We see a lot of loan apps every day, some legit while some are digital scams. Normally, you’d want to avoid those frustrating ones that charge extremely high-interest rates or fail to disburse funds after notifying you about the amount you have to repay. In this review, we will be looking at the CashRun app. Is it legit or shady? Should you provide them with your personal and bank information? You’ll learn a lot more about this lender in this review to help you make a good decision.
CashRun loan app is owned by Flowood Lending Limited. They also own MintCredit and CreditNow. CashRun is fully approved by the FCCPC (Federal Competition and Consumer Protection Commission). You can obtain a loan as low as 2,000 naira. But even though this app promises up to 500,000 naira, you are very less likely to be eligible for such an amount. So, don’t get your hopes high.
Is CashRun App Legit? An Honest Review
CashRun is a legit loan app but also shady, and as a result, one of the apps you should run from because they don’t actually offer all of what they advertise. Perhaps this app is living by its name, ‘Cash’ and ‘Run’.
Let’s start with some of the positive reviews. We all know how natural human reviews read but when it’s fake or bought, we will know due to the trend and pattern of the comments. It seems that CashRun has managed so many positive reviews that don’t truly reflect the shady aspect of this app. Does CashRun pay for its good reviews? Rhetorical.
Now, CashRun actually gives loans but is not a perfect app. If you request a 10,000 naira loan from this lender, they will disburse 6,435 naira only and then ask you to pay back 10,593 naira in 6 days. Another instance is that you could be given 29,925 naira out of a 40,500 naira loan to pay back 42,693 naira in 7 days. Also, CashRun can give you a loan amount of 18,850 naira instead of the 25,000 that you requested and ask you to pay back 26,857 naira. This is a typical characteristic of a loan shark.
The real problem here is that you won’t be told beforehand about the amount of money you’ll be credited. So, when you request a loan of 10k naira in the app, you’ll receive an alert of 6,435 naira urging you to pay back 10,593 typically in 6 days. If this is not something you can afford, don’t bother installing CashRun because you’ll be frustrated.
CashRun also has a template response for all negative reviews, and it usually goes like:
Hello, Customer satisfaction is our top priority and we apologize for any negative experience you may have experienced. You can email us your complaint at cashrunapp@outlook.com and we’ll be happy to help.
This is their custom response which they give to everyone, irrespective of your complaint. No uniqueness whatsoever. So, CashRun isn’t even genuine about solving borrowers’ problems.
Unfortunately, its customer service is poor. They are only active when it’s time for your loan repayment. Aren’t these activities shady? Of course, it is shady for a lender to give you a loan amount that is about 40% lower than promised during your application.
How Does CashRun Work?
The summary of how CashRun loan app works is that if you borrow 10,000 naira, for example, they will pay you only 60% of the money and then ask you to repay more than 10,000 naira.
However, even in its public example, CashRun does not reveal this. According to CashRun loan app, the APR is a maximum of 36% per year with a minimum repayment period of 91 days and a maximum of 180 days. So, if you borrow 10,000 naira within 91 days, your total interest is 897 naira, meaning you’ll only pay back 10,897 without hidden fees.
The claims are false, and not the true experience using this lender. A lot of people have been attracted by the false promises, and have ended up becoming frustrated.
How to Use CashRun App
- Download the CashRun app from the Google Play Store.
- Sign up with your personal and bank information in the app.
- Verify your identity.
- Request a loan. Note that the amount you see in this app is not what you’ll be given; you’ll be given less than promised.
CashRun has an age limit between 18 and 65 years old. You can also request a minimum of 2,000 naira only.
Pros and Cons
Pros
- Available on Google Play Store.
- They actually disburse loans.
- Fully approved by the FCCPC.
Cons
- Not available on iOS.
- CashRun is a loan shark.
- CashRun takes loan interest upfront, and as such, does not pay the full amount.
- Very high interest rates, up to 40%.
- Unhelpful customer care service.
- Loan disbursement is not instant as claimed.
- Too many service charges when you apply for a loan.
- Repaid loans take time to clear from your record.
Is CashRun Safe?
CashRun has no major controversy when it comes to borrowers’ data, but this does not mean that you can entrust the safety of your personal and bank information to this lender. However, CashRun has a reputation for contacting borrowers before the end of their loan term to ask for money back. Unfortunately, they are often not professional in the way they approach the situation.
As for collected information, CashRun collects personal information including, your name, date of birth, gender, marital status, home address, mobile phone number, email address, selfie, BVN, ID card information, occupation, family information (name and phone number), etc. Bank information collected include bank account name, bank card, source of income, and bank statement.
CashRun will also collect your device information, including device make and model, operating system, and installed applications, text message logs, email information, and GPS location information.
These are just about your personal and bank information collected by this lender. You can always contact them to delete all your information from their database if you already submitted them.
Verdict
It’s fraudulent for CashRun to underpay you after applying for a loan. Usually, they take the interest upfront but that’s not supposed to be so. CashRun will claim that it’s for the service charges, even after mentioning on their homepage that there are no hidden charges.
If you have been treated unfairly, report the transaction to your bank and the FCCPC. Make sure to have records of any communication you may have had with CashRun, including screenshots, voice recordings, etc.
CashRun’s shady activities make it one of the worst loan apps. Forget about the FCCPC approval. Oftentimes, such loan apps are delisted. An example was WeCredit.
CashRun may be FCCPC approved but it’s a scam app by way of their activities. These are the types of activities that the FCCPC looks out for and bans loan apps.
Read Also: Is BGloan Legit in Nigeria?
