UltraCash Loan App Review [a Shady Nigerian Loan Shark]

It’s not a bad decision that you are taking a loan. However, what will make it a terrible decision is if you take a loan from a predatory loan app. This review will be scrutinizing UltraCash, one of Nigeria’s loan sharks. Is UltraCash legit or a scam? You’ll find that out in this review.

Many of us borrowers tend to be encouraged by the positive reviews and then decide to give it a trial. Unfortunately, reviews can be faked—you can’t always trust those promises you see in ads or those positive reviews. A lot of such reviews could be bought. Also, those influencers you follow are often paid to promote these apps. They never used it, and you should never trust their judgment.

Meanwhile, UltraCash is ‘fairly’ legit because it has full approval from the FCCPC (Federal Competition and Consumer Protection Commission). This app is owned by Piska Tech Nigeria Limited. The website is ultracashapp.com. But this loan app isn’t perfect, and you will find out why.

UltraCash Loan App Review

UltraCash Loan App Review

UltraCash may be fully approved by the FCCPC, but some of its activities are shady and questionable. Let’s scrutinize this app for your sake.

Those positive reviews you’ve read? They do not tell the complete story. Those UltraCash social media ads? They do not tell you the true story. Don’t buy into fake reviews if you don’t want to lose more money in the name of borrowing.

Now, UltraCash has the habit of not disbursing the complete loan amount. For example, the app will show a loan of 30,100 naira to pay back 32,200 naira. However, when you apply, UltraCash will credit you with 21,070 naira instead of the agreed 30,100 naira. Isn’t this shady? It is. What you should know here is that UltraCash lender is taking their interest upfront and also adding hidden charges they are never open about. Another example is that if you apply for a loan of 12,100 naira, you could be given 9,057 naira and forced to repay 12,947 naira in 7 days. Ridiculous, right? This is the reality that UltraCash doesn’t advertise or that influencers don’t talk about.

UltraCash lacks transparency in loan disbursement when it comes to interest rates. And yes, UltraCash interest rate is very high, and not the same for all. It could be 40% today and 50% tomorrow. For example, if you borrow 12,000 naira, you will have to pay 21,000 naira in 6 days, even though the app will show a loan of 19,000 naira to return 21,000 naira. Another person might be asked to pay back 20,000 naira.

The really painful part of the UltraCash loan app is that it’s not transparent about the due date. It typically gives you 6 days to pay back. Also, UltraCash lenders have a reputation for calling and messaging borrowers before the due date. Let’s say your 6-day loan is due on 10th February. UltraCash will start sending unprofessional messages to you on the 8th to make payment. It’s the characteristic of the worst loan app to borrow from.

Lastly, if you repay your loan, it will not automatically be updated in the app. You’ll have to contact their agent about it, otherwise, the loan amount will continue to reflect in your dashboard, and UltraCash can debit your account for that.

How Does UltraCash Lender Work?

UltraCash will give you a loan amount of 2,000 naira and above. No, you won’t see loans of 300,000 naira or 500,000 naira as advertised. Don’t raise your hopes if you want to endure this app. You’ll typically only be eligible for smaller amounts some might call ‘chicken change’ to pay back almost double the amount.

According to UltraCash, they have a maximum annual interest rate of 30% to repay within 91 to 180 days. Don’t trust this because UltraCash typically charges up to 40% to pay back in 6 days.

Now, let’s look at UltraCash’s promise and a deceptive example!

If you borrow 10,000 naira, the loan period is 365 days with an interest rate of 20%. From this promise, the interest will be 2,000 naira, i.e., 20% of 10,000. So, your total repayment will be 12,000 naira. Unfortunately, this is not the reality. The reality of how this loan works is that if you request a loan of 10,000 naira from UltraCash, you will be given like 6,000 naira to pay back about 10,800 naira.

How to Use UltraCash Loan App in Nigeria

  1. Download the UltraCash app from the Google Play Store.
  2. Register your account with your personal and bank information.
  3. Apply for a loan.

The above is just what to expect when using this app to obtain a loan. The loan amount will be sent to your bank account. The problem here is that UltraCash will sometimes send you less than you applied for. So, let’s say you applied for 200,000 naira, UltraCash can credit 10,000 or 20,000 into your account and claim that it’s what you are eligible for after their review. Any sane lender will get in touch with you but this one just forces the loan amount down your throat because they are only interested in you paying back with 40% of interest.

You have to be a resident of Nigeria and at least 18 years old to be eligible for an UltraCash loan.

Pros and Cons


  • Fully FCCPC approved (but fairly legit).
  • Available on Google Play Store.


  • It’s a loan shark.
  • The repayment term is short, and typically 5 to 6 days.
  • Unresponsive and unprofessional customer service.
  • Typically 40 to 50% interest rates.
  • Has issues of false advertisements.
  • Too many hidden fees.
  • Takes interest upfront, so you get paid less than the amount you saw in the app.
  • Contacts borrowers before the due date.

Is UltraCash Lender Safe?

You are given UltraCash lender your personal, bank, and device information to check your level of risk. Unfortunately, we can’t say that your data is safe with this lender. Before you install this app, let’s see the information they will collect from you.

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

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

It’s up to you to make this decision. UltraCash app may not be a perfect loan app but one thing they can sometimes do is actually give loans, even though they can be very shady.


UltraCash is not a reliable loan app because it promises what it cannot do. Don’t borrow from them if you can’t afford their high-interest rates.

Read Also: Review: Xcrosscash Loan App is Legit But Also Shady

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