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

Qcash loan app is another loan app in Nigeria where you can obtain loan without collateral or paper work. Their loan processing is very fast, within one hour of submitting application, your loan will be disburse.

With qcash loan app you don’t need to visit any location all the processing will be done on your phone. You can obtain up to #100,000 at a go from this loan app.

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Requirement to obtain loan from qcash loan app

To obtain loan firm this app you need to meet up with some requirement, which are

Have good credit score

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Have bvn and bank account

Have source of income

Be above 18 years of age

Have smart phone with which to download the loan app

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Once you meet up with this requirement, it is time to apply for this loan

How to apply for qcash 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 Qcash loan app

The maximum amount you can obtain from this loan app is #100,000 and if you are a first timer the amount you are eligible to obtain will be less than this, it might be #30,000 but as you continue to take loan from this app and pay back on time the amount of loam yon can obtain will increase.

Qcash loan interest rate and repayment period

Qcash interest rate is between 5% to 30% depending on the amount of loan obtain and the repayment period. The repayment period is between 7 days to 180 days, also depends 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.

Paying back your qcash 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 wil 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 qcash loan legit

Yes qcash loan app is legit, there are evidence online that support this. They have given loan to many people in Nigeria but they are not license by CBN.

Our final verdict on qcash loan app

Qcash loan app is legit, they have positive and negative review on play store which is not good.

They do not send defamatory message to their defaulter’s contact but ensure you pay back your loan to avoid story that touch.
They lie about their repayment period, if you are applying for the first time, your repayment period will start from 7 days. Also they are not license by CBN. So exercise caution when taken loan from them.

Conclusion

Though qcash loan app do give loan, I will advice you to take loan that you know you can pay back try to avoid embarrassment.

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