pay attention to fake reviews on Google playstore, most of this apps pay spammers to write reviews for them. Most of the reviews will be from foreign accounts and will mostly give the app a five star without any reasonable comment.
• Dont part with money for what ever reason before getting your loan.
• It cannot be overstated that the Nigerian government does not regulate online loan apps. You are entirely responsible for your own safety when you use them.

The post CashClub Loan App Review: This app is not legit appeared first on AFRICA EXPLAINED.