Zuma cash loan requirements shows that You must provide your BVN, which is a unique number linked to your bank account in Nigeria.
Introduction
Zuma Cash Loan App is a well-known app in Nigeria that gives out loans fast. Many people use it because it’s quick and easy, but it has a bad reputation.
People call Zuma Cash loan sharks because they charge very high interest rates. This means borrowers end up paying back a lot more money than they borrowed.
One of the biggest problems with Zuma Cash is how they treat people who can’t pay back on time. If you’re late with your payment, they might threaten you.
This can make borrowers feel scared and stressed. Many people have complained about being harassed by Zuma Cash when they couldn’t make their payments on time.
Even though Zuma Cash used to be legal and approved by the Central Bank of Nigeria (CBN), it got delisted. This means the CBN no longer approves or recognizes Zuma Cash as a safe loan option.
The delisting happened because of many complaints and bad practices by Zuma Cash.
Using Zuma Cash can be risky. The high interest rates and aggressive ways of collecting payments make it a dangerous choice. If you need a loan, it’s important to look for other options that are safer and more trustworthy.
In summary, Zuma Cash Loan App is famous in Nigeria but has a bad reputation. It gives out loans fast, but the high interest rates and threatening collection methods have made many people wary.
Since it got delisted by the CBN, it’s smart to consider other loan apps that are more reliable and fair. Always be careful when choosing where to borrow money to avoid problems later on.
History and overview
Zuma Cash Loan App began in 2023, offering quick loans that many Nigerians found convenient. However, it soon faced problems.
People complained about the app’s high interest rates, which made it expensive to borrow money. Some users also said they felt threatened when they couldn’t pay back on time.
Rumors spread that Zuma Cash is owned by Sokoloan Microfinance. There were reports that the app got removed from official app stores like Google Play due to these issues.
Despite this, people could still find and use the app by downloading its APK file from local websites.
The Central Bank of Nigeria (CBN) once approved Zuma Cash, but it later delisted the app. This meant the CBN no longer recognized it as a safe option for loans. The delisting happened because of many complaints and bad reports about Zuma Cash’s practices.
This history shows the risks of using loan apps like Zuma Cash. While it was easy to get money fast, the high costs and problems with how they treated borrowers made it a risky choice. Now, people looking for loans are advised to be cautious and choose apps that are trustworthy and fair.
Requirements
Active phone number
You must provide your active phone number: This means you need to give the phone number that you currently use and can be reached on.
It’s important for the loan app to contact you regarding your loan application and payments.
Access to your phone book
Access to your phone book: You need to allow the Zuma Cash Loan App to access your phone contacts. This helps the app verify your connections and possibly assess your social network for loan eligibility.
Basic information
Basic information and KYC (Know Your Customer): You need to provide basic details about yourself, such as your name, address, and date of birth.
KYC also involves verifying your identity using official documents like your National ID, Passport, or Driver’s License. This ensures that the loan app complies with regulatory requirements and confirms your identity before processing your loan application.
Bank verification Number
BVN (Bank Verification Number) and bank account: You must provide your BVN, which is a unique number linked to your bank account in Nigeria.
This helps verify your identity and ensures that the loan app can securely transfer funds to your bank account. Providing your bank account details allows Zuma Cash to deposit approved loans directly into your account and manage repayments efficiently.