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    Home»Loan Review»Cash Wallet: This loan app deducts ‘down payment’ from your debit card
    Loan Review

    Cash Wallet: This loan app deducts ‘down payment’ from your debit card

    Femi AdeoyaBy Femi AdeoyaOctober 10, 20231 Comment5 Mins Read
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    CASH WALLET
    CASH WALLET...Scamming borrowers with 'down payment' called service fees
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    Cash Wallet claims to be a personal loan app in Nigeria where you can get quick loans using your mobile phone anywhere, anytime. The platform says it aims to make financing become easier for Nigerians. However from our investigations, this claim is not true.

    Cash Wallet: Scam loan app that deducts illegal ‘down payment’ from your debit card

    Loan Product:
    – Loan Amount: ₦ 3,000 – ₦ 100,000 (FALSE. It doesn’t give loans, Cash Wallet deducts ‘down payment’ ranging from N3,000 to N10,000 once your debit card is registered with them.

    – Loan Term: minimum 92 days – maximum 365 days/ (FALSE. It never gives gives loan. If it does, wont exceed 7 days.). All reviewers we featured confirmed Cash Wallet don;t give out loans but deduct illegally from their ATM card.

    – Interest rate: from minimum 16% to maximum 35% APR( Annual Percentage Rate). FALSE. Cash Wallet has no loan to offer anyone.

    – Other Fees: No other extra fees (FALSE. Cash Wallet fraudulently deduct service charge in form of down payment from your registered debit card without giving you loan.

    Highlights
    – 100% online process
    – Affordable interest cost
    – Flexible repayment schedule
    – No hidden charges

    All the above highlighted claims about CASH WALLET are false.

    REVIEWS AND FEEDBACK FROM CASH WALLET CUSTOMERS

    Cajetan Igwe
    13 October 2021
    Hey guys… Be careful about Cash Wallet platform. It’s a FRAUDULENT Platform used to swindle money from unsuspecting clients. More than N6,000 was deducted from my account during registration and purported loan disbursement. It’s been more than a week, the loan hasn’t reflected on my account and my money hasn’t been returned. Please be careful not to fall for their tricks.

    Steven Olusiji Alao
    5 October 2021
    Cash Wallet is a very bad app, they are dubious first they deducted #50 and latter ask me to pay 3188 as down payment for 50k loan, which i transfered, since clicking the button to confirm my payment ,the app no longer works, pls refund my payment if you are not giving loan, efcc should start looking at all this trickish apps.

    AISHAT OWOBIYI
    27 October 2021
    I applied for a loan from Cash Wallet since 12:36pm and I was asked to deposit money 5,088.00 and the money was deducted from my bank account, but I didn’t get any response, again around 8:02:43pm another money 5,401.00 was deducted from my bank account without my knowledge why?

    adetayo jimoh
    29 September 2021
    Cash Wallet, Why do I need to pay an amount of #2088 before giving me a loan after a reduction of#50 from my account? Am still saying this application is a scam

    Oladele Mathew
    2 October 2021
    This is a fraud loan apps. People should stay away. When you pay the security deposit, they will link you to other loan apps.

    Femi Akinwale
    16 October 2021
    I was debited 50 naira to verify my account and later it has me to pay 3200 again before applying for 50k loan, this app must be a scam those send good reviews on here are not real, even by their names you shall know them it was form names.

    Senimono Udofia
    9 October 2021
    Any loan app that asks for “security deposit” before giving out a loan, is simply fraudulent. Why not take it from the disbursed amount like geniune platforms would? Meanwhile, they have charged N50 to bind card already. Fraudsters everywhere!!!!!!

    Hamidat Lawal
    18 October 2021
    I thought they Giving people loan, But this app is really scam I swear by Allah, After you verified my acct with N50 naira and also requested for another 2,020 again in the same registration before you will give me loan. Unfortunately people’s, God will seriously punish you by the grace of God, I beg everyone here, Run for this app

    Razaaq Owonla
    12 October 2021
    I applied for the sum of fifty thousand naira from Cash Wallet and paid the sum of three thousand one hundred and eighty-eight naira yet the loan was not disturb into my account after more than 7 working days as stipulated in the app.

    Mabel Alalade
    13 October 2021
    Refund my 3,180 if you know you won’t give me the loan I applied for. You are dubious and Google should do something about you. You will never know peace and this business will never progress. You have born scamming many people and the positive reviews are fake. Refund my 3,180.

    Peace Offiong
    10 November 2021
    This app debited me 5088 to give me 100k loan for a year and they have since not given me the money nor replied to my support email. Please be careful out there guys and don’t fall a victim like myself.

    ADELE SANDRA
    2 October 2021
    The mandatory #2088 was deducted but reported that they couldnt debit it that i should use another card. What sort of a game play is tbis?

     

    Blacklisted Loan Apps Cash Wallet CBN Data Breach Data Privacy Defamatory Messages Digital loan companies FINTECH Google Play Store Loan Apps Online lenders QLA Blacklisted Loan Apps
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    Femi Adeoya
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    Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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    1 Comment

    1. Sayo Adeoya on January 23, 2023 9:36 am

      exposing dubious loan apps…great one!

      Reply
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