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

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

Nowcash loan app is is where you can obtain up to #300,000 loan without collateral or paper work. They are one of the legit loan app on Nigeria.

You don’t need to visit any location before you obtain the loan, what your phone you are good to go. It is easy to apply for loan on this app and if you have successfully submit your application you will be credited in 30 minutes.


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 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 nowcash loan app

With nowcash loan app you can obtain up to #300,000 loan without collateral or paper work, as a first timer you will of not get up to this but as you continue to use the app, the amount you can obtain will be increase.

Nowcash loan interest rate and repayment period

Nowcash loan app is between 5% to 30% depending on the amount of loan obtian and the repayment period.

The repayment period is between 7 days to 180 days depending on the amount of loan obtain. If you are applying for the first time, your interest rate will be high while your repayment period will be short. As you continue to use the app, this will improve.

Repaying your nowcash loan

To payback your loan head over to your dashboard

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 nowcash loan app legit

They will surely give you loan, if it is to give loan, they are legit but they are not license by CBN nor insured by NDIC.

Our final verdict on nowcash loan app

Nowcash loan app is bad, though they will give you loan they are not license by CBM nor insure by NDIC.

They have one of the worst interest rate and repayment period. Exercise caution when taking loan from this app.


Above is how to obtain loan from nowcash loan app. In truth they will give you loan, but the after math of it will be bad, if you default they will send defamatory message to your contacts. My advice for your is to steer clear of this loan app

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