CashBean loan app is a personal loan service that gives unsecured short term loans to Nigerian lenders. The service that offers you a simple and convenient way to borrow money online without collateral or documentation. The smartphone app allows users to borrow up to ₦30,000 unsecured.
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 type of loans should not be used to fund one’s lifestyle, they should only be used for emergencies and in situations of extreme needs.
Loan amount starts from N2k up to N300k depending on your credit score.
The app has so far gained over 200k 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.
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 CashBean Loan app
- Download the CashBean personal Loan App exclusively 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 getting 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.
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.
Is Cashbean loan app legit or scam?
CashBean loan app has been verified to give short term loans of upto N300k to customers, but at very high interest rates. Caution should be exercised 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.
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.
You can take steps to check and remove your BVN from the credit bureau blacklist after repaying your loans and your loan app did not automatically clear you.
What other borrowers are saying about CashBean loan app
Adekunle Adejoke wrote, “I started using in January 2023 and I have never default, I usually pay few days to deadline but since February, I was told I was over the credit limit. I sent a mail, customer rep told me to try another app… So bad”
Joseph Nwachukwu wrote, “Good but I think the interest is on the high side could be reduced pls.”
David Ajayi wrote, “It’s very terrible I wasn’t even showed the breakdown of the interest and charges.I had a credit limit of 3750 in the process of applying I just saw that the loan was already processing and I was to pay 5114.11. I have been trying to repay but nothing is working on the app. I can’t even recommend this product to my enemies.”
Annual Interest rate: 12%-24% APR
If the loan amount is NGN5,000, the loan term is 180days, and the interest rate is 12%, the total interest should be NGN5,000*12%= NGN600. The total repayment amount would be NGN5,000+ NGN5,000*12%= NGN5,600.
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.
CashBean Loan app customer care number
- Service Email: firstname.lastname@example.org
- Our Office Address: Oshodi pedestrian Overpass, Ilupeju 5255, Ikeja, Nigeria
- call 017001000 or 018888188
If you have any complaint about this loan app, please leave it in the comment section below and resolution options will be provided promptly.