The demand for borrowing money is increasing due to the ongoing financial crisis. Many people turn to online loan platforms to quickly solve their financial issues. Cashpaddie is one of the reliable online financial support applications available today. So, what are the features of this application? What is the loan amount, interest rate, and repayment period like?
If you have a need for online personal loans, Cashpaddie is an ideal suggestion for you. The application supports consumer loans with a reasonable credit limit. Customers can complete the loan application process online without the need for face-to-face meetings.
The process of borrowing through the app is quite simple. The contract approval rate is as high as 95%, which is higher compared to other loan contracts on similar apps. However, the limitation of this online loan application is the high interest rate. In some cases, customers may incur additional fees during the loan completion process.
With loans from this app, it is only suitable for personal consumer expenses as the loan limits are relatively low. You should take note when considering larger loan amounts.
Benefits of borrowing money from Cashpaddie:
When you choose Cashpaddie as your companion, you will have a comfortable experience. The online financial support application offers several notable advantages:
- Customers can borrow money through the app without the need for collateral. This ensures that customers can access quick financial support even without any assets.
- The borrowing process is flexible, allowing you to initiate a contract at any time during the day. Customers do not need to visit the lending institution in person. The loan process will be conducted through the mobile application.
- The application requires a simple documentation process, typically only requiring identification documents such as an ID card. There is no need for complex paperwork as required by traditional banks.
- The lending institution provides an option to extend the repayment period for the first time if customers are unable to meet the repayment deadline.
- Approved loans are disbursed on the same day. Customers will receive the money within a maximum timeframe of 24 hours.
Loan limits in the app
The loan amount is an important piece of information that people are concerned about when they come to Cashpaddie. With this application, customers can receive a minimum loan amount of NGN100 and a maximum of NGN200,000. The loan period will range from 3 to 6 months, depending on the borrowing frequency and limit.
As mentioned above, the loan interest rate in this app is relatively high. The maximum interest rate can reach 24% per year. However, the interest rate may vary depending on the borrower’s profile. This will be specifically stated in the contract to help you understand the exact monthly repayment amount.
Conditions customers need to meet for contract approval
Not everyone can apply for a personal loan through the app. Therefore, every customer who wants to borrow money from this app needs to meet certain requirements, including:
- Being a Nigerian citizen, aged between 18 and 60 years old.
- Providing valid identification documents such as an ID card.
- Having a stable monthly income ranging from NGN50 and above.
- Possessing a bank card in your name to facilitate loan disbursement and monthly repayments.
It can be seen that the conditions for borrowing money through the app are not overly complicated. Most people can become customers of this online loan application.
Steps to Borrow Money on the Cashpaddie App
The loan application process on the Cashpaddie app is conducted entirely on a smartphone. The steps are simple and easy to follow. Here is a guide on how to proceed:
- For new borrowers using the app for the first time, you need to create your own account. Provide all the required personal information and phone number as displayed on the screen.
- Explore and select a loan amount according to your needs. Here, you will be provided with information about the borrowing limit, repayment period, and interest rate.
- Take a portrait photo along with your identification card.
- The loan application will be reviewed within approximately 24 hours.
- Once the loan application is approved, carefully read and proceed to sign the contract.
- The borrowed amount will be disbursed within a maximum of 24 hours. The money will be transferred directly to your bank account.
Detailed information about Cashpaddie has been shared in the article. If you need a small financial amount for personal expenses, consider choosing this online lending app. However, for larger loan amounts, it is important to conduct thorough research. The app offers loans with high interest rates and short repayment terms, which can create financial pressure for you.