SnapCash Legit But Takes Long to Disburse Loans

Usually, bank-owned loan apps do better than loan sharks in terms of interest rate, repayment tenure, and loan limit. Unfortunately, some of them still have a long way to go. In this review, we will scrutinize SnapCash to see if this loan app is legit or a scam.

SnapCash is owned by Sterling Bank Plc. It is a licensed Commercial Bank by the CBN (Central Bank of Nigeria). The address is Sterling Towers, 20 Marina, Lagos. The website of this loan app is

Is SnapCash Loan Legit?

SnapCash is licensed by the CBN. The major problem with SnapCash is that it often takes too long to loan money to people, and you will find out why.

The interest rate is typically 10%, which isn’t bad considering that many loan apps charge between 50% and 100%. However, this rate can increase if you do not have a good credit history. Therefore, the rate is not the same for different borrowers because it is calculated based on your creditworthiness. If you are a new user, your interest rate is going to be higher than an existing SnapCash user.

SnapCash takes long to disburse a loan, even after it shows in the app that your application has been approved. For some people, it takes hours, and some over 3 days. If you are unfortunate, yours will show ‘pending’, which is different from approved. This is a time-waster for most people since what we need is an instant loan to take care of business. This app will require you to pay 50 naira to bind your card. Unfortunately, it is not a guarantee that your loan will be approved.

The possible reason is that SnapCash is a P2P (peer-to-peer) lending solution. This is mentioned in its privacy policy. A P2P lending app allows people to lend or borrow money from one another without going through a bank. If this is true for SnapCash, therefore, if there is no ‘investor’ available to lend you money, SnapCash won’t have cash to disburse. The only thing that SnapCash does is to set the rates and terms and manage the transactions.

As for the speed of disbursing a loan, it’s different people, different experiences. Yours might be instant, but another person’s own might remain in review for longer than 24 hours.

The repayment tenure depends on the amount of money you borrow. But the longest SnapCash repayment term you can get is 3 months, i.e., 90 days.

This is the part you may like. SnapCash does not have a reputation for harassing debtors. This doesn’t mean you should borrow if you won’t have the money to pay back.

How Does SnapCash Loan Work?

SnapCash has a loan limit of 100,000 naira. Don’t install this app to collect 100,000 naira because you won’t get it, especially if you’re a new user without a good credit history. You stand a chance if your credit score is high. If you borrow like 3,000 naira, your repayment amount could be 3,720. When borrowing in the app, your Repayment amount will be shown to you.

Your loan amount determines the duration, but the longest you can get is 3 months. Your credit profile also determines the amount of money you can get. SnapCash won’t just lend you 100k simply because it’s their promise. Unfortunately, the more you borrow from SnapCash does not mean your next loan will be higher. It could become smaller or nothing at all after you clear your debt – it may depend on the availability of a P2P investor who is willing to lend money.

How to Use SnapCash App

  1. Download the SnapCash app from the Google Play Store or Apple App Store. You can also use the webapp to open an account (
  2. Open an account with your personal and bank information
  3. Submit your registration information
  4. Apply for a loan

If your loan application is approved, the money will be credited to your bank account. As for the eligibility, you have to be at least 21 years old.

Pros and Cons


  • Available on Google Play Store and Apple App Store
  • Licensed by the CBN as a Commercial Bank
  • Has a CAC (Corporate Affairs Commission) profile under the name Sterling Financial Holdings Company Plc
  • Has a web app, so you don’t even have to install the SnapCash app to log in


  • Doesn’t focus on loans only
  • Loan disbursement is typically not instant

Is Your Personal and Bank Data Safe with SnapCash?

Sterling Bank Plc has not had complaints about customer data abuse, including calling borrowers’ contacts or digitally harassing customers who default. You can trust this loan app with your personal and bank information.

Personal information collected by SnapCash includes your name, age, email address, phone number, personal description, selfie, username, NIN, and home address (such as utility bill). Bank information collected by SnapCash includes BVN (bank verification number), debit/credit card number, and bank account number.

When you install the SnapCash app, information collected from your device, either with your permission or no permission, includes your installed apps, device ID, device type, IMEI, GPS information, device operating system, IP address, personal contact numbers, call logs, SMS logs, Facebook friends and other social media accounts, photos, and videos or other digital content. SnapCash lender may contact someone in your phone list, SMS, call list, etc.


In this review, SnapCash gets a 3.5 out of 5 rating because it is a P2P lending solution that relies on third-party investors’ money to disburse loans. This also means that you might experience delays with receiving money or your loan application might remain pending for a long time.

Read AlsoWhy PalmPay Loan is Not Very Good

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