Cashlion loan app: How to get loan, interest rate, repayment, etc..
March 25, 2022
Cashlion loan app: How to get loan, interest rate, repayment, etc..
With cashlion loan app you can start accessing financing the easy way possible, the financial health of every Nigerian is top on the priority of Cashlion, it provides affordable loans to cover your financial needs, while your dreams and aspirations stay alive.
About Cashlion loan
Cashlion loan app is a property of Grolatech Nigeria Ltd. A financial service provider that allows its users to borrow money without collateral or paper work of any kind.
Don’t know how else to deepen financial inclusion aside availing teaming users opportunity to access a flexible loan with little or no stress.
This cannot be said of the conventional financial institutions where you cannot afford the list loan package with recourse to your financial status.
Loan application with Cashlion is swift and timely to enable borrowers of such funds meet their financial needs timely at the point of application.
Cashlion loan Requirements
Note, money is not being thrown at anyone who says I want a loan, like the conventional financial institutions, Cashlion loan will first and foremost determine your eligibility for a loan.
You may not be considered for a loan if by any event you do not meet the standard credit assessment by the Cashlion loan algorithm.
Kindly find what is required of you to access a loan below
- Borrowers should have attained ages between 20-60 years
- A citizen of Nigeria
- As an obligor, you should have a reliable and sustainable means of income monthly, this has been sized as a yard stick to legitimize your ability to pay back such loan at maturity date.
- You will need a basic Android phone and a valid phone number to access this service at the moment
- An active bank account number wherein your loan will be disbursed, and repayment made at maturity
- Your Bank Verification Number (BVN) is required to verify your identity claim.
What we like about Cashlion loan app
- No collateral required
- Loan process is swift
- No paper work in the loan process
- No deposit/guarantee required
What we don’t like about Cashlion loan app
- It uses artificial intelligence for loan approval, not ideal for borrowers with bad credit scores
- The app accesses your mobile phone for SMS, phone book, etc.. This is way against privacy protocols and control.
- The loan limit is relatively low compare to competitive market
- Interest rate may not appeal to all class of borrowers
- The Cashlion loan is available on IOS only on Android operating system
How to get Cashlion loan
To get a loan you need to download and install the Cashlion loan app first on Google Play store
- Download and install the app
- Launch the app and register with your phone number, then click the “Get code” button
- Retrieve the OTP sent to your phone and input same in the column advised on the app and set your password
- Having completed your registration the next step is to obtain a loan.
- Select required loan amount on the app
- Select a repayment term
- Hit the “Apply now” button
- Input your details in the next slide, review the information provided
- The loan process will be reviewed while you are still on the screen, if the application is successful and approved your loan will hit your bank account in seconds.
Cashlion loan interest rate
Cashlion loan has an APR of 16% to 21%, they usually have tenor around 91 days, 120 days, 180 days and 365 days.
How much loan can I get from Cashlion?
Like every other loan provider, Cashlion pegged its loan threshold between N2k and N50k, however, your limit can be increased subsequently upon your ability to pay back without defaulting.
How to repay Cashlion loan
You have basically two ways to pay your loan either through bank card or offline transfer.
Repay through bank card
1. Enter the bill details, select the bank card payment method, confirm that all the details are correct, then click on “Repay now.”
2. Enter your bank card password
3. An OTP will be sent to your phone to complete the payment.
Repay through offline transfer
1. Enter bill details, select offline transfer method, repayment amount, repayment amount and receiving account.
2. Complete the repayment by bank/online transfer to this account.
What happens if I pay a loan late?
Kindly be informed that late repayment of loan attracts a late fee of 2% per day. Please ensure that your loan is not overdue.
This may affect your credit score and chances to get a loan in the future, in this case your overdue record is being reported to the credit bureau for a default of more than 30 days.
Cashlion customer care line
You may need to reach out to cashlion for enquiries or to resolve issues at any point.
Cashlion app download
You can download and install the cashlion app from Google play store available for Android operating system.
Just visit Google play store, in the search bar type in Cashlion loan app, download and install, sign up and start your loan application at once.
Cashlion app has 4.5 star rating and 21k reviews.
Cashlion loan defaulters
You see, in this loan business you have to be careful how you go about collecting loans, when you do ensure you have the capacity to pay back.
You could ruin your chances to access loans in the future with other companies if you get reported to the credit bureau after 30 days for non-payment.
As a defaulter and by practice, 2% fee will be charged daily the moment your loan tenor is over.
Essentially, your obligator limit will equally be affected, your loan limit cannot be reviewed upward.
Cashlion loan APK
Name: CashLion APK
Version: 22.214.171.124 (6)
Updated: Jan 28, 2022
Developer: CashLion Credit
Category: Apps, Finance
Cashlion loan app is an app that gives soft loan to borrowers who need funds to execute financial needs.
To access this loan you should be between 20-60 years old, threshold is between N2k-N50k for beginners, with a loan tenor running up to 365 days.
With Annual Percentage Rate (APR) of 16% – 21%. Loan can be accessed via the app.
Have questions/enquiries, let me know what you think about this Cashlion and your experience so far.
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