Xcash loan App Review: Mobile Loan App in Nigeria

Xcash loan app is a Nigerian mobile loan service that offers micro and medium short-term personal unsecured loans of between ₦10,000 to N50,000 in collateral free loans.

An unsecured loan is any short-term loan that does not require collateral or downpayments to get. It is usually more expensive with interest rate starting at double digits monthly.

Please do not take a Xcash loan to fund your lifestyle or service long-term debts. Short-term loans are helpful in emergencies but can quite expensive when compared to long-term loans and should be used with care.

With some details and your ID card, you can qualify to get the loan online.

The app has so far gained over 10k downloads on Google play store with mixed reviews. Most costumers seem impressed with the app’s simple and smooth registration process. 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 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 Xcash loan app

  • Download the Xcash personal 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 N50 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.

The N50 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.

Is Xcash loan app legit or scam?

Xcash loan app is a legit loan app with over 500k downloads on Google play store. But 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 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.

  • Offers higher loan amounts starting from 10k upto 50k.
  • Has been around for a while and therefore has a reputation.
  • Charges maximum of 10% interest rate monthly.
  • completely online with no collateral required.
  • Has networking issues that prevents smooth registration and binding of ATM cards.
  • takes time to clear dashboard even after repayment

What other borrowers are saying about Xcash loan app

Borrowers generally have mixed reviews about this lender, the app has an average of four stars from 15,447 reviews on play store.

Abimbola Sunday wrote, “This is great, Initially I thought it was a usual scammers that takes people data and then turn you down, but that’s not the case here. I was given the loan, so fast and easy, but the interest rate is to much and the time frame is too short. If you can kindly adjust the interest and the time to be people friendly, then I’ll say you’re the best.”

Kayode Veracruz wrote, “For me it’s a zero star. The 1 star I gave was for me to be able to post this review. The experience was very disappointing. After supplying all my personal and bank account details only for my request to be declined. Very unacceptable because I’m more than qualify for the lowest limit. Definitely I can’t recommend this app.”

erico derico wrote, “I repaid my loan on the 22nd of April which is supposed to be due by April 23rd through quickteller since UBA network was frustrating but you people didn’t acknowledge my loan repayment only to wake up to your texts that I have an outstanding loan repayment of 2,293.40. If you people knew you couldn’t handle the quickteller payments option why including it on your payment options. Funny enough you debit my account 43.47 kobo. Kindly confirmed my payment and refund my money. Your app is trashed.”

When taking loan, be mindful of the repayment plan. If you take a 60 days loan with two repayment installments, the app might attempt to auto debit you on the due date of the first installment and even charge overdue charges before the end of your 60 days tenure.

You can change your ATM card password to prevent auto debit. This app has been reported to deliberately auto debit their customers even after they have made payments via bank transfer.

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.

Xcash loan interest rate?

✔️ Loans online amount: from ₦10,000 to ₦50,000
✔️ Loan period range from 91 to 180 days
✔️ Loans Interest Rate: 4% to 24%,Equivalent Monthly interest 4%~4.7%,the Annual Percentage Rate (APR) on a Xcash loan is 24%~56%
If you choose a 6-month loan and borrow ₦10,000,Xcash charges an interest rate of 4% per month. Interest Rate: 24% and The APR is 56%.180 days Repayments of ₦24,00.Total amount payment is NGN124,00.

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.

Xcash loan app customer service number

  • Service Hotline: 017001000 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
  • Service Email: [email protected]
  • Facebook :
  • Office Address: 45c Sauket St, Ikeja GRA, Ikeja, Lagos, Nigeria


A writer! Columnist and an academic researcher
Back to top button