Naira cash is one of the most credible online loan platforms. If you’re looking for which platform to borrow money from to pay back later, this naira cash loan app is one of the best for you.
In this article, we’ve listed how one can easily apply for a naira cash loan and get approved. In addition to that, we’ve answered some of the most frequently asked questions on this topic. Stay tuned and pay attention.
What Is A Naira Cash Loan App
The Naira Cash Loan app is one of the best and most credible online financial loan platforms. This loan app is available to Nigerians who use Mobile. What this means is that you can easily borrow and make use of this loan through your Mobile phone.
This has given Nigerian access to easily borrow fast loans to be able to meet up with their emergency financial needs. This app is available for all Nigerians 24 hours a day.
What Services Does Naira Cash Offer To Nigerians?
As we’ve stated, the naira cash offers a loan to Nigeria; as a Nigerian, when you apply for a loan through the app, you can get up to 100,000 immediately if you fulfill the requirements needed for you to get the loan. Every loan app or firm has requirements you must follow strictly, and Naira Cash is not an exception.
How To Apply For A Naira Cash Loan
In this section of this article, we have outlined the necessary steps to take if you want to apply for a loan in naira cash. You must follow these steps to the letter; if you miss any, your loan may not be approved.
- The first thing you need to do is to install the naira cash app; you can easily install this app by going to the play store and searching for the name, the app will pop up, and you will click on it, download, and install it.
- The second thing you need to do after you’ve downloaded and installed the app is to create your account by signing up on the platform and imputing your details.
- After you’ve submitted your details and created a personal account successfully, then the next thing you need to do is to apply for a loan through the app. Follow through the process and ensure you correctly answer all the questions they might have for you.
- Lastly, you must wait for the bank to credit you with the loan if your loan application is approved.
What are the minimum and maximum amount of loan one can obtain?
Like every other loan platform, the naira cash online platform has its loan limit. The minimum loan amount you can apply for on this platform is 2,000, and the maximum loan amount you can use for and get approved is up to 100,000.
What Is The Naira Cash Loan Term
Fundamentally, the loan term of this online platform is usually between 100 to 180 days. So when you borrow from this platform, you are typically given a grace period of 100 days, while the longest loan tenure is 180 days.
If by the end of these days, you don’t redeem or pay back the loan as agreed, they will swing into action by blocking some of your essential things.
What Is The Interest Rate Of A Loan Of The Naira Cash App
In this section of this article, we’ve listed some of the interest rates of loans on this platform. Some of them are
- A service charge of 0%
- Minimum annual percentage rate of 12%
- Maximum annual percentage rate of 33%
To further explain this, we should use an instance. For instance, suppose you borrowed a loan amount of up to #20,000 with an interest rate of 18% per year and a tenure of 100 days. This is how you calculate your interest rate.
Interest Rate= 20,000 X 18%/365 X 100= #986
Some of the eligibility requirements for you to obtain a loan are from the naira cash loan app.
For you to be able to obtain a loan from this app, you must meet the following requirements
- You must be a bonafide resident and citizen of Nigeria
- You must be at least 18 years of age before applying for a loan.
- You must have a legitimate source of monthly income. They will ask you about this, and the reason is for them to know if you can pay back the loan amount you want to borrow from the platform.
- It would be best to have a good credit score; a credit score here means you don’t have to be owing any loan app platform across the country. If you are, it will automatically disqualify you from borrowing from this Naira Cash Loan app. This is why you must have and maintain a good credit score.
Some Of The Documents Required For You To Borrow From This Platform
- Name: You must provide your name as it is written on some of your most important documents
- A valid home address is required
- A working phone number
- An email address and other requirements.
Once the platform has approved your loan application, you can take out more loans with other additional requirements.
Steps To Download The Naira Cash Loan App
This app is available on the Google play store, and it has over a million downloads and thousands of reviews; here’s how to easily download and install this app;
- Open the Google play store on your mobile smartphone.
- The next thing to do is to search for “Naira Cash.”
- Then you need to download the app, install the app and apply for a loan through the steps and process we’ve listed above. Remember to follow the requirements strictly.
Features Of The Naira Cash Loan App
- The process is online, and you don’t need to visit any branch or anywhere.
- The loan is quick to apply and convenient.
- It is flexible to the point anyone can use the app.
- It has a simple and stress-free application process that makes it easy for anyone to apply.
- If approved, the loan gets credited immediately to your savings account.
- This loan app has been made available for all. You can easily follow through the process outlined here to apply.
Benefits Of the Naira Cash Loan App
- Applying for a loan using this app is very convenient; you don’t have to leave the comfort of your home to apply for a loan. You can do so from anywhere in the country.
- You don’t need a third party when applying for this loan, you don’t need a guarantor, you don’t need a surety, and you can ultimately use this loan alone; it is an entirely private process.
- Since the process is done online, you can easily apply for this loan 24/7, and it doesn’t take up to 20 minutes. This makes it very flexible for anyone to use.
- You can easily compare different loan prices and interest, terms of tenure, and repayment processes of other apps. And this Naira Cash Loan app has all you need for an efficient and effective, stress-free application process.
- Applying for a loan through this online app is very secure; you don’t have to worry about the app making a mistake in sending your money to someone else, and your data is secured too and kept private.
- This online loan app is unique in the sense that the app will not recollect your money if your bank account statement doesn’t have sufficient funds in it. You are provided with read-only access to your bank statements.
- Borrowing money through this online loan app is a very quick princess, stress-free, and flexible to the point anyone can do it.
Frequently Asked Questions
Is Naira Cash Loan App Good?
Yes, this app is excellent, flexible, and easy to use. It is one of the best loan app platforms in the country.
How Long Does It Take For A Loan To Be Approved
On average, it takes less than 30 min for your loan to be approved, but before your loan is approved, you must make sure that you have provided all the requirements and documents that will enable your loan to be supported. If you miss any of them, your loan will not be approved.
What Will Happen If You Default?
If you apply for a loan and after the loan tenure, you can’t pay back the loan you borrowed.
You will be given an extra grace period of 30 days; if after the end of the 30 days you can’t pay back, they will come for you. Agencies will go after you, and they may block your line or bank details.
This is why it is essential for you always to redeem your loan as and when due. It increases your credit score and allows you to borrow more from the app.
Bottom Line
One of the reliable loan apps is the Naira cash loan app. It is instant and has a flexible repayment plan. Remember that to access this loan; you do not need collateral or property documents.
Share your thoughts and questions in the comments section below.
