GOCASH is a loan app that allows its users to borrow money without much stress. You can borrow up to ₦300,000 on this app and pay later. GOCASH also allows longer loan periods while charging low-interest rates. This article will guide you on how you can get a loan from GOCASH.
Borrowing money from Commercial and Microfinance banks is a long process that involves too much paperwork. Getting loans from these banks may not be possible without collateral or a guarantor.
However, GOCASH needs none of that. All you need to do is download the app, meet up with the requirements and then apply for the loan.
Benefits of using GOCASH
1. You can borrow up to ₦300,000 from GOCASH.
2. GOCASH does not request collateral or any guarantor. You will only need to provide your Bank Verification Number (BVN).
3. You will enjoy low interest rates when using GOCASH. It charges only an interest rate of 4.4% per month.
4. GOCASH allows its users to borrow loans and pay them back after some months.
GOCASH loan requirements
To borrow loans from GOCASH, you need to meet up a few requirements. They are listed below.
- You must be living in Nigeria.
- You must fall within the age of 20 to 55 years old.
GOCASH will also request some details from you. They include:
- Your account number.
- Your Bank Verification Number.
- Your phone number.
How To Get A Loan From GOCASH
Follow the steps below to learn how to get a loan from GOCASH.
1. Install the GOCASH APP from the Play Store.
For now, GOCASH is only supported on Android devices, which means iPhone users can’t make use of it.
To use GOCASH, you have to install it on your android phone. You can do that by visiting the Google Play Store.
2. Register an account.
Launch the app after the installation is complete. Fill in the necessary details and register your account.
3. Select the amount you would like to apply for.
Select the amount of money you wish to borrow and proceed with your application. You will be directed to another page.
4. Fill out your basic information, then apply.
On the next page, you have to fill out all the entries with the appropriate information. You should cross-check for mistakes before clicking the submit button.
5. Receive your loan straight into your bank account.
Wait for a while for your loan application to be approved by GOCASH. Once approved, the loan will be sent to your bank account.
How much loan can you get from GOCASH?
Once you become a user, you can take a loan ranging from ₦5,000 to ₦300,000 on the GOCASH app.
However, you might not be eligible to borrow a high amount of money on your first request. To have access to a higher amount of money, make sure you stick to agreements and pay on/before the due date.
GOCASH interest rate
For any loan you take, GOCASH charges an interest rate of 4.4% per month. This amounts to 26.4% every 6 months and 52.8% yearly.
GOCASH loan term
One of the advantages of using GOCASH is that you can borrow loans for a long time.
Unlike some loan apps that demand payment within 14 days, GOCASH has a loan term ranging from 91 days (3 months) to 365 days (12 months).
Repayment of loan
GOCASH requires payment within 91 to 365 days. The amount to be repaid will be calculated based on your loan term.
For example, if you selected a 6-month loan and you borrowed NGN 1,000, you will be charged an interest rate of 4.4% every month. That makes it 26.4% at the end of 6 months (your due date).
The amount to be repaid will be Loan Borrowed (NGN 1,000) + Interest (NGN 264). That makes it a total of NGN 1,264.
GOCASH head office address
The head office of GOCASH is located at Venia Business Hub, Plot 8, Providence Street, Lekki Phase1 in Lagos State, Nigeria.
GOCASH customer care number and email address
For inquiries or complaints, you can always reach out to GOCASH Support through their email address: Gocashservice@gmail.com. Their customer care number is 07064903868.
You can also reach out to them on their Facebook Page.