Online loans have become a popular solution for tackling financial challenges in Nigeria, and the GoCash loan app is one such platform offering quick access to loans without collateral. This review delves into the key aspects of GoCash, including interest rates, safety, requirements, application process, and legitimacy.
About GoCash Loan:
GoCash is a Nigerian online lending platform that enables citizens to borrow money conveniently through an Android app, eliminating the need for collateral, paperwork, or documentation. With a focus on simplicity and accessibility, GoCash aims to provide easy and flexible loan options to Nigerians.
Interest Rate:
While GoCash offers loans with repayment terms ranging from 91 to 365 days, the interest rates can be substantial. The interest ranges from 4.5% to 34%, with equivalent monthly rates of 3% to 29% and an APR of 29% to 365%. For instance, borrowing ₦1,000 with a 6-month term incurs an interest rate of 4.4% per month, resulting in a total repayment of ₦1,263.
GoCash Loan Requirements:
To be eligible for a GoCash loan, applicants must meet several criteria:
- Be a Nigerian citizen aged between 20 and 55 years.
- Possess an Android phone with the GoCash app installed.
- Have a valid BVN, bank account, and email address.
- Demonstrate a steady monthly income, which influences the loan amount.
Application Process:
Applying for a GoCash loan involves these steps:
- Download the GoCash app (not available on Google Play Store or App Store).
- Register an account.
- Click “Borrow” and provide accurate information.
- Specify the loan amount and term.
- Wait for approval, and if accepted, the loan is credited to your bank account.
GoCash Loan App Repayment:
Loan repayment is convenient, as payments are automatically deducted from the linked debit/ATM card on the due date. Early repayment is also possible via the app’s “Repay” button.
Legitimacy:
Although GoCash is not available on mainstream app stores, it appears to be a legitimate platform. However, concerns arise due to high interest rates, negative online feedback, and the fact that GoCash operates under Sokoloan. Caution is advised when considering GoCash as a lending option.
Conclusion:
The GoCash loan app provides a quick and paperless solution for Nigerians seeking loans. Its ease of use, lack of collateral, and flexible terms are attractive features. However, the platform’s high interest rates and association with Sokoloan raise concerns about its overall suitability. Potential borrowers should weigh the pros and cons carefully before deciding to use the GoCash loan app.