If you need cash for an emergency but you’re having trouble qualifying for more established loan apps, Ultracash might work for you. But be careful: This online loan app often has super-high interest rates.
Pros
- Easy application process.
- No collateral or paperwork required.
- 100% online process.
- Anyone can get a loan with just phone number and BVN.
Cons
- Super-high interest rates.
- Delay in loan disbursement,
- No guarantee of getting a loan even after application.
What is Ultracash loan app?
Ultracash is an online loan app that offers short-term loans to Nigerians for emergency uses. Available loan amounts can vary from borrower to borrower, but payday loans generally come in amounts ranging from #1000 to #60,000.
Ultracash loans are available online nationwide regardless of where you live as long as you have your BVN number. The amount of loan you qualify for might depend on your credit history with other lenders.
Is Ultacash legit?
UltraCash loan app is legit and has given borrowers loans in the past. However, loans from this loan app is very expensive with very high interest rates and short repayment period starting at just 7 days. Borrowers can get a revolving line of credit with higher amounts and longer repayment period as they payback their previous loans. Ultracash has a rating of 3.7 stars from reviews on Playstore.
Loan products
Loan amount: ₦10,000 – ₦500,000
Interest rate (APR): Maximum annual interest rate is 30%
Repayment period: 91-180 days
Example
If the loan amount is ₦10,000, the loan period is 365 days, the interest rate is 20%
Total interest: It should be ₦10,000 * 20%= ₦2,000
Total repayment: ₦10,000 + ₦10,000 * 20%= ₦12,000
This is just an example of what to expect.
Ultracash loan app APK download and application
You just need to follow these four steps to get a loan
1. Download the Ultracash app and register your account.
2. Fill in your basic information and submit.
3. Apply for a loan online to get approved.
4. Deposit the loan into your bank account.
Ultracash customer care phone number
- Email: service@ultracashapp.com
- Phone: 09122324405
- Address: 13 345 Road, A Cl, Festac Town 102102, Lagos, Nigeria
