Another loan app we will be reviewing today is CayCredit. In this article, we will talk extensively on CayCredit loans, the CayCredit loan app, how to borrow money on CayCredit, how to download the CayCredit loan app and some other frequently asked questions and answers about the loan app.
What Is CayCredit Loan App?
The CayCredit loan app is a lending app that offers instant small and medium term loans. CayCredit loan app since its launch into the Nigerian Fintech industry has been a major provider of micro loans to the Nigerian populace. With CayCredit loan app, you can get loans as small as N5,000. The loan app has flexible repayment options with well calculated interest rates.
How Does CayCredit Loan App Work?
CayCredit disburses loans via the CayCredit app. To get a loan on the CayCredit app, you would be required to download the app on the Google play store, install it on your phone and register.
CayCredit just like every other loan app requires basic information from you before they can offer you loans, information such as your full name, employment status and monthly income are used to determine your loan limit.
Before every successful loan application, CayCredit will ask you series of questions to determine if you are eligible for a loan on their platform, if your answers are satisfactory to them, you will be given access to an instant loan and if not, you will be asked to wait for quite a while before receiving a feedback and reapplying.
Is CayCredit Legit?
Yes! CayCredit is legit and very functional. According to testimonies of various users across the internet, CayCredit is true to its claim in terms of providing micro loans and has been able to serve their customers to satisfaction.
How To Get CayCredit Loan App
To get the CayCredit loan app on your mobile phone, follow these steps;
1. Open the Google play store
2. Search for “CayCredit loan app”
3. Download and install the app.
How To Register On CayCredit Loan App
Getting registered is one of the first steps in applying for a loan on the CayCredit app. To get registered and own an account with CayCredit, follow these steps below;
1. Open the CayCredit app on your phone
2. Enter your phone number. Please note that this phone number must be linked to your BVN in order for it to be accepted by the platform.
3. An OTP will be sent to your number, enter the OTP on the next screen and click “next”
4. On the next page, create a password then agree to terms and conditions and click the “sign up” button to complete your sign up.
How To Borrow Loan On CayCredit
To secure a loan on CayCredit, here are the steps to follow;
1. Login to the CayCredit app
2. On the home page click on “get my exclusive credit”
3. Read the terms and conditions and click “agree”
4. Grant the app permissions to access your location, microphone and SMS
5. Go through their privacy policy and click “agree” if you would like to continue
6. Choose the loan amount you are applying for and click “get my loan”
7. Enter the requested information (basic information, personal information and contact information) and submit
8. Wait for feedback
How To Repay Your CayCredit Loan
Repaying your loan on or before the due date is a sure way to increase your loan limit and improve your credit score with CayCredit.
There are two ways to repay your CayCredit loan.You can either repay your loan with CayCredit through bank card repayment or offline transfer repayment.
How To Repay CayCredit Loan With Bank Card
To repay your CayCredit loan using your bank card, follow these steps;
1. Login to the CayCredit app
2. Enter the bill details, select the bank card payment method, and click [Repay Now] after confirmation;
3. Enter your bank card password;
4. Enter the OTP sent to the mobile phone to complete the repayment
How To Repay CayCredit Loan Via Offline Transfer
If you prefer repaying your CayCredit loan through online transfer, here are the steps to follow;
1.Enter the bill details, select the offline transfer method, repayment amount and the receiving account
2. Complete the repayment through bank/online transfer to the account
Pros Of CayCredit Loan App
The following are some of the pros and advantages of CayCredit loan app;
👍 Instant loan: CayCredit approves and disburses loans instantly as long as you meet their requirements.
👍 User friendly interface: the CayCredit app is easy to use and most often than not does not require assistance from experts
👍 Low interest rate: CayCredit loans have relatively low interest rates.
👍 Flexible repayment options and plan: CayCredit has different repayment options as well as different repayment plans for customers, this makes repayment of CayCredit loans less worrisome and stressful.
Cons Of CayCredit Loan App
👎 A very big drawback of the CayCredit loan app is the inability of the app to give you feedback early when you do not meet their requirements for a loan. They can take hours and even days before giving you feedback.
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Frequently Asked Q & A
Who Can Apply For A Loan On CayCredit?
Anybody between the ages of 20-60 with a stable income and a phone number can apply for a loan on CayCredit.
Does CayCredit Ask For Your BVN?
No! CayCredit does not request for your BVN but having a BVN is one of the criteria for getting registered on the platform as the number linked to your BVN will be requested at the point of registration.
How Much Can I Borrow On CayCredit
The minimum amount CayCredit loans to customers is N1,500 and the maximum is N300,000.
What Are CayCredit’s Repayment Plans?
The repayment term of CayCredit loans ranges from 91 days to 365 days, this however depends on the amount of loan borrowed, this is to say that CayCredit has different repayment plans for different loan amounts.
What Will Happen If I Repay My CayCredit Loan Late Or Fail To Repay At All?
On CayCredit, any overdue repayment will automatically incur a late fee of 4% of the overdue account management fee on the first day, and a 2% overdue fee will be charged every day thereafter. So make sure your loan is not past due. Also, it may affect your credit score for getting a loan in the future. If your loan is more than 30 days past due, your past due record will be reported to a credit bureau.
What Interest Rate Does CayCredit Use?
CayCredit’s Annual Percentage Rate (APR) is about 6% to 35%, depending on your loan. Interest rates on CayCredit loans are calculated daily.
Does CayCredit Have Customer Care?
Yes! CayCredit provides customer care services. If you run into difficulty on the CayCredit loan app, you can contact their customer care via;
You can quickly contact cay credit loan through the following channel;
Email: support@caycredit.co or whatsApp Number: +234 7055487723
Final Verdict
CayCredit is a legit loan app that provides micro loans to customers. If you are on the lookout for loan apps that offer small loans with flexible repayment plans and options, then CayCredit is your answer.
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