Parallel Cash is one of the loan apps in Nigeria that gives users access to short-term loans with a flexible credit limit. Many people are searching for ways to borrow money quickly, especially during emergencies. Apps like Parallel Cash make that possible. But before you apply, you should know how it works, the loan terms, and possible costs.
What is Parallel Cash?
Parallel Cash is a personal loan app. It works as a credit line product. That means you can apply for a loan limit, and once approved, you can withdraw money from that limit anytime you want. You only pay interest on the amount you take, not the full limit.
For example, if the app gives you a ₦300,000 limit, you can decide to withdraw ₦50,000, ₦100,000, or any amount within the limit. You can also withdraw more money later if you still have an available balance.
Loan Amount and Terms
The loan amount on Parallel Cash ranges from ₦80,000 to ₦300,000. The repayment period is between 180 days and 280 days. This gives users enough time to pay back the loan in a flexible way.
The Annual Percentage Rate (APR) is between 12% and 30%. This depends on your loan amount, how much you withdraw, and the repayment period. There is also a one-time processing fee of ₦300 when you withdraw money.
The loan is designed in such a way that if you don’t withdraw money after your limit is approved, you don’t have to pay any fee. This gives users peace of mind if they only want to activate their account but are not ready to borrow immediately.
Examples of Loan Calculation
To help you understand the costs, let’s look at some examples from the app:
If your loan limit is ₦80,000 and you withdraw ₦50,000 for 180 days at 12% annual interest, your costs are calculated like this:
- Processing Fee: ₦300
- Daily Interest: ₦50,000 × 12% ÷ 365 = ₦16.4
- If you repay after 150 days: Interest = ₦16.4 × 150 = ₦2,460
- Total repayment = ₦50,000 + ₦300 + ₦2,460 = ₦55,460
In another case, if your limit is ₦300,000 and you withdraw ₦150,000 for 280 days at 30% annual interest:
- Processing Fee: ₦300
- Daily Interest: ₦150,000 × 30% ÷ 365 = ₦123
- If you repay after 200 days: Interest = ₦123 × 200 = ₦24,600
- Total repayment = ₦150,000 + ₦300 + ₦24,600 = ₦177,600
Advantages of Parallel Cash
One benefit is the flexibility to borrow any amount within your approved limit. You can also borrow multiple times if you haven’t used up your total limit. The available balance restores after you repay your loan, which means it works like a revolving credit system.
There are no hidden fees if you don’t withdraw after approval. You only pay interest for the period you use the money. This makes it useful for people who want quick access to funds but may not always need to borrow immediately.
The repayment period is also flexible. You can pay back anytime within the agreed period. But the longer you delay repayment, the more interest you will pay.
Who Can Apply?
To use the Parallel Cash app, you must meet these conditions:
- You must be a Nigerian citizen.
- You must have a fixed income source.
- You must be between 20 and 65 years old.
If you meet these conditions, you can apply for the loan directly from your phone.
How to Download and Apply
You can download the Parallel Cash app from the Google Play Store. Search for “Parallel Cash” and install the app. Make sure you download the correct one because there are many fake loan apps online.
Once you install the app:
- Register with your phone number and other personal details.
- Provide information about your income and work.
- The app will check your details and give you a loan limit.
- If approved, you can withdraw money immediately within your limit.
Make sure you read all loan terms before accepting any offer. Borrow only what you can repay to avoid high-interest charges or bad credit history.
Customer Support
If you need help, you can contact Parallel Cash through these channels:
- Office Address: 1 Victor Idowu St, Lugbe 900107, Abuja, Nigeria
- Phone Number: +234 09013263545
- Email: Parallelnrluservice@outlook.com
Is Parallel Cash Safe?
The app claims to be safe and offers secure transactions. However, always be careful with loan apps. Read reviews on the Play Store. Only provide your correct details. Avoid apps that ask for money before giving you a loan.
Parallel Cash is one of many loan apps in Nigeria, so compare other options before applying. If you borrow, try to repay early to reduce interest costs.
