CashDey reliable loan app could also be a professional lending platform for mobile users in Nigeria that offers safe and fast loans. The smartphone app allows users to borrow up to ₦50,000 unsecured with no collateral and minimal documentation.
CashDey reliable loan app
An unsecured loan could also be a type of loan that does not require collateral or a downpayment to obtain. it’s usually short-term with very high-interest rates.
CashDey reliable is and willing to support business owners as they expand their enterprises and also as help individuals with urgent needs like unpaid utility bills, car repairs, and family emergencies. you’ll meet these urgent needs because of the instant credit they offer.
On CashDey reliable, there’s no lengthy wait, no lengthy line, and no requirement for collateral. you merely need a smartphone to access instant money that is deposited directly into your bank account.
Do not borrow from an online loan app to fund your lifestyle. Short-term loans are helpful in emergencies but are often quite expensive in comparison to long-term loans and should be used with care.
CashDey reliable loan app makes getting a personal loan simple by using the data on your phone including your information to verify your identity and create a credit score.
Getting a loan in Nigeria through the banks and other official sources is often time-consuming and requires documentation like collateral which most people don’t have. this is often why services like this can be very useful, especially during emergencies.
Although the app remains relatively new, customer review is encouraging. The app has so far gained over 10k downloads on the Google play store with mixed reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to make the credit score of each borrower.
To qualify for higher amounts, make sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!
Download and Get a loan from the CashDey reliable loan app
Download the CashDey reliable personal loan App available Here below Download and install it on your Android phone.
Register an account along 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 getting a higher loan amount.
A one-time password OTP are visiting be sent to your phone to confirm your details.
After the submission of your application, the software will analyze your credit score and thus the final result will be shown on the APP.
The result should be displayed in but two minutes and if you qualify for a loan, the loan amount is visiting 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 doesn’t guarantee that you simply 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 cash to be refunded back to your checking 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 when due, expect your application to be rejected.
Your credit score could also be a record of your previous borrowings, how early or late you create your payments, and cash transactions stepping into 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 figure out your banking transaction records, apps on your phone to figure out how you use other loan apps, and other details it uses to make your credit score.
Although CashDey reliable does give loans to some customers, others have complained that the app deducted money from their banks after binding their ATM cards, make sure when using this loan app.
Is the CashDey reliable loan app legit or a scam?
Yes, the CashDey reliable loan app could also be a legit loan app that gives micro and medium-term loans up to a maximum amount of N50,000 to customers but has really high-interest rates and bugs that prevent smooth registration. caution should be taken before taking any online loan. Always read other customers’ 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’re liable 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 doesn’t make transactions performed thereon secure. The play store merely provides an avenue for download, you’re liable for your own security while using loan apps in Nigeria.
CashDey Pros
Easy and smooth registration process.
Does not defame customers when they come short in repaying their loans unlike most loan apps operating in Nigeria.
Can be used by students in times of emergency
It’s legit, has been confirmed by the admin that they really do give loans.
Completely online with no collateral required.
High loan amount, up to 30k.
CashDey Cons
Short loan duration especially for brand fresh users, starts at just 7 days.
Very high-interest rates on small loan amounts.
High rejection rate.
The app only works on Android smartphones.
Networking issues can sometimes prevent card binding.
When taking a loan, be mindful of the repayment plan. If you are taking 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 aren’t any 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’s best to avoid these apps if you’ve got other options.
CashDey Interest rate?
Loans service rate: 6% to 24%, monthly interest 0.5%, the annual percentage rate (APR) on a CashDey reliable loan is 12%~30%.
Example of CashDey Reliable Loan
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 maturity 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 rate of interest and loan duration is simply an example, expect your actual loan and duration to be much lower, but you’ll improve it by returning your loan on time and keeping a good credit record.
CashDey reliable app customer service number
We’re always excited to concentrate on you!
We are available 24/7 to assist you with your request
Service Email: support@cashdey.loan
Our Office Address: 27-21 Layi Oyekanmi St., Mushin 102215, Lagos, Nigeria
CashDey Contact
we’re always excited to concentrate on you!
• We are available 24/7 to assist you with your request
• Service Email: support@cashdey.loan
• Our Office Address: 27-21 Layi Oyekanmi St., Mushin 102215, Lagos, Nigeria