Constant Cash is one of the growing loan apps in Nigeria, designed to give people quick and easy access to money. With the increasing need for fast financial support, many people look for platforms where they can get loans without visiting a bank. Constant Cash by Magnet Lending Limited is one of such apps. It promises instant loans, flexible repayment, and a fully digital application process.
This review explains how Constant Cash works, how to download the app, who can apply, and what to expect when borrowing.
What is Constant Cash?
Constant Cash is a mobile app that offers instant personal loans. The loan process is 100% online, so you do not need to visit any office or present physical documents. You only need your smartphone, internet connection, and a bank account.
The app is focused on speed and convenience. According to the company, approved loans are sent to your bank account within minutes. It targets Nigerians who need urgent funds for emergencies, school fees, small business support, or daily expenses.
Loan Amount and Duration
The app offers loans of up to ₦300,000. The smallest loan amount available is ₦5,000. Borrowers can choose repayment periods between 90 days and 180 days.
Interest rates vary based on your creditworthiness, repayment history, and the amount borrowed. The Annual Percentage Rate (APR) ranges from 18% to 30%.
Example of Loan Repayment
To understand the charges better, let’s look at one of their examples:
If you borrow ₦5,000 for 90 days at an interest rate of 21%, your charges will be:
- Principal: ₦5,000
- Total Interest: ₦259
- Total Repayment: ₦5,259
This means you only pay ₦259 as interest over three months. The longer the amount of time you hold the loan, the more interest you may pay.
Benefits of Using Constant Cash
One reason people choose Constant Cash is the no-collateral policy. You don’t need to submit any security or guarantor to access funds.
The repayment is flexible. You can choose between 90 days or up to 180 days, depending on what works for you. This helps to avoid the pressure of paying everything back in a short time.
The entire process is digital. There is no paperwork, no queues, and no physical meetings. You can complete everything on your phone in minutes.
The app also promises data protection, meaning your information is safe and will not be shared with third parties without your consent.
Eligibility
To apply for a loan on Constant Cash, you must:
- Be a Nigerian resident
- Be between 18 and 60 years old
If you meet these requirements, you can register and apply without stress.
How to Download and Apply
Applying for a loan on Constant Cash is simple and quick. Here’s how to do it:
- Download the App: Go to the Google Play Store and search for “Constant Cash.” Click install to download it to your phone.
- Register an Account: Open the app and sign up with your phone number and basic personal details.
- Apply for a Loan: Fill in your loan request, including the amount and repayment period. Submit your application for review.
- Receive Funds: If approved, your loan is sent directly to your bank account within minutes.
Is Constant Cash Safe?
Constant Cash claims to use advanced security technology to protect user data. Your personal details, including phone number, bank information, and ID, are kept private and not shared with others.
However, like all online loan apps, it is important to read the terms and conditions before borrowing. Make sure you understand the interest rate, repayment schedule, and any penalties for late payment.
Customer Support
For any questions or complaints, you can contact Constant Cash through:
- Email: support@constant.com.ng
- Hotline: 02018870088
The app also has an in-app support feature, which you can use to chat with their team directly.
Final Thoughts
Constant Cash is designed for Nigerians who need quick loans without going through bank bureaucracy. It is fast, flexible, and digital. The interest rates are competitive compared to many other loan apps, and the repayment period is fair.
However, borrowers must be careful. Loans are helpful in emergencies, but they also come with repayment obligations. Always borrow only what you can afford to pay back within the agreed time. Paying late can affect your credit score and reduce your chances of borrowing in the future.
If you need quick cash, have a stable income, and can repay on time, Constant Cash may be a good option for you.
