Amid stiff competition among online lenders and the unquenchable thirst for mobile loans comes the Lion Cash loan app, an online lender that promises to simplify the mobile lending process. This mobile money app is about fast signup, convenient loan application, and flexible payments.
Like every mobile lender, Lion Cash delivers money straight into your phone’s MPESA. Though the lender is not a big name, it is slowly grabbing the headlines with its decent loan limits, starting from Ksh 2,000 to as high as Ksh 50,000.
This lending application by LionCash Global offers you 91 days to 365 days to pay up, and unlike most mobile loan apps in Kenya, Lion Cash doesn’t have a service fee.
But given that Lion Cash is new, there is so much to learn about the app, and that’s where this guide comes in. We’ll share basics on Lion Cash eligibility, loan application, payment, and rates.
But before going further, below is a table overview of the Lion Cash loan app:
|Lowest Limit||Ksh 2,000|
|Highest Limit||Ksh 50,000|
|Interest Rate||1.3% (monthly), and the 16% ( yearly)|
|Repayment Period||91 – 365 days|
|Pay Bill Number||309517|
|Age Limit||20 – 60 years|
Lion Cash Loan App Eligibility
Not everyone qualifies for a Lion Cash MPESA loan but those who meet these requirements:
- Possess a Kenyan ID
- Have an active MPESA line
- Possess an android phone with access to the internet
- Be 20 – 60 years
- Have a good credit score
Lion Cash App Download
If you meet all the above requirements, you can download the Lion Cash from Google Play and install it on your phone. You can also get the app from the company website and install it on your Android phone.
Ho to Register for a Lion Cash Account
After installing Lion Cash on your phone, you can go ahead and sign up for an account using the steps below:
- Open the Lion Cash app on your phone and press ‘register now.’
- Enter your Safaricom phone number and confirm it to enable you to receive a 4-digit code
- Input the code, and create a personal 4-digit password that you can remember
- You will then need to give Lion Cash permission to access your SMS, call log, contact list, photos, phone storage, Wi-Fi connection, device ID, and location
- Fill out a Lion Cash loan application form starting with your names as they appear on the ID, your ID Number, gender, date of birth, and a photo
- Enter in your educational level, marital status, employment-related information, home address, and the purpose of the loan
- Lion Cash will also request two emergency contacts from your contact list, stating their full names, their mobile numbers, and the relationship you have with them
- Lastly, submit your last six-month MPESA statement and press finish
How to Apply Lion Cash Loan
Now that you have an active Lion Cash account, you can use it to secure your first loan. Here’s how to go about it:
- Open the Lion Cash loan app on your phone
- Wait for the app to suggest the loan limit that you qualify for
- Choose the amount you are comfortable paying
- Follow the ensuing steps to complete the request
- Wait to receive money directly on your MPESA account
Please note that you may have to wait for a few minutes for the disbursement to take place
Lion Cash Loan Limit
Lion Cash offers loans from Ksh 2,000 to Ksh 50,000. That is a good start when getting an emergency loan to settle a bill. While that’s what the company claims, most customers claim to have received Ksh 500 initially, just like it’s often the case of most loan apps without a registration fee.
Lion Cash Interest Rate
Lion Cash charges interest according to the loan amount you request and payment duration. It charges 1.3% per month on short-term loans and 16% APR on yearly loans. However, the good news is that Lion Cash does not charge a service fee.
But unlike what most think, bigger loans attract a lower interest, unlike short-term and smaller loans.
But when it comes to ascertaining the interest rate, it’s so ironic what Lion Cash states on their app and what people get.
For example, if you request Ksh 2,000, you’ll only receive Ksh 1,470 in your MPESA and not the Ksh 2,000, which you’ll own the company. The difference between Ksh 2,000 and Ksh 1,470 is their interest.
How to Grow Your Lion Cash Loan Limit
You are likely to get a lower limit if you are a new customer. However, you can try a few hacks to grow your limit much quicker. Some of them include:
- Use Safaricom and M PESA services often. That includes paying bills via MPESA, buying phone credit with MPESA, and sending money regularly.
- Do not delete your MPESA transaction messages. Remember, Lion Cash usually gets data from your phone when reviewing loan limits, including SMSs. So, do not delete your MPESA transaction messages.
- Take Lion Cash loans more frequently
- Pay all your loans on time or before the due date
- Maintain a good credit score
- Continually update your app to the latest version
How to Repay Lion Cash Loan
All Lion cash loans are payable within 91 – 365 days. If your loan is due, you can follow the steps below when paying:
- Open the MPESA menu
- Select Lipa Na MPESA
- Choose the pay bill option, and on the business number section, enter the Lion Cash Paybill number 309517
- Then, the account number should be your registered Safaricom number
- Enter the amount you want to pay
- Put your MPESA pin, confirm if all the details are correct, and press ok
After successful repayment, you will receive a confirmation message with your payment history. However, if you did not receive an SMS and your payment did not reflect on your loan app, you can contact customer care support for help.
Again, let me mention this quickly: Lion Cash penalizes all late repayments with an amount they do not disclose.
Lioncash Loan App Contacts
If you have any questions about the Lion Cash Loan app, you can reach their customer care through the following;
- WhatsApp number: 0769 354 523
- Official website: www.lioncash.co
- Physical location: Muthangari DR, Nairobi Kenya
Why Lion Cash?
So, why opt for Lion cash when there are so many mobile lenders? Well, it boils down to these advantages:
- An easy loan application process
- Quick loan disbursement to your MPESA
- You can grow your limit
- No collateral required
- Higher loan limits (up to Ksh 50,000)
- No long queues or paperwork needed
- You can apply for a loan anywhere and at any time in Kenya
Cons of Lion Cash
Below are a few concerns about the Lion Cash app:
- Privacy invasion – The loan app sends threatening messages and calls anyone on your contact list if you don’t pay your loan on time
- The app requires a lot of your personal information before lending you some cash
- Most people in the customer review section complain of their dissatisfaction with the customer care representative
Is My Data Safe with Lion Cash?
According to the Lion Cash website, your privacy matters to them. All the data you provide when registering and applying for the loan is safe and protected by encryption technology. They promise not to sell or share your details with any third party.
However, if you violate the agreement and fail to pay the loan even after subsequent reminders, Lion Cash can forward your name to the CRB for blacklisting.
When this happens, your credit score is affected, and you may fail to get future loans from other lenders. So, it’s good to keep your end of the bargain.
People Also ask
1. Does Lion Cash App Penalize All Late Repayments?
Though Lion Cash doesn’t specify the amount, they usually punish late payments according to their terms and conditions. So, it’s essential to pay on time to avoid the penalties. Besides, paying the loan amount on time also boosts your chances of getting a higher limit.
2. What is Lion Cash Paybill?
If your loan is due and you want to pay, you can use the Lion Cash pay bill 30 95 17. There is no other pay bill for Lion Cash rather than this. Avoid scams!
3. Is Loan Lion Legit?
Yes, Lion Cash is legit. The company has a physical office at Muthangari and a functional website and app. So, you can use any of these channels to confirm its legality.
4. Who Owns Lion Cash Loan App?
Lion Cash loan app is a product of LionCash Global.
5. Why Did Lion Cash Loan App Decline My Loan Request?
If there are discrepancies with your information during the loan application, Lion Cash will deny your loan application. Also, if you are blacklisted by CRB or have a pending loan with the company, they’ll deny your loan application.
And in rare circumstances, if you have no borrowing history, Lion Cash may also deny your loan application.
6. Who Can Get a Loan with Lion Cash?
Anyone living in Kenya with a good credit score, an android smartphone, a registered Safaricom line, and an active MPESA account between the ages of 20 – and 60 can get a loan with Lion cash.
Closing Thoughts on the Lion Cash Loan App:
You now know that you can turn to Lion Cash the next time you want a quick emergency loan to settle a quick bill. However, the secret to getting a higher loan limit is to borrow frequently and pay on time and avoid penalties and CRB.