Gocash loan app: interest rate, is it legit and how to apply - Startuppreneur

Gocash loan app: interest rate, is it legit and how to apply

Gocash is a loan app in Nigeria. They give instant loan with out collateral or paper work, as long as you meet up with their requirements.

You don’t need to visit any location before you will obtain their loan with your smart phone, you are good to go. With this loan app you can obtain up to #300,000 at a go.


Requirements to obtain loan from go cash loan app

Below are the requirement you need to meet up with before you can proceed to obtain loan from this app

Have good credit score

Have bvn and bank account


Have source of income

Be above 20 years of age and below 50 years of age

Reside in Nigeria

Once you have all this requirement, it is time to obtain loan

How to apply for gocash loan

The first step to take is to head over to play store and download the loan app

Register with your name, bvn and other details

You will be ask to bind your ATM card which might attract #30 fee, do so and proceed

Once you are done with registration you will be login to your account

On your dashboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much you can obtain from this loan app

Like many loan app in Nigeria there is  maximum amount loan you can obtain form this loan app which is #300,000.

As a first timer you will not get up to this, your maximum loan might be #30,00 but as you continue to use the loan app, this will increase.

Go cash loan interest rate and repayment period

Gocash interest rate is between 5% to 35% depending on the amount of loan secure. Their repayment period is between 7 days to 90 days also depends on the amount of loan obtain.

As a first timer be ready for high interest rate and short repayment period. It will improve as you continue to take loan from this app.

Paying back your go cash loan

To payback your loan head over to your dashbaord

click on loan repayment

There you will see deferent option to pay back your loan

Click on one and make payment

Once you make payment it will reflect on your dashboard

If it does not you should contact them.

What will happen if I default or refuse to pay back

If you default you will be punish by Increase in your loan Interest rate which might be up to 2%.

If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.

Trust me this process is usually time consuming, your best bet is to pay your loan as at when due.

Is gocash loan app legit

Yes, gocash loan app is legit they will surely give you loan but they are not license by CBN nor insured by NDIC

Our final verdict on gocash loan app

Gocash loan app is a legit loan company, they will surely give you loan the only problem is that they are not license by CBN. Apart from this there so noting to fear; they don’t send defamatory message to their customer’s contact, but ensure you pay back your loan.


Above is how to obtain loan from gocash. They will surely give you loan, but ensure you take loan that you know you can pay back to avoid embarrassment and had I know.

Also know that they are not license by CBN if things go wrong it will take time before CBN will interfere.

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