Ultracash Loan App Review: Is Ultracash Loan Approved By CBN?
Do you need a loan of up to the sum of N500,000 in Nigeria and want to give ultracash loan a trial?
Wait, read this ultracash loan app review first.
In this article, you will have in-depth knowledge about the legitimacy and authenticity of the loan app.
We’ve seen cases where people ask “is ultracash loan app legit or not, is it approved by CBN, what is the ultra cash loan interest rate, should I borrow money from ultracash loan app, how to get a loan from ultracash loan app etc. All these have been provided answers to in this ultracash loan app review.
Shall we get started now?
If affirmed, then let’s get started now.
Ultracash Loan App Review: Is Ultracash Loan Approved By CBN?
We’ve conducted our research and found out that the ultracash loan app is on the list of government approved loan apps on the FCCPC website.
This proves the authenticity and legitimacy of the loan app.
So, answering “is ultracash loan app legit?”, our answer is “Yes”. It is legit. However, there are other things you should also consider.
Some loan apps have been removed from the approval list for certain reasons. This often happens to loan apps with most loan apps with too many negative reviews.
Is Ultra cash loan app one of them?
Could it be one of them?
Let’s see here:
Is Ultracash loan app legit?
Yes, it is considered a legit loan app based on certain things which includes: It’s on the fccpc approval list, available on the Google play store although with less rating and reviews reason being that it’s a new loan app.
As of the time this Ultracash loan app review was written, it has just 3.4 ratings, 11+ mixed users reviews, 10k+ downloads, the ratings and reviews should increase overtime.
However, if there are many negative reviews from unsatisfied customers, it may lead to its removal from the FCCPC approval list.
Ultracash loan requirements
The Ultracash loan app has certain requirements that applicants need to fulfill. Based on the real-time information, here are the loan requirements for Ultracash:
Age: Applicants should be between 18 and 55 years old.
Citizenship: Applicants must be Nigerian citizens.
Bvn: Borrowers must be ready to provide their bvn
Source of income: Borrowers must have a source of income.
Ultracash loan interest rate in Nigeria
The following is the ultracash loan requirements and breakdown:
Loan amount: ₦10,000 – ₦500,000
Interest rate (APR): Maximum annual interest rate is 30%
Example
If the loan amount is ₦10,000, the loan period is 365 days, the interest rate is 20%
Total interest: It should be ₦10,000 * 20%= ₦2,000
Total repayment: ₦10,000 + ₦10,000 * 20%= ₦12,000.
Ultracash Loan Repayment period: 91-180 days
Ultracash loan calculator
When applying for a loan and you’ve chosen the amount you want to borrow, the ultracash loan calculator will calculate your loan. If you are satisfied with the rate you can proceed to taking the loan.
Ultracash loan app download
To download the Ultracash loan app, you can follow these steps:
Go to the Google Play Store or App Store.
Once you get to the Google play store, search for “Ultracash” in the search bar.
Locate the Ultracash loan app from the search results.
Click on the app to view more details.
Click on the “Download” button to start the download process.
Follow the instructions to complete the installation of the app.
Once the installation is complete, you are ready to sign up and login.
Ultracash loan login
To log in to the Ultracash loan app, you can follow these steps:
Open the Ultracash loan app on your smartphone.
On the login screen, enter your username or registered mobile number.
Enter your password.
Click on the “Login” button.
If you have entered the correct login credentials, you will be successfully logged in to your Ultracash loan account.
If you have forgotten your password, you can click on the “Forgot password” option on the login screen and follow the instructions to reset your password.
How To Apply For Ultracash Loan
To apply for an Ultracash loan, you can follow these steps:
Sign up for an account by providing the required information, such as your name, contact details, and identification documents.
Once you have signed up, log in to your Ultracash loan account using your username or registered mobile number and password.
After logging in, you will need to complete the loan application form. Provide the necessary details, including the loan amount you require and the repayment terms.
Submit your loan application through the app.
Wait for the approval process to be completed. Ultracash will review your application and assess your eligibility for the loan.
If your loan application is approved, the funds will be disbursed to your designated bank account or mobile wallet.
FAQs: Frequently Asked Questions
Here are some frequently asked questions on the ultracash loan app review with answers:
How much can I borrow from Ultracash loan app?
With Ultracash, you can borrow up to N500,000. However, the loan amount you qualify for may depend on various factors such as your income, creditworthiness, and repayment capability.
The final loan amount will be determined based on Ultracash’s assessment of your eligibility.
How do I download Ultracash loan app from the Google Play Store and Apple Store?
To download the Ultracash loan app, follow these steps:
For Android devices: Open the Google Play Store by clicking the get loan button on this platform, search for “Ultracash loan app,” and select the official app from the search results. Tap on “Install” to download and install the app on your device.
For iOS devices: Open the Apple App Store, search for “Ultracash loan app,” and select the official app from the search results.
Tap on “Get” to download and install the app on your device.
How to get a loan from Ultracash loan app?
To apply for a loan using the Ultracash loan app, follow these general steps:
Download and install the Ultracash loan app from the respective app store.
Create an account and complete the registration process.
Fill out the loan application form, providing accurate and necessary information.
Submit the required documents as requested.
Wait for the loan approval process to be completed.
If approved, the loan amount will be disbursed to your designated bank account.
Is Ultracash loan legit or not?
Ultracash loan app is a legitimate lending platform.
However, it’s important to exercise caution when using any financial service.
Make sure to read and understand the terms and conditions, privacy policy, and any other relevant information provided by Ultracash before using their services.
How do I use the Ultracash loan calculator?
Ultracash may provide a loan calculator feature within their app or website.
To use it, you typically input the loan amount you wish to borrow and the desired repayment tenure.
The calculator will then generate an estimate of the monthly repayment amount, including the interest charges. This can help you get an idea of the potential costs associated with your loan.
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