Ultracash Loan App: Interest Rates, Hidden Charges, and Repayment Penalties

Getting fast cash through mobile loan apps is becoming common in Nigeria, but the cost of borrowing can be extremely high if you don’t pay attention to interest rates, loan terms, and repayment penalties. One of the loan apps borrowers regularly complain about is Ultracash.

In this review, we’ll look at Ultracash loan interest rates, repayment duration, overdue charges, and examples of how much you actually repay if you borrow.

Ultracash Loan Interest Rate

Ultracash charges an interest rate of around 35% on each loan cycle.

For example:

• If you borrow ₦10,000, you’ll need to repay ₦13,500 in less than two weeks.
• If you borrow ₦20,000, you’ll be required to repay ₦27,000.

This is far higher than what licensed digital lenders charge in Nigeria, where average interest rates are 10%–25% monthly.

Ultracash Repayment Period

Unlike standard loan providers that give 30 to 90 days repayment, Ultracash usually allows just 6–14 days.

That means:

• Someone borrowing ₦10,000 has to look for ₦13,500 within two weeks.
• A borrower taking ₦30,000 must find ₦40,500 almost immediately.

For salary earners or small business owners, this short repayment cycle makes it difficult to keep up without borrowing from another app.

Ultracash Overdue Charges

If repayment is delayed, Ultracash allegedly applies overdue interest of 5%–7% per day.

Here’s what that looks like:

• A ₦10,000 loan overdue by 7 days could add ₦3,500–₦4,900 extra charges, raising total repayment to about ₦18,400.
• A ₦20,000 loan overdue by 7 days could add ₦7,000–₦9,800, increasing repayment to nearly ₦36,800–₦38,000.

This daily penalty can quickly double your debt within weeks.

Ultracash Debt Collection Practices

Borrowers have reported cases of aggressive recovery methods, including:

• Mass text messages to contacts labeling borrowers as criminals.
• Insults and threats through WhatsApp.
• Public defamation using fake stories.

Such methods not only violate privacy but also worsen the borrower’s stress.

Is Ultracash Licensed?

There is no evidence that Ultracash is listed among CBN or FCCPC-approved lenders in Nigeria. This means:

• They cannot legally sue you for repayment.
• Their collection method relies mainly on harassment and intimidation.

Alternatives to Ultracash

If you need quick loans in Nigeria, safer alternatives with lower interest rates and longer repayment periods include:

• FairMoney Loan App
• Branch Loan App
• Carbon Loan App
• Aella Credit

These apps generally provide 30–90 days repayment windows and interest rates between 10%–30% monthly, far better than Ultracash’s structure.

Ultracash may look attractive for emergency borrowing, but the high interest rate (35%), short repayment window (6–14 days), and outrageous overdue charges (5%–7% daily) make it a dangerous financial decision. Borrowers should always compare loan apps, calculate repayment before applying, and prioritize licensed providers to avoid harassment.

ALSO READ: What Happens If You Don’t Pay Loan Apps in Nigeria