Cashsea review: Is cash sea loan app legit or fake? What have you discovered about them,how do they operate on interest rates? Many readers would be happy to get your own review on the loan app. But then, here’s my on thought on the Cashsea loan app
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Lately in Nigeria,we heard about loan apps that call your contacts to inform them you’re owning some amount of loans you got from them. Today while I was browsing the internet, I stumbled on a Cashsea loan app and discovered what many people were saying about them.
So to give you clear details about loan apps that call your contacts in Nigeria, I’ll be emphasizing mostly on Cashsea review. You’ll get to know more about the Cashsea loan app company details, such as its location, customer service number and many more.
What is CashSea Loan App All about?
According to my research, the cashsea loan app is a Personal Loan Platform which makes it possible for anyone above 20 and up to 65 year to access its loan plans. One could get as low as N8000 as lowest bid and upto N100,000 naira just anytime you need it.
The Cashsea loan app was built majorly for Nigerians and it operates on a no Collateral service. Getting a loan from the Cashsea app is a 100 percent online process which is very easy to navigate.
Registration is quite easy. You can register with your mobile number to get a loan almost Immediately with no collateral.It’s a fast, convenient, and reliable way to fix your spending gap.
Rates and Fees: Cashsea loan app interest rate Review
The fact remains that you can get a loan from the app as fast as possible but here’s the deal, is the Cashsea loan app interest rates favourable?
This is one mistake that many people fall into. When getting a loan from any organization, always do well to check their interest rates. Well, you’re actually different since you’re reading the Cashsea review, you’ll get this information clearly and understandable.
To get a loan from the loan app, you’ll have to choose a plan that is favourable to you. Loans plan Duration Range Between 90days to 180days.
|Loans Limit Range||₦5,000 to ₦500,000|
|Loans Duration Ranging||90days to 180days|
|Annual Percentage Rate (APR)||12%~24% (Including interest and service fees）|
If the loan amount is ₦20,000 for 91 days (3 months), the APR is 20%, the interest and total amount to pay on the due date is
Interest: ₦ 20,000 * 20% / 365 * 91 = ₦ 997
Principal repayment = ₦20,000
Total amount of repayment: ₦20,000 + ₦997 = ₦20,997
As the repayment period is for 3 months:
Monthly repayment is ₦20,997 / 3 = ₦6,999
Requirements for getting Cashsea loan
According to the Cashsea team, anyone who would want to get a loan from them must be 20- 65 Year of age and be a legal citizen. Get a valid email address and must have an active bank account.
These are the requirements one would need but aside from this,there is still important information or details that would be gotten from you such as your BVN, a valid government ID and little more.
Here’s how to get a loan from Cashsea loan App instantly
To get a loan d;fast on this app is quite easy as ABC. To get a loan simply follow the steps below.
Step 1: Download and Install the app from Google Playstore.
Step 2: Register an account with your phone number that is either connected to your BVN.
Step 3: Add your debit card to your account to increase your chances and get a higher loan amount.
In simple illustration,you have to just link your bank account details with your valid BVN to register. A code would be sent to your registered phone number after which you’ll be able to apply for a credit limit which you can withdraw after successful registration.
Is Cash Sea Loan App Legit or Scam
There haven’t been any claims that the cash see loan is fake. Yes, they do give out loans but with some past reviews I see about them by customers, their customer care service is too poor, very high interest rate, indecent debiting of funds, and the app’s system is very poor.
I am not saying they are fake but the cash see app is not a 100% legit loan app. They would surely send annoying messages to your contacts list when you fail to pay back your loans.
You should know that this loan app is not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service even when your money is at stake.
Cashsea review Nairaland: They have a system of sending people spam messages on whatsapp. According to a Nairaland user, he lamented on how they busted into her privacy, she said ” These people have been spamming me now with so many whatsapp messages, I block them, only for them to use another number.”
Apart from that, if you check some reviews being given for the loan app on Playstore, you might not want to get a loan after reading this Cashsea review. Here are some of customer talks about Cashsea review below;
Go to the Playstore and you’ll see many of these. So with these few points of mine, the Cashsea loan app gives loans but it is not safe to transact with them.
Cashsea loan app Review Nigeria: How to Repay Your loan
Cashsea would either automatically deduct your fees or you can manually click on repay on the homepage of the app and input the amount you want to repay. Automatically, they can deduct your due fees from your linked bank card details provided during your registration.
What happens if you don’t make payments on your due date?
Late loan repayments are charged a cost of 2% per day. As a result, it is recommended that one does not miss the deadline.
If you pay off your loan on the due date, you’ll be able to get a bigger loan. Late payments will have an impact on your ability to get additional or larger loans.
The First Central Credit Bureau will report you if you are consistently late with your payments. The First Central Credit Bureau’s blacklisting may hinder your capacity to borrow from other lenders.
What happens if you don’t pay back your loan
If you fail to pay back your loan, it can bring consequences such as suspension from the app, reporting your account to too many loan apps and services, and might also get you arrested. To abou0all this you are required to pay your loan on a due date or even earlier before.
Cashsea will upload and transmit your device information including IMEI,device name, device model, device ID code, operating system, and application version to its website in order to evaluate risk management and control, monitoring, prevention and anti-fraud or other potential illegal activities.
Cash Sea Customer Care Number
If you have any questions, comments or suggestions about the services provided, regarding the collection, use, sharing, access, access, correction, cancellation, removal of your personal information, or if you encounter any problems using the services we, you can go through help@CashC. Here is CashSea customer care number: 070 2643 6819 from Monday till Friday, 8:30am – 5:00pm.
It is obvious that you can’t login from the website unless through the app.
Here is CashSea Loan App website URL: CashC
Conclusion on Cash Sea Loan app review
The ball is now in your court to choose, you should note that I am not tagging cashsee as a scam, but it is not safe getting a loan there. So this is all I know about the Cashsea review in 2022. Do You have any additional information you would like to add or maybe your experience in using the app, you can save others by using the comments section below.
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