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

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

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.

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.

CONTACT
Customer Service Email: tierzaavis@gmail.com

This is the link to Cash Wallet on Google Play Store. Nigerian consumers and quick loan seekers should boycott this app. This is our no 5 on our compilation list of blacklisted loan apps in Nigeria. If you still have any doubt, read a few of selected reviews of Cash Wallet on Google Play Store.

DATA PRIVACY BREACH: LIST OF BLACKLISTED LOAN APPS IN NIGERIA

1. NairaPlus

2. BorrowNow

3. LCredit

4. 9ja Cash (Owned by Sokoloan Lending Company)

5. Cash Wallet

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?

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About the Author: Femi Adeoya

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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