| Interest Rate | 40% |
| Duration | From 7 Days |
| Access Level | Public |
| Company Name | BloomKash |
| Phone 1 | |
| Phone 2 | |
| Website or Store | |
| Address | Solis House, Adembra Road, East Cantonments, Accra, Ghana |
| Category | Dangerous Loan |
| Company Email | help@bloomkash.com |
| Views | 132 |
BloomKash is a revolutionary mobile application designed to provide seamless access to credit for users in Ghana. With this app, you can easily apply for loans and manage your finances from the convenience of your mobile device, anytime and anywhere.
Loan Products
Tenure: The repayment period for loans ranges from 91 days to 365 days, giving you ample flexibility to manage your repayment schedule.
Loan Amount: You can apply for loan amounts ranging from GHC 65 to GHC 1,000, catering to various financial needs.
Interest Rate: The interest rate on loans is calculated on a daily basis, with a minimum of 0.1% and up to 1%. This translates to an annual interest rate ranging from 36.5% to 360%.
Origination Fee: A one-time origination fee is charged, ranging from GHC 23.7 to GHC 365, depending on the loan amount.
Example
For a 91-day loan with a principal amount of GHC 65, the processing fee is 36.5% and the interest rate is 2.8%. The processing fee would be GHC 23.7, and the interest would be GHC 1.8, bringing the total amount due to GHC 90.5.
Why Choose BloomKash?
Credit-Based Loans: You can apply for loans based solely on your credit, without the need for deposits or guarantees.
Quick Disbursement: Loans of up to GHC 1,000 are quickly disbursed to your bank account.
Digital Process: The entire application process is paperless and can be completed digitally on your mobile device.
Data Security: Your personal data is safe with BloomKash; it will not be shared with third parties without your consent.
Repayment Reminders: BloomKash sends reminders to help you keep track of your repayment schedule.
How It Works
Install the App: Download and install the BloomKash app from the Play Store.
Register: Create an account by providing your basic details.
Select Loan Product: Choose the loan product that suits your needs.
Submit Application: Fill out your basic information and submit the loan application.
Verification: You may receive a call for verification. The final result of your application will be displayed in the app, and you will be informed by SMS if approved.
E-Sign Agreement: Once approved, e-sign the loan agreement.
Disbursement: After e-signing, the loan amount will be disbursed to your account, and you will receive an SMS notification.
Eligibility Criteria
To be eligible for a loan from BloomKash, you must:
Be a resident of Ghana.
Be between 20 and 55 years old.
Have a source of monthly income.
Contact Us
For any inquiries or support, you can reach us at:
Customer Service Email: help@bloomkash.com
Customer Service Hotline: +233 307000566
Address: Solis House, Adembra Road, East Cantonments, Accra, Ghana
Expert Counsel
Loan apps may seem like a quick solution for cash, but they often come with serious risks. Here are 10 important tips to keep in mind when dealing with online loan apps:
1. Only Download Loan Apps from Official Sources
Never download loan apps from sources outside the Google Play Store. Downloading from unofficial sites increases the risk of cyberbullying, as these apps may misuse your personal information, including contacting people in your address book without consent.
2. Be Prepared for Harassment if You're Late on Payments
Even if you’re just a day late, you can expect to receive a barrage of aggressive and unpleasant messages, particularly on WhatsApp. If the harassment escalates, don't hesitate to block the sender to protect your peace of mind.
3. Extremely Short Repayment Periods
Most loan apps offer repayment periods between 6 and 14 days, making it difficult for borrowers to meet their payment deadlines. This short repayment window often traps people in a cycle of debt
4. High Overdue Interest Rates
If you miss a payment, expect daily overdue interest rates between 5% and 7%. These high rates make it incredibly easy to spiral further into debt.
5. Reputation Damage is Their Leverage
Once a loan app has publicly shamed or tarnished your reputation by sending messages to your contacts, their goal has often been achieved. At this point, some borrowers choose not to repay the loan since the damage is already done. You can also generate a disclaimer to counter any false claims made by the app.
6. Don’t Borrow from Other Loan Apps to Repay Your Debts
Taking out new loans from other apps to settle existing debts will only worsen your financial situation. This strategy leads to a deeper cycle of borrowing and repaying.
7. Use Truecaller to Block Harassing Calls
Truecaller is an effective tool for screening and blocking calls from loan apps. This will help you avoid unnecessary stress and harassment from lenders.
8. Break the Cycle by Stopping Borrowing Altogether
The best way to escape the clutches of loan sharks is to stop borrowing entirely. It may be difficult, but cutting off access to these predatory loans is key to regaining control of your finances.
9. Block and Report Harassers
If you receive harassing messages on WhatsApp, block the sender and report them directly to WhatsApp and the Google Play Store. This helps prevent others from becoming victims of the same predatory practices.
10. Avoid Loan Apps Altogether
Loan apps are often designed to trap you in a cycle of debt, ruin your finances, and exploit your personal information. The safest option is to steer clear of them entirely and seek more secure financial alternatives.
By following these tips, you can protect yourself from the damaging effects of predatory loan apps and safeguard your financial well-being.
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