The KashNow Loan App was created to give Nigerian workers quick, salary-backed loans without stress.
In this review, we’ll look at how KashNow works, loan amounts, interest rates, reviews, and whether it is truly legit.
About KashNow Loan App
KashNow is an online lending platform that offers loans for salary earners in Nigeria.
It was developed by UC Plus Advance Ltd, a subsidiary of United Capital Plc.
United Capital is one of the most trusted financial services groups in the country, which already gives KashNow strong credibility.
Unlike other loan apps, KashNow is built for employees who receive their salaries through Remita.
The app connects directly to your salary, meaning repayment is automatically deducted when your next salary is paid.
This makes it simple and convenient because you don’t have to worry about missing payment deadlines.
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How to Download KashNow Loan App
KashNow does not have a separate loan app on the Google Play Store or Apple Store.
You won’t find a separate KashNow APK online. You can only apply for a loan through its official webpage or by using the USSD code *5077#.
The USSD option makes it very easy for salary earners to apply for loans even without internet access.
Once approved, the loan is credited quickly to your account.
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KashNow Loan Amounts
The amount you can borrow depends on your salary and repayment capacity.
The minimum loan amount is ₦10,000.
The maximum loan amount is ₦200,000, but it is usually capped at 40% of your monthly salary.
Repayment period is 30 days, which is one salary cycle.
If you’re a first-time borrower, you may only get smaller amounts like ₦5,000 – ₦30,000 until you build a repayment history.
KashNow Loan Requirements
To qualify for a KashNow loan, you must meet the following conditions:
- You must be a Nigerian resident with a valid ID.
- You must have a salary account.
- You must provide your Bank Verification Number (BVN).
- You must have a stable income that runs through Remita.
KashNow Interest Rates and Fees
KashNow charges a flat 5% interest on every loan.
This makes it simple and easy to calculate what you will repay.
For example, if you borrow ₦100,000, you will repay ₦105,000 after 30 days.
There are no hidden charges or additional processing fees.
However, if you fail to repay on time, a penalty of 1% per day is charged on the overdue balance.
This means if you default for long, your debt can grow very fast.
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KashNow Reviews and User Experience
Many users love KashNow because of its quick loan disbursement.
The KashNow loan process is simple, especially with the USSD option.
One of the downsides is technical issues during registration and login.
Another challenge is that the platform is not as widely known as other loan apps.
Overall, it seems to be a trustworthy salary-based loan option for Nigerian workers.
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Is the KashNow Loan App Legit?
Yes, KashNow is 100% legit.
It is licensed and regulated by the Federal Competition and Consumer Protection Commission (FCCPC).
Since it is owned by UC Plus Advance Ltd, a subsidiary of United Capital Plc, borrowers can be confident it is safe and reliable.
The platform also promises that your data will be protected and will not be sold or misused.
Unlike many shady loan apps, KashNow has no reports of harassment, threats, or spamming contacts.
Pros and Cons of KashNow Loan App
Pros:
- Fast loan approval and disbursement.
- Specifically designed for salary earners.
- Backed by a trusted financial services company.
- Flat interest rate of 5% per loan.
- The USSD option makes it easy without internet.
- Approved and regulated by FCCPC.
Cons:
- Short repayment period of 30 days.
- 1% daily penalty for late repayment.
- No separate mobile app on Play Store or iOS.
- Technical glitches reported by some users.
- Smaller user base compared to bigger loan apps.
Conclusion
The KashNow Loan App is a reliable lending platform for Nigerian salary earners who need quick cash before payday.
It is backed by United Capital Plc, regulated by FCCPC, and offers loans up to ₦200,000 with a flat 5% fee.
While the short repayment window and technical glitches may be challenges, it remains a safe and legit option.
If you are a salaried worker looking for an easy loan solution, KashNow can be a good choice.
Always remember to borrow only what you can repay to avoid penalties.
FAQs
1. What is the KashNow Loan App
KashNow is a digital loan platform that offers quick loans for salary earners through Remita.
2. How do I download the KashNow Loan App?
There is no KashNow app on the Google Play Store or Apple Store. You can access loans through its web platform or by dialing the USSD code *5077#.
3. What is the interest rate on KashNow loans?
It charges 5% interest per loan, regardless of the amount.
For example, if you borrow ₦50,000, you will repay ₦52,500 after 30 days.
4. How much can I borrow with KashNow?
You can borrow between ₦10,000 and ₦200,000, depending on your monthly salary.
5. Is KashNow a scam or legit?
KashNow is legit and safe. It is licensed by the FCCPC and operated by UC Plus Advance Ltd, a subsidiary of United Capital Plc.
Its strong financial backing makes it more trustworthy than many unregulated loan apps.
6. What happens if I don’t repay on time?
If you fail to repay by the due date, KashNow charges a 1% daily penalty on the overdue balance.
This can quickly increase your debt, so it is very important to repay on time.
Since repayment is linked to your salary, most deductions happen automatically, which reduces the risk of default.
