Neocash Mobile 2.6.6

Review of NeoCash Loan Application

NeoCash, an innovative offering from Shepherd Trust Microfinance Bank, targets residents of Lagos State, providing a streamlined approach to personal loans. This digital platform allows borrowers to apply for amounts ranging from ₦5,000 to ₦5,000,000 in just a few minutes, making it an appealing option for those seeking quick financial support.

One of the notable features of NeoCash is its customer-centric philosophy, reflecting a commitment to enhance the banking experience since the bank's establishment in 2011. With the goal of incorporating a human touch into digital banking, the app endeavors to maintain a focus on reliable service and accessibility.

Key Features:

• Loan amounts available from ₦5,000 to ₦5,000,000
• Flexible repayment tenure options
• Prompt access to funds without hidden fees
• Immediate crediting of accounts upon loan approval
• No collateral or guarantor required for most loans
• A secure and dependable application process

Loan Specifications:

• Loan Amounts: ₦5,000 to ₦5,000,000
• Repayment Period: 61 days to 12 months
• APR: 30% to 120% per annum

Application Requirements:

• A stable and verifiable source of income (employment or business)
• Recent bank statement to verify income
• Government-issued identification card
• A favorable credit history

Example Loan Scenario:

If one were to borrow ₦100,000 with a repayment plan over three months, the total interest accrued would be ₦7,500 at a rate of 2.5%, resulting in three monthly repayments of ₦35,833. This culminates in a total repayment amount of ₦107,500 with a representative APR of 30%.

This overview provides insight into NeoCash as an efficient solution for personal financing needs within Lagos State.