MY BITTER EXPERIENCE WITH CASHDRIVE (A loan company).
We all do seek financial help one way or the other; but while doing this, let's be very careful and know the kind of devil we want to eat with, so that you will know how long your spoon would be!

Am a Uber driver, exactly 4 months and few days ago(July); i needed to pay some bills. I went to Cashdrive ( I heard about them on radio). I applied for a loan of 200k payable in 6 months. The total amount I was to pay with interest for the 6 months tenure loan was around 290k. But when the loan was disbursed, I was credited with just 135k! They claimed 65k is for the car insurance for the 6 months period, and also the installation of the car tracker.

The repayment is due 13th of every month. I paid back my first instalment of 50k in Aug; I paid back my 2nd instalment in Septemberof but i later have some challenges, I defaulted in October! The 4th repayment was due on the 13th of this month! I was making effort to try and make my repayment.

On the 16th of November, 3 days after I defaulted; coincidentally,, I was just telling the rider in my car, a guy about how i am indebted to a finance company when my car got shut down through the tracker they had installed! I was about looking for a rewire when I got a call from their office that they were the one that shut down my car, that i should wait for their recovery team! Few minutes after, a guy showed up and we born drove down to their office at Lekki.

When we got to their office, a lady came to meet me; and she said my total outstanding was *N314,386.34* ! screamed! She said this amount is my total outstanding to liquidate the loan, the sum of *100k was also included as "possession fees"* I.e the 314k is made up of 4 months repayments and 100k for "possessing" the car! This is the car I drove to their office by myself, not that it was towed!

After running around I was able to raise 200k! I pleaded with them to just release my car to work for just 2 weeks to raise the balance, they insisted I must clear everything before my car would be released; this is a loan that I still have extra two month to pay ideally.!

My car is still with them,, and am still trying to raise the money. I met a lot of drivers there too that their stories was more pathetic than mine! Most of them "gave up" and they have to sell their cars__,! They walk away with the any balance the have left after paying cashdrive!

Don't be deceived by their adverts on radio; there is more to it that meets the eyes! Think twice before you take a loan from them. You are good if you don't default but remember shit do happens.
*NB; It means I am paying back a total of N415k( this includes the 2 months I paid) for N135k! In just 4 months_*

When you take a loan, don't default....... Nobody was forced to take their loans.......


They are called loan sharks for a reason....... If the government/legislation/enforcements, fails to protect...........

You owe yourself that duty, to protect yourself.......

Lexusgs430:
When you take a loan, don't default....... Nobody was forced to take their loans.......


They are called loan sharks for a reason....... If the government/legislation/enforcements, fails to protect...........

You owe yourself that duty, to protect yourself.......

Default or no Default, that is stealing.
The interest rate is too much.

aremuforlife:

Default or no Default, that is stealing.
The interest rate is too much.

When signing on the dotted line and allowing them fit a tracking device......

Was the interest rate hiding under a table ?.....

That's why when I hear anything loan..I run.sorry for your experience, I know shit happens but pls try to avoid anything loan in your future endeavours.