Last updated on November 24th, 2020 at 02:47 pm
Loans usually come in handy, especially when the moneylender has an interface that makes it very easy for customers. Rapid Cash is one of the best money lenders offering loans to business owners and salaried individuals.
About Rapid Cash?
Rapid cash operates an online money lending business granting business owners, private individuals, and corporate entities loan in Nigeria. When repaying loans, Rapid Cash provides customers with single payment loans or loans with instalment payments and payroll loans. To access this loan, Rapid Cash connects your bank account to your loan account, from which they will deduct the borrowed amount from.
How many loan kinds does Rapid Cash offer?
Rapid Cash offers a minimum loan amount of 10,000 naira. However, the highest amount a recent member can get is 50,000 naira. New or old, a customer requires no collateral or guarantor to get a new loan.
What are the Interest Rates?
The interest rates of Rapid Cash differs from customer to customer. It uses the repayment history of the customer and his or her cost of lending. However, to take a salary advance loan, you are only eligible to take 20% of your salary. This means that a loan of 20,000 naira is possible for an individual who earns 100,000 naira.
Who can use Rapid Cash?
Rapid Cash can be used by individuals who need short-term loans. If the loan you need from banks has been steadily rejected, there is a chance Rapid Cash has something for you. This is because it is a short-term loan targeted at students, small businesses, and other individuals who are typically not eligible for a bank loan.
Rapid Cash options
Rapid Cash has the Payday loan which is designed for individuals currently earning a salary. It is meant to provide an overdraft to the staff of reputable companies or governmental organizations. To qualify for this loan, all you have to do is complete the salary advance loan and submit for assessment. The maximum tenor for this loan is 30 days.
Rapid Cash is a great option because you get your loan decision in less than one day. Also, the repayment plans are quite flexible and can be managed to fit your financial state. Of course, this loan requires no collateral and guarantor. However, Rapid Cash is only available for individuals currently earning a salary, and working in a private organization. Also, the maximum amount you can borrow through Rapid Cash is 50,000 naira.
How to get started
To get started, all you need to do is provide a verified social media account, your bank details — bank account name and details — your Bank Verification Number, and an official email address to track the process.
The best way to get the best loans in Nigeria is to conduct an online analysis of other online moneylenders. This way, you are kept abreast of the best interest rates and the repayment period.
Rapid Cash connects with its customers by meeting them at their point of need via social media. They understand that many people spend most of their time on phones and they have strategically designed their products to target mobile and social media users