Online lender Cashbus Loan is new to the game of providing personal loans to Nigerians without documentation.
The software has been downloaded more than 10,000 times on Google Play Store while receiving mediocre reviews. It employs a lending program to collect data on prospective clients, including phone records, banking transaction alerts, and BVN, in order to calculate each borrower’s credit score.
If you maintain your bank transaction records and have no unpaid debts from prior loan applications, you will be eligible for bigger loan amounts.
Application is simple. Simply download the app from the Google Play store and enter some personal data. Within a few hours, the algorithm will examine your data, determine your credit score, and make you a loan offer.
How to download APK and apply for a Cashbus loan
Only on the Google Playstore, get the Cashbus personal loan app.
Create an account by entering your phone number when prompted.
It is recommended that you use the phone number connected to your BVN for verification.
Please enter the required Kwow-your customer KYC data. This contains information about your home address and your next of kin.
You will also be asked for your BVN, or biometric verification number.
You will be charged N50 to link your ATM card to your account. Your chances of receiving a loan for a bigger amount will rise as a result.
You will receive a one-time OTP password to confirm your information.
Your credit score will be assessed by the software once you submit your loan application. The final outcome will be displayed in the APP.
In a little under two minutes, you ought to witness the outcome. If you qualify for a loan, the money will be wired to your bank account right away.
Make sure your phone has enough memory because you’ll need to shoot a clear selfie to prove your identity.
You can get a refund for the N30 that was charged to link your ATM card to your account. The money may, however, take up to 7 to 12 business days to arrive in your bank account.
Your credit score and your BVN are related. Your application will be rejected if you have unpaid loans from other lenders or a history of late payments to other lenders.
Your borrowings and cash transactions are tracked by your credit scores.
You must consent to giving the app access to your phone contacts, SMS to view your banking transaction history, and apps on your smartphone to view how other lending apps are used before you can download it.
Is Cashbus Loan App legit?
A trustworthy loan app is Cashbus. The software is still relatively new on the Play Store, though. Although it does provide loans to customers, it is wise to use caution when doing so. Make sure to read customer reviews prior to applying for a loan in Nigeria.
These loan requests have not been submitted to the CBN or any other Nigerian government body. You cannot seek recourse for poor customer service because they are accountable for your transactions.
The fact that it is available on Google Play does not guarantee that any purchases conducted there are safe. When using loan applications downloaded from the Play Store in Nigeria, you are in charge of your own security.
Download Cashbus Loan App And Apk
Download Cashbus loan app and the Apk by click on DOWNLOAD
How can the Cashbus app improve your cashflow?
On loans with short terms, Cashbus levies exorbitant interest rates. Normally, first-time borrowers receive 6 to 10k in seven days.
The majority of loan applications are declined as a result of high rejection rates. Several days are spent keeping some.
Additionally, the app’s networking flaws could make it difficult for users to successfully register their ATM cards. Additionally, acknowledging loan repayments takes time. After you have repaid your loan, it could take some time for your dashboard to become clear. Be patient and keep your payment receipts close at hand. Sending verification can be challenging because many customers don’t get it.
When taking out a loan, be mindful of your repayment strategy. On the due date for the first installment of a 60-day loan, the app can try to automatically debit your account. You can also be charged late fees before the 60-day grace period is up.
You can update the password on your ATM card to stop automatic debit. Customers are aware that the software will auto-debit them when they complete bank transfer payments.
The borrowing term begins at seven days. This tenure is shorter than the CBN’s suggested minimum of 30 days for short-term lenders of personal loans.
Interest rate for Cashbus loans
Loan interest rates and costs
Money borrowed: N5,000 to N50,000
Offering / Interest Fee: 2% – 35%
APR (annual percentage rate) maximum: 66.21% to 2740.44%
Late charge: A one-time cost equal to 8.8% of the outstanding balance
61 days are the minimum repayment period.
180 days is the maximum repayment period.
Here is an illustration of how interest on a loan is calculated:
Interest to Lender: (30% APR)
4 months, 4 months
Annual Interest: 30,000 Naira ($100,000 * 0.3%)
Total Interest: 100,000 * 0.3 * 4/12: 10,000 Naira for 4 Months
Interest of 2,500 Naira each month
Principal and Interest Due Each Month: 27,500 Naira
Repaid in full: 110,000 Naira
For instance, if you are borrowing for the first time, the interest rate and tenure are lower. You can improve your amount by maintaining accurate records and making timely loan repayments.
What are the requirements?
- You can be a Nigerian citizen or resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from any other lenders.
- Maintain an active bank account
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
A 2% daily penalty is assessed for late loan payments. As a result, it’s crucial to stick to the deadline. If you make your loan payments on time, you will be eligible for greater loans. If you make late repayments, you will not be qualified for larger loans or any other loan products. If you are late with your payments, First Central Credit Bureau will be notified. Your ability to obtain credit from other lenders may be impacted if the First Central Credit Bureau places you on a blacklist.
Customer service number for Cashbus loan app
Customer Service Email: [email protected]
Address: No.60 adeniyi Jones,ikeja,Logas.
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