Emergencies and financial needs can arise unexpectedly, and having access to quick and hassle-free loans can be a lifesaver. Xcross Cash is a new loan app in Nigeria that aims to provide individuals and small businesses with much-needed credit without the burden of collateral or a guarantor. In this article, we’ll delve into the features, benefits, application process, requirements, and more about Xcross Cash loans in simple terms.
Features and Benefits:
Xcross Cash loans come with a range of attractive features and benefits that make them a viable option for those seeking financial assistance:
- No Collateral Needed: Unlike traditional loans, Xcross Cash offers personal loans without requiring any collateral. This means you can secure a loan without putting your assets at risk.
- Swift Approval and Disbursement: Xcross Cash is known for its speedy loan approval process. Once your loan is approved, the funds are transferred to your bank account within minutes, providing a quick solution to your financial needs.
- Suitable for Various Purposes: Whether you need funds for personal expenses, to start or grow your business, Xcross Cash has tailored loan options to cater to different financial requirements.
- Flexible Repayment Plans: Xcross Cash loans come with flexible repayment options, allowing you to select a repayment plan that fits your budget and financial situation comfortably.
- Competitive Interest Rates: Xcross Cash offers competitive interest rates, making it a favorable option compared to other lenders in Nigeria.
Application Requirements:
Before applying for an Xcross Cash loan, ensure you meet the following criteria:
- Age: You must be at least 18 years old to be eligible for a loan.
- Verifiable Income Source: Having a reliable source of income is necessary to demonstrate your ability to repay the loan.
- Bank Verification Number (BVN): A valid BVN is a mandatory requirement for loan eligibility.
- Bank Account: You should possess an active savings or current bank account with any commercial bank.
- Contact Information: A valid phone number is needed to receive important notifications and confirmations.
Application Process:
Applying for an Xcross Cash loan is straightforward and can be completed online through their website or mobile app:
- Visit Xcross Cash: Go to the Xcross Cash website or download the app from the Play Store.
- Register: Sign up by entering your BVN, email address, and other required details.
- Loan Amount: Choose your desired loan amount using the provided sliders.
- Fill Application Form: Complete the application form with your personal and financial information.
- Repayment Plan: Set up your preferred repayment plan, which can extend up to 6 months.
- Submit: Review your application details and submit your application.
- Approval and Disbursement: Xcross Cash will review your application and notify you of the outcome within a short period. If approved, the funds will be transferred to your bank account promptly.
Interest Rates and Fees:
Xcross Cash’s interest rates range from 4% to 24% per month, with an APR of 48%. While no hidden fees apply during the application, processing, or disbursement stages, it’s important to repay your loan on time to avoid penalty fees on outstanding balances.
Pros and Cons: Pros:
- Swift approval and disbursement for emergencies.
- No need for collateral, making it accessible to a wider range of individuals.
- Flexible repayment options to suit different budgets.
Cons:
- Relatively higher interest rates compared to some other lenders.
- Limited information available on their website.
Conclusion:
Xcross Cash offers a convenient solution for individuals and small businesses in Nigeria seeking quick and hassle-free loans. With its user-friendly application process, flexible repayment plans, and competitive interest rates, it stands as a viable option for addressing various financial needs. Just remember to meet the eligibility criteria and make timely repayments to make the most of this loan opportunity.