Lion Cash loan app is a mobile phone application that allows you to borrow money without going through the long and tedious process of visiting a bank. You can now borrow money at any time of the day or night without having to leave your home or office.
How Lion Cash App Works and How to Apply
The app is straightforward to use. After downloading it, you must create an account using your M-Pesa number. You will then be asked to choose a four-digit PIN that you will use to log into the app.
Once you have created your account, you will need to provide basic information about yourself, such as your age, ID card number, level of education, marital status, occupation, and monthly income.
There is no paperwork or collateral. And you do not need to fill out any lion cash application form, upload your ID or provide Mpesa statements to get a loan. All things are done online via the app.
The app uses a very sophisticated algorithm to determine whether or not you are eligible for a loan.
It considers factors such as your CRB credit score, M-Pesa transaction messages, location, phone type, message and call logs, monthly income, and repayment history.
The app uses these factors to determine whether or not you are eligible for a loan. Within seconds, the system will give you your answer.
You may also read: How to Increase Loan Limit on Mobile Loan Apps.
How to Apply for a Lion Cash loan?
For first-time users, the loan amount will be automatically assigned to you. Therefore, you cannot increase it in case you need more money.
However, for subsequent loans, you can choose to borrow up to Ksh 10,000 at a maximum of 30 days.
After the application establishes your credit limit, you will get approval almost immediately and get a loan for up to 30 days.
The app will then automatically deduct a considerable interest and service fee from the amount you want to borrow. But you will have to pay back the total amount within a month.
“This means that, if you borrow Ksh 2000, you will receive Ksh 1,470 but the fact remains, you still owe lion cash Ksh 2000.” Thievery ha? Once approved, the money is transferred into your Mpesa account within minutes.
The Lion Cash Loan App makes borrowing money more accessible and faster than ever. So if you need a quick loan, this app is for you.
Interest Rates and Fees
Lion cash loan interest rates vary depending on the amount you borrow, as well as your credit history and repayment habits. The minimum is 16% APR.
Related: Instant Mobile Loans in Kenya.
Loan Applicant Minimum Requirement
- There is no minimum credit rating requirement.
- You must read the terms and conditions of using this app before applying.
- Once downloaded, there is no download fee or registration fee. And once your loan request has been approved, you can get your money in minutes, even on weekends.
Benefits of Using This App
It is straightforward to access and highly convenient. You can use it anytime, anywhere, late at night, or during the holidays. All you need is a working mobile phone which almost everyone has nowadays.
Once your loan application has been approved, it is processed quickly, and the money is transferred into your Mpesa account within minutes.
This app also offers you a chance to rebuild your credit rating. If you make timely repayments, this will be reflected on your credit report and improve your CRB score.
Drawbacks of Using This App
- The app charges very high-interest rates.
- Invasion of privacy – Prepare for your relatives, friends, and colleagues to contact you if you miss paying back the loan on time.
- Poor customer care services.
- Endless calls and threatening messages if you miss the deadline to repay the loan.
FAQs about Lion Cash Loans
What is the minimum loan amount?
The minimum loan amount is Ksh 500. This can be increased to 1,000 or 2,000 if there are any special requirements you should mention to the app administrators before applying for a loan.
Can I borrow more than this?
Yes, you can, but there is a limit up to Ksh 5,000.
Are there any monthly repayment fees?
No, there are no monthly repayment fees. But if you fail to repay the loan on time, you will incur high late payment charges plus daily interest charges.
What is the repayment period?
The repayment period is 30 days.
Do I need to have a bank account to use the app?
No, you do not need to have it.
How will I know if I am approved for a loan?
They will notify you within minutes after submitting your application, whether you are approved or not.
When can I get my money?
They will deposit the funds into your Mpesa account minutes after your loan application has been approved.
What are the interest rates and service fees?
You can find all the information about interest rates and service fees on the app’s website or in the terms and conditions.
Can I use the app if I’m not Kenyan?
No, you must be a Kenyan citizen to use this app.
Is there an age limit for using this service?
Yes, you must be at least 20 years old or older.
In conclusion, this app is beneficial to young people and the working class who do not have access to a loan from the bank. It is also great news for those with poor credit ratings denied loans by mainstream lenders.