GOCASH is a lending app that allows users to get money with no hassle. It is possible to borrow up to N300,000 using the app and pay it back later. GOCASH also permits longer loan terms and low-interest rates. This article will help you in how to get an advance through GOCASH.
The process of borrowing funds at Commercial and Microfinance banks is lengthy, requiring many forms of documentation. The process of getting loans from these banks might not be feasible without collateral or the help of a Guarantor.
But, GOCASH needs none of those requirements. All you have been able to do is install the application to meet the prerequisites before applying for the loan.
Benefits of making use of GOCASH
1. You can take out loans of as much as $300,000 through GOCASH.
2. GOCASH does not require collateral or any guarantees from guarantors. The only requirement is to supply the Bank Verification Number (BVN).
3. You can enjoy low-interest rates when you use GOCASH. GOCASH charges just an interest charge of 4.4 percent per month.
4. GOCASH lets its users take out loans and then pay them back in a few months.
What Are GOCASH loan Requirements?
To obtain loans from GOCASH you must satisfy a couple of requirements. These are given below.
- It would help if you were in Nigeria.
- It would help if you were between the age range of 20 and 55 years old.
GOCASH will also ask for information from you. This includes:
- Account number.
- Your Bank Verification Number.
- Your number.
How To Receive A Loan from GOCASH
Take the next steps listed below to discover how to obtain an advance from GOCASH.
1. Install the GOCASH app through Google Play. Play Store.
At present, GOCASH is only supported by Android devices, meaning iPhone users won’t take advantage of it.
To access GOCASH, you must install it on your Android phone. You can do this through Google Play Store. Google Play Store.
2. Create an account.
The app will be launched after the installation has been completed. Complete the necessary information and sign up for your account.
3. Choose the amount you’d like to apply to.
Choose the amount you would like to borrow, and then apply. Then you will be directed to a new page.
4. Input your basic info and then submit your application.
The next step is to need to complete all entries with the correct details. Make sure to double-check your entries for errors before pressing the submit button.
5. You can deposit the loan directly into your account with your bank.
It will take a few days until your loan application be accepted by GOCASH. After approval, the loan will be transferred into your account at the bank.
What is the maximum amount you can receive from GOCASH?
When you are a registered user, you can take loans ranging from N300,000 using the GOCASH application.
But, you may not be able to obtain an amount that is large at the time of your initial request. If you want to access a greater amount, be sure to adhere to your agreements and pay by the deadline.
GOCASH Interest Rate
For every loan you get, GOCASH charges an interest rate of 4.4 percent monthly. This is 26.4 percent each month and 52.8 percentage annually.
GOCASH loan time
One of the benefits of using GOCASH is that you can get loans to cover a long duration.
In contrast to loan apps which require payment in 14 days or less, GOCASH has a loan period that spans between the shortest period of 91 hours (3 months) to 365 days (12 months).
Repayment of the loan
GOCASH will require payment in the period of 91-365 days. The amount that you have to pay will be determined based on the loan’s term.
For instance, if you took out a loan for six months and took out NGN 1000, You will be charged 4.4 percent each month. This is 26.4 percent after the six months (your payment due date).
The amount due is the loan incurred ( NGN 1,000) plus interest ( NGN 264). It is a total amount of 1 264 NGN.
GOCASH Reviews (Scam Or Legit)
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