CashFarm Loan App Review: loan app in Nigeria
CashFarm loan app is an online loan platform that offers fast micro and medium loans to Nigerian residents. The Android app allows users to borrow between ₦1,000 to up to ₦100,000 unsecured with no collateral and minimal documentation. When a customer makes the online application, the computer will check their credit score and make them an offer, thereby giving customers 24/7 access to loans.
Getting an online loan in Nigeria is very easy. This is because most loan apps offer unsecured loans that do not require any collateral to get. With just your BVN number, and a good credit record, you can access cash online.
These minimal documentation requirements make online loan apps ideal for students who are looking to access emergency cash before they get their next pocket money.
Note that because of their minimal documentation requirement and unsecured nature, online loans are very expensive with high-interest rates and should only be used for emergencies when there is no alternative.
With over 100k downloads so far on the Google play store, the Cashfarm loan app has mixed reviews from users. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.
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.
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.
How to Download APK and get a loan from CashFarm Loan app
- Download the CashFarm loan App available on the Google Play store 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.
What are the requirements for Cashfarm loan app?
- 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 kin 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.
CashFarm loan app interest rate?
The Cashfarm offers:
1 Amount up to ₦100,000.
2 Terms from 91days to 365days.
3 No hidden fees
4 Annual interest rates from 12%-24%
-Interest rate as low as12% APR. If you choose an amount of NGN5,000 and the term is 180days, the total interest should be NGN5,000*12%=NGN600. The total repayment amount would be NGN5,000+ NGN5,000*12%= NGN5,600.
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.
CashFarm loan app customer service number
- Phone number: 018883539
- Service Email: firstname.lastname@example.org
- Office Address: 27-21 Layi Oyekanmi St., Mushin 102215, Lagos, Nigeria