You’ll never find a 5-star loan app in Nigeria. It’s either the lender is half-reliable or just too bad. This review scrutinizes VibeCash loan for you to know if it’s legit, a scam, or a good loan app to download.
VibeCash is owned by Ripley Nigeria Limited. It is fully approved by the FCCPC (Federal Competition and Consumer Protection Commission). The address is Bethel House, 6A, Akin Osiyemi Street, off Allen Avenue, Ikeja, Lagos. It has a CAC (Corporate Affairs Commission) registration. The parent website is ripleynigeria.com.
Is VibeCash Loan Legit or a Scam?
VibeCash loan is fully approved by the FCCPC, however, it has some typical loan app problems. Ripley Nigeria Limited is also the owner of Money Tap App and Credit Pro. VibeCash used to be Credit Pro loan app but the name was changed to VibeCash. Today, Credit Pro is one of the apps under the FCCPC watchlist. This could be a reason for the name change. One day, Nigerian loan apps will run out of names.
VibeCash has a high interest rate of more than 40% and up to 90%. You have only 7 days to pay back what you borrow from this app. For example, if you borrow 7k, the app will ask you to pay back 11k In 7 days. If you borrow 5,850, you’ll be paying back 9,000.
One problem you’ll experience with VibeCash is that the loan amount displayed on your dashboard will be different from what they credit to your account. You might see 50k on your dashboard, only to be credited with 12k. It’s annoying, right? The best thing is to reach out to customer care and have them cancel the loan if you’re not okay with it. You’ll have to mount pressure because if you let it slide after refunding the money, it’ll continue to count as a defaulted payment on your account.
Sometimes, an agent from VibeCash or Powerkash may send you a message about repaying the money, even before the due date.
VibeCash is also poor with records keeping which often leads to repayment history errors. This is the reason many borrowers complain that this lender continues to disturb about repayment even when they no longer owe.
There is no guarantee that you’ll be given this loan after submitting your BVN, NIN, etc.
Lastly, VibeCash is one of the worst apps in terms of customer service and borrower harassment concerns—some of the agents are typically very rude. Otherwise, it’s an okay app to borrow from.
How Does VibeCash Loan Work?
VibeCash gives loans from 5,000 naira and up to 100,000 naira. Even if you manage to qualify for 100,000 naira, you won’t get the exact amount because you’ll be under-disbursed in the name of charges. This lender typically gives small loans, and takes credit history very seriously.
With VibeCash loan, you’ll be charged an interest rate of over 40% and up to 90% as we mentioned earlier. The disbursement speed is very average because it’s slow for some and fast for others. So, it’s not the same experience for everyone. Do note that VibeCash may reject your loan application. It’s not 100% guaranteed that you’ll get a loan here.
How to Apply for VibeCash Loan
- Download the VibeCash app from the Google Play Store
- Open an account with your personal and bank information
- Submit your registration information
- 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 a Nigerian and at least 18 years old.
Pros and Cons
Pros
- FCCPC approved
- Has a CAC (Corporate Affairs Commission) profile
- Available on Android
- Easy loan application
Cons
- A loan shark
- You have only 7 days to pay back
- Not available on iPhone
- Very high interest rate
- Loan amount is typically very small
- Worst customer service
- Has a history of harassing defaulting borrowers
- Contacts borrowers before due date
Is Your Personal and Bank Data Safe with VibeCash?
Ripley Nigeria Limited has not had complaints about customer data abuse. However, this lender has a history of harassing defaulters, and sometimes calling borrowers before the due date. This lender previously owned Credit Pro, which is now under the FCCPC’s watchlist.
You can submit your personal and bank information to this loan app since it’s fully approved by the FCCPC. However, the experience as discussed in this review is likely what you’ll come across. Note that this app can view any information you share with them, and it’s up to Ripley to treat your information according to their privacy policy.
Personal information collected includes your name, age, email address, phone number, personal description, marital status, photograph, username, NIN, and home address (such as utility bill). Bank information collected by VibeCash includes BVN (bank verification number), debit/credit card number, and bank account number.
When you install the VibeCash app, information collected from your device, either with or without 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. VibeCash can also contact someone in your phone list, SMS, call list, etc.
Verdict
This lender is legit, and that’s because of its FCCPC license. If you can’t afford 40+% interest rate, don’t bother borrowing money from VibeCash. In this review, VibeCash gets a 2.5 out of 5 rating because, although the loan process is fast and simple, their loan offer is quite small with a very high interest rate and a short repayment period of 7 days.
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