You may get a loan up to N300,000 with the NowCash loan app without putting up any collateral or paperwork. They are one of Nigeria’s legitimate loan apps.
Before obtaining the loan, you don’t need to go anywhere; all you need is a phone. On this app, applying for a loan is simple, and if your application is accepted, you will receive credit in 30 minutes.
Table of Contents
Requirement to obtain loan from nowcash loan app
Before you can obtain loan from this app you need to meet up with some requirement, which are
- Have bvn and bank account
- Have source of income
- Be above 18 years of age
- Reside in Nigeria
- Have ATM card
- Have smart phone with which to download the loan app
Once you have all these requirement you can go ahead and apply for the loan.
How to apply for nowcash loan app
The loan app should be downloaded as a first step from the Play Store.
Sign up with your name, BVN, and other information.
You will be prompted to bind your ATM card, which could result in a cost of $30. Do so and continue.
Once registration is complete, you can login to your account.
Find the loan option on your dashboard and click it.
You can view the loan amount you are qualified for there.
Click it, then wait for the payment.
How much you can obtain from nowcash loan app
With the nowcash lending app, you may acquire a loan up to $400,000 without any collateral or paperwork. If a first-time user, you won’t be able to get up to this amount, but as you use the app more frequently, the amount you can get will go up.
Nowcash loan interest rate and repayment period
Depending on the loan amount and the repayment duration, the nowcash loan app has interest rates ranging from 5% to 30%.
Depending on the loan amount obtained, the repayment time ranges from 7 days to 180 days. Your interest rate will be high and your repayment period will be brief if this is your first application. This will get better if you use the app more frequently.
Repaying your nowcash loan
For loan repayment get on your dashboard.
the loan payback link
There, you can find various options for repaying your loan.
Click the one to purchase it.
When you make a payment, your dashboard will show it.
If it doesn’t, get in touch with them.
What will happen if I default or refuse to pay back
For loan repayment get on your dashboard.
the loan payback link
There, you can find various options for repaying your loan.
Click the one to purchase it.
When you make a payment, your dashboard will show it.
If it doesn’t, get in touch with them.
Is nowcash loan app legit
They are legitimate and will provide you a loan without a doubt, but they are neither licensed by the CBN nor insured by the NDIC.
Conclusion
Although they will grant you a loan, NowCash does not have a CBN license or NDIC insurance, so their loan application is subpar.
They have among the worst interest rates and terms of repayment.
When obtaining a loan from this app, use cautious.
Here’s how to use the NowCash Loan App to get a loan. In actuality, they will provide you a loan, but the math will be unfavorable; if you default, they will disseminate false information about you to your connections. I would advise you to stay away from this loan application.