CashKey Loan App Review: Convinient lending platform in Nigeria

Rating: 2 out of 5.

CashKey loan app is a Nigerian loan app that offers instant and unsecured loans of up to N50,000. Interest rates range from 6% to 24% per month. You can apply for a loan through CashPaddie’s mobile app, which is available on the Google Play Store.

The application process is simple and digitized. You will need to provide some basic information, such as your name, email address, phone number, and bank account details. You will also need to provide a copy of your ID card.

If your application is approved, you will receive the money within minutes. You can then use the money for whatever you need, such as paying for unexpected expenses, covering your monthly bills, or starting a business.

Online loan apps are a convenient and affordable way to get a loan. However, it is important to remember that loans should be used responsibly. You should only borrow money that you can afford to repay.

As students and young people, you’ll always find yourself in need of quick cash. But you shouldn’t develop a habit of relying on this online loan apps for money always. Do not borrow to fund your lifestyle. Short-term loans are helpful in emergencies but can quite expensive when compared to long-term loans and should be used with care.

CashKey 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.

The app has so far gained over 50k 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 CashKey app

  • Download the CashKey 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 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 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.
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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 CashKey loan app legit or scam?

Yes, CashKey loan app is a legit loan app that gives micro loans to a maximum amount of N100,000 to customers, 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.

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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.


  • Can be used by students in times of emergency
  • It’s legit, has been confirmed by admin that they actually do give loans.
  • Completely online with no collateral required.
  • High loan amount, up to 100k.


  • Has serious networking issues that prevents smooth registration.
  • Takes time to disburse loans after approval, some customers take days even weeks before seeing alert.
  • Short loan duration especially for new users, starts at just 7 days.
  • Very high interest rates on small loan amounts.
  • High rejection rate.
  • The app only works on Android smartphones.

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.

What other borrowers are saying about Cash key loan app

nwanolue chinwe wrote, “It’s amazing how you started so well with a smooth operation only to crash at the point of disbursement. On the app it’s showing that the cash is ready and that l can even repay but it also shows pending repayment. Honestly am confused because l can’t seem to understand this at all. I need an urgent response to meet a deadline today please. Thank you.”

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Amos Love wrote, “Made payment since 8am, this is 9pm no update on my status… no contact to call, email sent, no response.. frustrating… please respond to my mail oooo so I can send proof of payment… Pending is all am seeing.. and to worsen things, all the comments from users, no response from the team… smh”

Stan Juan wrote, “The app is fast in terms of registration though the interest rate is high imagine 6200 to pay 10000 but slow in disbursing i will come back to complete the stars when my loan is been granted thank you.” Read more customers’ review here.

Interest rate?

Amount ranging between ₦3,000 naira to ₦500,000 naira.
Repayment between 91 days – 16 months.
Interest rate for the online loan max of 24% per annum (APR)
Interest reduction of up to 50% for recurring customers.


  • Credit ₦20,000 at an APR of 12% (per annum) with a tenure of 91 days
  • Interest of loan =₦20,000 x 12 %/ 365 x 92 = ₦598
  • Processing fee of loan =₦20,000 x 3% = ₦600
  • Total cost of the loan = ₦1198
  • Total loan amount disbursed will be credit is ₦19,400 (₦20,000 – ₦600)
  • Total loan amount to repay will be ₦20,598 (₦20,000 + ₦598)
  • Monthly repayments of ₦6,886

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.


  • 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.

CashKey app customer service number

  • Phone: 09016462398
  • Customer Service Email: [email protected]
  • Address: 47 ajanaku street,ikeja,Lagos,Nigeria.

Ibrahim Ismail

A passionate and highly skilled individual who has seamlessly blended the worlds of statistics, technology, and finance.

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