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

Papacash will give you instant loan in Nigeria with out collateral or paper work. Their loan processing is fast within 1 hour of submitting application your loan will be disburse. With papacash you can obtain up to #100,000 loan at a go

Requirement to obtain papacash loan

Below are the requirement you need to meet up with to obtain this loan app

Have good credit score

Have bank account and bvn

Have source of income

Be above 18 years of age

Have smart phone with which to download the app

How to apply for papacash loan

Head over to play store and download the app

Launch it and register with your name and other details

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

After the registration you will be login to your dashboard

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 papacash loan app

With papacash you can obtain up to #100,000 loan without collateral or guarantor. As first timer you will not be able to obtain up to this amount but as you continue to take loan and pay back the amount of loan you can obtain will increase.

Papacash loan interest rate and repayment period

Papacash loan interest rate is between 15% to 25% depending on the amount of loan obtain and the credit score.

Their repayment period is between 7 days to 90 days also depend on the credit score and amount of loan obtain.

How to pay back your papacash loan

Login to your dashboard

Locate and click on loan repayment

There you will see options to pay back your loan

Click it and pay back your loan

Once you make payment it will reflect on your dashboard

You can also pay back through bank transfer, to that contacts them and ask for their account number. Ensure you have their correct account number before you make transfer to avoid story that touch.

What will happen if I default

If you default your loan interest rate will be increase by 2% as a punishment if you decid not to pay back at all, your name and BVN will be send to credit bureau for black listing which means you will not be able to obtain loan again until you settle your debt.

Is papacash loan legit

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

Our verdict on papacash loan app

Papacash loan app have good review on play store as at the time of writing this article.

They have given loan to many people in Nigeria, the only problem with them is that they are not license by CBN so exercise caution when taking loan from them.

Conclusion

Above is how to obtain loan form papacash, their loan is easy and hassle free. Since they are not license by CBN they can do and undo so take loan that you know you can back to avoid embarrassment.

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