Mota cash loan app review: how to apply, interest rate, is it legit - Startuppreneur
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Mota cash loan app review: how to apply, interest rate, is it legit

Mota cash is one of the loan app that give instant loan in Nigeria, their loan processing is very fast you don’t need to visit any location before you will obtain the loan, with your smart phone you are good to go. With smart cash loan you can obtain up to #100,000 loan without collateral and paper work.

Requirement to obtain mota cash loan

Before you can obtain mota cash loan you need to meet up with some of their requirement which are

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Have good credit score

Have bank account and BVN

Have source of income

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Be above 18 years of age

Have smart phone with which to download the app

Once you meet up with this requirement the next thing is to apply for the loan

How to apply for Mota cash loan

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

Register with your name and other details

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

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

On your dashboard click on Ioan

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

Take the offer and wait for disbursement.

How much you can obtain from Mota cash loan

Mota cash loan is a new loan app the maximum amount you can obtain from them at the time of writing this article is #100,000 but as a first timer you will be able to receive up to this but as you continue to take the loan and payback, the amount of loan you can obtain will increase.

Mota cash loan interest rate and repayment period

Their Interest rate is between 5% to 10% and their repayment period is between 7 days to 3 months. all this depend on the amount of loan obtain.

As a first timer your interest rate will be much while your repayment period will be short. As you continue to use the app this will improve.

Paying back your Mota cash loan

To pay back your loan head over to your dashboard

Locate and click on loan repayment

There you will see different options to payback your loan

Click on one and make payment

Once you make payment it will reflect on your dashboard

If it does not reflect contact them

What will happen if I default

If you default you will be punish with increase in your interest rate. If you decide not to payback at all, your name, bvn and other details will be sent to credit bureau for black listing, which means you will not be able to take loan again in Nigeria until you settle your debt and clear your name with credit bureau.

Is Mota cash loan legit

Yes, Mota cash loan legit
They will surley give you loan in Nigeria, but they are not license by CBN so exercise caution when taking loan from them.

Our verdict on Mota cash loan app

Mota cash loan app is legit, they have both good and negative review on play store. They will surely give you loan, but since they are not license by CBN I will advice you to exercise caution when taking loan from them.

Conclusion

Mota cash loan app will surely give you loan in Nigeria, but do not take loan that you can’t pay back, try to avoid embarrassment and had I know.

Also since they are not license by CBN if any thing go wrong it will take time before CBN will interfere.

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