Is the Cash Lion app legit or a scam? In this article, we will find out.
The Cash Lion Loan App has been around for a very long time. Many people have used it to obtain quick loans. You can apply for a loan of at least N5000 by installing the app and creating an account with the necessary information.
Using the Cash Lion loan app, you can get short-term loans from N1,000 to N250,000. The app will disburse loans to your bank account in less than five minutes after analyzing your credit score using artificial intelligence (AI) and the information you submit.
With all these, we found something disturbing about the app. Want to know what it is? Stick to the end of this article.
- Who is the Founder of Cash Lion?
- How does Cash Lion work?
- Is Cash Lion registered with CBN?
- Does Cash Lion have an office?
- Cash Lion Reviews
- How to get started on a Cash Lion loan
- Final thoughts on “Is Cash Lion Loan App Legit?”
Who is the Founder of Cash Lion?
There’s no information on the founder of the Cash Lion app. We tried our best to know the faces behind the app, but unfortunately, we couldn’t.
This is a deliberate act, as we will see later.
How does Cash Lion work?
The CashLion service enables you, either as an individual or a business, to be eligible for small loans for brief periods.
To be eligible for a loan in the Cash lion app, you must provide your BVN and personal details.
You may borrow up to N500,000. Also, depending on the amount you are applying for, it only takes a few minutes or hours to process.
Cash Lion Monthly loan interest rates range from 5% to 30%, with a stated one-time origination charge between N1000 and N6000.
Assuming you borrowed N10,000, you should be prepared to repay between N13,000 and N15,000 at the end of the month.
Is Cash Lion registered with CBN?
We don’t have any information about it; neither is it stated on their website.
Again, this is deliberate.
Does Cash Lion have an office?
No defined office address. There’s no contact information on their website. This is a huge red flag. They only have an email; firstname.lastname@example.org.
Cash Lion Reviews
The Cash Lion app has over (500,000) five hundred thousand downloads since its launch.
It has an overall rating of 4.5 on Playstore. However, many Cash Lion users complain bitterly about the app; below is a disturbing message received from a user.
This is what I find disturbing. The fact that they send derogatory messages to defaulters is a big red flag.
Any licensed institution with the CBN won’t send such messages. The Branch loan app is an example. They don’t send you derogatory messages for defaulting.
This is probably why there’s no public information about their registration, physical address, and owners.
How to get started on a Cash Lion loan
CashLion is not available for iOS or Windows smartphones. Take the following steps to get started on CashLion;
1. Install the CashLion app:
Using your Android phone, download the CashLion app from the Google Play store or through APK
2. Set up an account:
Within a minute of entering your information, you can access the app.
3. Verify loan limits:
Get your loan limit by just uploading a bank account statement
4. Submit a request and receive funds in your bank account.
Your registered bank account will receive all CashLion loans directly.
Keep in mind that you must wait while your application is reviewed. If your request is accepted, the requested loan amount will be transferred to your bank account.
To repay your Cash Lion loan, follow the steps below using the CashLion credit app:
- Choose the option to pay with a bank card.
- Enter your credit card information.
- Select “Repay Now.”
- Enter your bank’s password.
- Your phone number will receive a Time Password (OTP). Enter it to finish the repayment process.
Final thoughts on “Is Cash Lion Loan App Legit?”
Is Cash Lion Loan App legit? This article has answered your questions; with all the above reviews from Cash Lion app users, you can agree with me that the Cash Lion app is not legit. If you don’t pay back your debt, this app will phone your contacts and humiliate you.
If you want to find legitimate apps that give loans without issues, check out this article on top online loan apps in Nigeria. I also recommend you check out the Branch loan app, PalmPay or its alternatives, and FairMoney if you need a quick loan.
This brings us to the end of this article. Have you been humiliated by a loan app? Let me know in the comment section.