How to get a loan from CashLion

CashLion is a financial service provider that allows people to obtain loans without the need for collateral. The loan application is fast and easy on the CashLion app.

With an Android mobile phone and a Nigerian bank account, you can obtain up to ₦50,000 without collateral or an in-person appearance in their offices. The loan will be sent to your bank account.

In this post, you will learn how to get a loan from CashLion, how to download the official CashLion credit app, the interest rate, customer support and how to repay your loan.

CashLion loan requirements

Not everyone that applies for a loan on CashLion will be considered. The requirements are what will determine whether your application will be approved or not.

The requirements for a CashLion credit loan have been listed below.

You must be within the age of 20 to 60 years
You must be a citizen of Nigeria
The applicant must have a reliable monthly source of income
An Android phone (CashLion is not available for iPhone and Windows devices)
Your phone number will also be needed
The bank account number with which you will receive the borrowed amount
Your Bank Verification Number (BVN)

Once you have all the requirements, you should proceed to the next step by getting the CashLion credit application.

How to download the CashLion loan app

CashLion is not available for iOS and Windows devices. You need to download the official CashLion App before you can enjoy CashLion loan services.

You can download and install it from the Google Play Store. It has a small size of 12 MB and over 500,000 downloads. It currently has a review rating of 4.5 from over 20,000 users.

How to get a loan from CashLion

After the installation, the next thing to do is to register on the app.

Launch the app and wait for the registration page to be displayed. Some app permissions will be requested and you will need to allow them before the app can proceed
Another page will be displayed, containing the login and sign up options.
Sign up with your phone number and click the “Get Code” button
A One Time Password (OTP) will be sent to your phone number. Input the password on the app
You will need to set up your security so that another person won’t obtain loans without your consent. To do this, you need to think of any four (4) unique digits that are known only to you. Input them in the box and confirm
Click on the registration button and you will be directed to the homepage.

After the registration is done, follow the steps below to obtain a loan from the CashLion credit service.

On the homepage, you will see a section where you can select a loan amount and repayment term.
Use the slider to select the amount of loan you would like to obtain from CashLion
Select a repayment term
Click on the “Apply Now” button
The next page will be shown. Here you will need to input your details
Confirm your information after filling the boxes and completing your application

Note that you have to wait for some time while your application is being reviewed. If your application is approved, the amount of loan you applied for will be sent to your bank account.

How much loan can you get from CashLion?

So far you have the requirements and you also input your details correctly, you can obtain a loan between the range of ₦2,000 to ₦50,000.

You can’t obtain more than this from CashLion credit service.

CashLion loan tenor

Repayment of loans on CashLion credit service can be done in:

3 months (91 days)
4 months (120 days)
6 months (180 days)
12 months (365 days)

CashLion interest rate

CashLion has an Annual Percentage Rate (APR) of 16% to 21%.

For example, if a user obtains a loan of ₦1,000 for 6 months (180 days), the interest rate will be 8%. The interest amount is ₦80 and the total amount to be repaid is ₦1,080.

Repayment of loan

To repay your loan on the CashLion credit app, follow the steps below:

Select the option to repay via bank card
Input your card details
Click on “Repay Now“
Input your bank password
A One Time Password (OTP) will be sent to your phone number. Input it to complete the repayment process