Convenience, speed, and flexibility in loans are the advantages that make CashRun the choice for customers seeking financial support. The system offers Nigerian residents a comfortable experience and security when seeking online loans. CashRun is a familiar name among those searching for online loan apps, providing flexible loans, simple procedures, and quick disbursements.
All contract completions and fund receipts occur through the phone. While offering loan packages with not overly large limits, it still ensures daily living expenses are covered.
Loan packages on the app range from ₦ 5000 to ₦ 500,000. Customers have the autonomy to choose a loan package that suits their consumer needs. However, for new customers, the maximum loan limit is only ₦ 11000 initially. This limit increases with subsequent loans. The interest rate customers need to pay the system ranges from 11% to 23.12% per year. This interest rate decreases gradually as customers pay off the principal amount. Additionally, depending on each loan contract, the interest rate may vary. Customers with multiple loans and good credit scores will have lower interest rates. First-time borrowers enjoy a promotional 0% interest rate.
Advantages of Borrowing from Cash Run:
The app is a popular choice for many Nigerians seeking financial assistance. It provides customers with a good experience in terms of quality and assures credibility. Alongside these aspects are other prominent advantages.
- Quick loans without collateral: Customers don’t need to prove income or offer collateral. Completing the profile with personal information, ID photos, and a portrait photo suffices. The success rate for profile approvals is up to 88%.
- Support for customers with bad credit history: Customers with bad credit history over the past 6 months can still apply through the app. Although the profile assessment process is stringent, many customers are still approved for loans.
- Customer information security: Information provided by customers in loan profiles is strictly used for assessment purposes. The platform doesn’t share this data with third parties, preventing customer annoyance experienced in other online lending platforms.
- 0% interest support for first-time borrowers: First-time customers at CashRun receive the benefit of a 0% interest rate. This offer has garnered positive reviews from customers compared to other online lending platforms in the market.
Drawbacks of the Cash Run App:
Despite its high quality and credibility, Cash Run still has certain limitations.
The system supports loans with relatively high-interest rates. Interest rates vary based on the borrowing period and loan contract. Customers should thoroughly read the contract to understand specific interest rate details before signing.
The app experiences system errors at certain times.
Staff handling overdue debt often exhibit unprofessional attitudes, frequently causing inconvenience to customers.
Method of Borrowing on the App:
To borrow money through the CashRun system, customers need to ensure they are aged 18 or older. They should have stable employment with a monthly income above $500. Additionally, they must provide complete personal information and identification documents.
Furthermore, to receive the loan, customers need to complete the contract on the app with the following steps:
- Download the app on the phone from loanapp.store and register an account (For first-time borrowers on the app).
- Provide complete personal information, phone number, bank account, and enter the OTP code to activate the account.
- Choose the desired loan limit. The limit depends on previous borrowing instances and a good credit history.
- Upload photos of both sides of personal identification documents and a portrait photo.
- Complete the loan contract and wait for the profile approval result.
If the contract is approved, customers will receive the money in about 45 minutes. Upon receiving the funds, ensure timely repayment of interest and the loan. Payments can be made through bank card transfers or e-wallets.
Absolutely avoid late payments or intentions to default on repayments. The system will resort to various methods for debt collection. Being subject to debt collection significantly impacts your life.