Traditional loans are available in all commercial banks in Nigeria but grossly inaccessible to millions of citizens especially those belonging to the low class or low income earners.
This is partly due to the bureaucratic activities and strenuous processes involved. Due to this, majority of this class always want quick instant online loans and they pay quite high interest as others that have access to the huge traditional loans in banks.
In recent times there has been an upsurge in the use of these quick loan platforms especially now that there’s economic downturn in not just Nigeria but some other countries of the world. The recent ravaging Covid 19 pandemic hasn’t helped matters.
What Does CashClub Loan App Offers?
One of such fraudulent quick loan applications is Cash Club. The purpose of any quick loan platform, is to give unsecure, small and instant online loan to an individual.
CashClub loan app claims to be a reliable app that lends money to people. To get a loan, it says, you need to install the app, register on it by providing the necessary requirements then you apply for a loan ranging from 3000 naira and above.
However the reverse is the case as Cash Club application, in reality has no single quick loan to offer, no matter how small to give to anyone. What it does is deceive users that it has loans to give and ask them to pay an initial deposit before loans can be disbursed to them.
Anyone that proceeds to do this because of the juicy offers will have nothing in return except showing you list of other loan applications you should approach for the loan you are looking for.
What this means is whatever amount you pay as initial deposit is gone and you’ll never get a refund. Neither will you get any loan.
CashClub, according to what the platform put on Google Play Store (displayed above) before it was banned, allegedly offers quick loans ranging from #1,000 to #300,000 whereas, they have no loan however how small to give.
Is CashClub a legit loan app?
Many people have asked if CashClub app is legitimate or if it is a scam. In a nutshell, CashClub loan app is a fake loan application and does not lend money to customers. The platform is not safe nor legit, as their aim is to deduct a scam processing fees from your account after which no loan will be given you.
If you have downloaded the app and notice any illegal debits while using CashClub, please stop the transaction and uninstall the app immediately.
Does CashClub Have Any Physical Office Address?
No. However CashClub has a fraudulent office address at 17 Lateefat Olatinuke Str, Ojo, Lagos. Further research by this reporter shows there is no company of such in the said address.
Picture of the address below:
Feedback and Experiences from Real Customers of CashClub
Read the screenshots below to establish the experiences from real customers of CashClub:
Which Nigeria app can I borrow money from?
Branch. Branch is a platform that offers quick online loans in Nigeria. Today, the app is one of the most downloaded apps in the lending category on Google Play Store with over 10 million downloads. The app determines loan eligibility and personalized loan offers using the users’ smartphone data.
What are the fake loan apps in Nigeria 2023?
The following scam lending applications form our broad list of illegal loan apps in Nigeria because they are considered as the most dangerous in 2023.
- BorrowNow
- LCredit
- NairaPlus
- 9ja Cash
- 9Credit
- Sokoloan
- Ease Cash
- ForNaira
- CashClub
- Rapid Naira
- EasyMoni
- EaseMoni
- Speedy Choice
- EasyCredit
- OKash
- CycleCash
Conclusion
One would have thought that the urgent loan apps are here to really assist people have access to instant, quick and no collateral loans, and yes, very few of them are doing this and staying true to the course but a host of others are just nothing but fraud and scams. Please mark the illegal loan apps and abstain from their patronage.
