CranCash is a loan app in Nigeria that offers quick loans without the need for collateral. It allows users to apply for loans ranging from ₦5,000 to ₦200,000.
The monthly interest rate is capped at 4%, and the annual percentage rate (APR) varies from 11% to 47%. Service fees can range from 0% to 12%, and all charges are disclosed before loan approval .
Loan Application Process
It’s easy to get a loan on CranCash. You just need to download the app from the Google Play Store, register an account, select the desired loan product, fill in basic information, and submit the application. After submission, there may be a verification call. If approved, the user will receive a notification via SMS, and the loan amount will be disbursed to their bank account .
Eligibility Criteria
To qualify for a loan, applicants must be Nigerian citizens aged 18 or above, have a personal bank account, and a regular source of income. The entire process is conducted online, eliminating the need for paper documents.
Repayment
CranCash claims that its repayment periods falls between 91 and 365 days, however this is not true. For new users, they usually offer short term loans for 7 to 15 days period. Returning users can get 30 days or more. For most people, you only get 60 days repayment plan or less.
CranCash Customer Support
The crancash app provides customer support via email and WhatsApp. You can reach out for support either via their email: customerservices@crancash.co or their WhatsApp number: +234 8078931162
However, some users have reported delays in response times, with instances of messages going unanswered for over two days.
Is CranCash Legit?
CranCash is a legitimate loan app in Nigeria. The app is on Google play store and several numbers of Nigerians have borrowed money from them without any issues. You can get quick money to settle some urgent needs.
However, note that CranCash is not yet listed among the loan apps approved by the Central Bank of Nigeria (CBN) or the Federal Competition and Consumer Protection Commission (FCCPC). This raises concerns about its compliance with regulatory standards.
User Feedback and Concerns
While CranCash offers a convenient way to access loans, some users have expressed concerns about high-interest rates and aggressive debt collection practices. Reports suggest that the app may contact users’ personal contacts in cases of default, leading to privacy issues.
CranCash App Download
You cab download crancash app from Play Store. Always ensure you download loan apps from reliable sites to avoid fraudulent activities on your money. Also, do not send money upfront to get any loan online.
Conclusion
CranCash provides a quick and easy method for obtaining loans in Nigeria. However, potential users should be cautious due to its unregulated status and reported customer service issues. It’s advisable to consider these factors and explore other options before proceeding with a loan application through CranCash.
