Dohcash is a loan applications in Nigeria which provides quick loans with no any collateral or paper work.
There is no requirement to go to any place to receive the loan on your smartphone once you’re ready to go. With this loan app , you could get up to 50,000 in a single transaction
A loan application must be approved by dohcash
There are a few requirements you have to comply with prior to obtaining a loans through this app.
Have a good credit score
Are you able to earn a living?
Have a bank account and bvn
You must be over. 18 years old
Reside in Nigeria
How do I apply to get a Dohcash loan
The first step is to visit the Google Play Store then download the borrow application
Enter your name, contact number, bvn, and other information
You’ll be asked to tie your ATM card, which could result in a the fee of $30, so do it and then proceed
After you have completed your registration, you will be able to login to your account.
Find your dashboard and click on the loan
You will be able to see the what amount of loans you are eligible for
Just click it and wait for the payment to be made
How much can you borrow through the Dohcash application for loans
The app for loan is brand fresh, and you cannot receive more than #50,000 of loans in the past even though the time of the first time you’ve used it. You are not able to obtain more than that amount. The loan you can qualify for is around $20,000, which will increase later when you continue taking loans from the company.
Dohcash rates of interest and time to repay
Dohcash the interest rates are 36% per year and 33% per month, contingent on the loan amount obtained . The period of repayment is 90 days and the end of 365 days. For first-time users, the rate of interest will be very excessive, while the repayment time are short. If you continue to use the app, your repayment times will decrease.
Repaying your Dohcash loan
To pay back your loan, make sure you are on your dashboard
Click on the loan repayment button
You will be presented with a an option to defer repayment of the loan
Click on the link and pay
When you pay, it will show up on your dashboard
If not, you need to make contact with them.
What happens in the event that I fail or do not pay back
If you fail to pay you will be penalized with an increase in the rate of interest on your loan that could be as high as 2.2%. If you do not pay your name and bvn will be sent to the credit bureaus for blacklisting, which means that you won’t be able to get loans another time within Nigeria until you have paid back and have cleared your credit bureau.
Is dohcash loan legit
Yes Dohcash Koan is legitimate They have provided loans to numerous individuals in Nigeria however they do not have licensed by CBN
Our final conclusion on Dohcash loan
Dohcash loan will definitely offer you a loan, and they have an excellent review on the Play Store at the time of writing this article.
They don’t charge the processing of loans which is great. Their issue is that they’re not licensed by CBN therefore be cautious when you take a loan from them.
There are a lot of loan apps available in Nigeria that, with just one click of your phone you will be able to get the loan. I suggest you choose a loan you can pay back so that you can avoid the risk of being in a position to repay it.