HCash Loan App Review [Legit or Scam Fast Credit?]

Sometimes, you need to take out a loan to cover certain expenses. However, some loans are not worth it. A lot of us even depend on loan sharks, despite knowing how pesky they can be. Today, I’ll be reviewing HCash. So, this is basically HCash loan app review. Is this a legit app or a scam? If yes, is it the loan solution you are looking for? We’ll find out.

HCash promises an instant loan online for Nigerians anywhere. So, this claim of being an instant loan app means that it’s supposed to give you the loan as fast as possible after verifying your identity. But this app isn’t perfect, so it’s often not instant. Also, most Nigerians only receive small amounts here, and the interest is quite high.

HCash is actually legit and has full FCCPC (Federal Competition & Consumer Protection Commission) approval. This app is registered under the name ‘Windville Financials Nigeria Limited’. Its address is Plot B, Block B, lkosi Residential Coadiz Plaza, Ikeja-Lagos. Windville Financials Nigeria Limited also owns Procash, Qcash, and My Cash apps. So, your experience in one is likely to be the same for all. Let’s get started.

HCash Loan App Review: Is it Legit?

HCash loan app review

The first impression makes you wonder if this is the worst loan app ever. Well, we’ll get into that in this honest HCash loan app review.

Surprisingly, HCash is approved by the FCCPC but if only the FCCPC looked deeper into this app. Perhaps only then would HCash improve. You can verify the approval of HCash here.

Okay, let’s talk about the reviews on Google. A lot of these are fake reviews to counter the honest bad ones. HCash even urges borrowers to leave a review to obtain a loan. This has to be the origin of some of its dishonest reviews. Don’t you think this is tricky and makes HCash loan app questionable?

Now, in the name of binding your card, HCash will take 20 naira from your account without any promise that it won’t decline your loan application. This app is good, and the idea of helping people out with a loan is commendable, but HCash has a lot of improvement to do. It even gives you high interest. For example, if you apply for 10,000 naira, the interest is 4,000. You’ll only receive 6,000 but have to pay back 10,000 naira, which means that they have taken the interest upfront for a loan due in 7 days.

Meanwhile, going through the reviews of borrowers, you’ll find complaints where users share how HCash promises to post their pictures and information for defaulting on their loans. Well, this is rather extreme on their side. However, as a borrower, you have to play your part well by repaying whatever amount you agree to repay.

Lastly, HCash gives a very unhelpful response to customers’ complaints. Below is the typical response to borrowers with bad experiences using this app:

Hi, we will try our best to help you solve the problem, you can contact our customer service which can help you better.

The quote above is their own words, and you can tell it’s filled with grammatical errors for a so-called corporate organization.

How Does HCash Work?

On HCash, the loan amounts range from 10,000 naira to 300,000 naira, as they claim. However, it is unlikely that you will receive a high amount here. Just give it a try but it’s less likely. So, you won’t even get this 300,000 naira, and that’s a fact.

Loan duration, according to HCash is between 91 days and 365 days. However, we are typically seeing loan amounts of 10,000 naira to repair in 7 days, with high interest. HCash could do better here as its interest rates are not as friendly as promised.

HCash does operate on the typical loan sharks’ 0.1% daily, with the annual percentage rate (APR) reaching up to 30%.

In its example, if you borrow ₦10,000 for 120 days, here’s what the repayment looks like:

Interest: ₦10,000*(30%/365)*120 = ₦986
Total to repay: ₦10,000 + ₦986 = ₦10,986

Note that the reality of your repayment amount is actually higher than what you see in this example.

How to Apply for HCash Loan App

HCash is available to Nigerian residents aged 18-55. You must have a bank account. Below is how to apply for HCash loan:

Download the HCash app.
Sign up using your phone number.
Enter your personal information, including your BVN (Bank Verification Number) and face verification.
Submit your loan application.

Once your loan is approved, the funds will be transferred to your bank account, and you’ll be informed through a text message. If the loan amount you receive is against the agreement and promises of HCash, do not accept the loan. You can also report HCash to lenderstaskforce@fccpc.gov.ng if you feel you have been treated unfairly.

Is HCash Safe?

Well, it will be too trusting to say that HCash is safe, even though they are expected to safeguard your submitted personal information. Some of HCash’s activities make it difficult to say that your data is safe with them, even though this app is approved by the FCCPC.

The HCash app collects your account data, including your email address and user public profile information like name, gender, photo, and BVN.

As for your mobile device information, HCash collects your device name, model, region, language configuration, operating system, hard drive, IMEI code, and status for security, fraud prevention, service stability analysis, and advertising. Apart from advertising, HCash also uses your data for your identification, account management, communication, credit scoring, legal compliance, direct marketing, service updates, inquiry and feedback processing, and service personalization.

Verdict? Unless you can endure the cons of this app, it may not be worth it to give your personal information to the HCash loan app.

Pros and Cons

As part of this HCash loan app review, let’s look at the pros and cons.

Pros

Available on Google Play Store.
Fully approved by the FCCPC.

Cons

Not upfront about costs. So, look out for hidden fees.
Loan repayment is upfront.
Extremely high interest rates.
Quick to disturb borrowers who default on their loans.
HCash is a loan shark.
Slow loan disbursement.
Its website hcashme.com is a really poor quality website.
Too many bad reviews.
Not available on the Apple App Store.
Terrible customer representative.
HCash loan app crashes on facial verification.

Conclusion

So, yes, HCash is legit but it is not a perfect loan app. HCash is a loan shark, and you should expect its treatment to be as such when applying for a small, short-term loan. Hcash is okay but the problem is high interest and some other questionable activities reported by borrowers. If you accept HCash loan terms and proceed to request a loan, make sure it is an amount you’ll be able to pay back and not default.