NeoCash Loan App Review [Legit or Scam in 2024?]

We all love the idea of instant loan approval. However, while some loan apps are worth it, others are as good as being uninstalled from our devices. So, today’s publication is about the NeoCash loan app review. Here, we will look at the characteristics of this lender, and see if it’s worth it or not. This is not the traditional review you come across online because this blog prefers honesty.

So, NeoCash only offers loans for Lagos residents. This app is run under the Shepherd Trust Microfinance Bank. Here, you can obtain a loan from ₦5,000 to ₦5,000,000. The loan app claims to issue instant loans in just 5 minutes but this is not exactly the case.

Yes, no collateral or guarantor is required. Understand that NeoCash operates as a unit MFB license. As such, this lender is only licensed to operate in Lagos state in Nigeria. Therefore, it’s not worth it to apply for a loan here if you reside outside Lagos.

NeoCash Review: Is NeoCash Loan App Legit?

NeoCash loan app review

Well, the genuine reviews about this loan app are filled with complaints about it being broken in so many ways. Hopefully, NeoCash is able to fix this. And as for the question, yes, NeoCash is 100% legit but also questionable at the same time.

Some of its activities make the app questionable, even though it actually gives out loans to people. NeoCash is certified by the CBN (Central Bank of Nigeria) under the name Shepherd Trust MFB.

#updated (the FCCPC license status)

NeoCash is on the approved list of loan apps recognized by the FCCPC (Federal Competition & Consumer Protection Commission). It has a waived license due to its CBN license. You can check the FCCPC record yourself.

The first impression is the quality of user reviews on the Google Play Store. These reviews are so similar and seem like bought reviews just to counter the massive negative ratings of this loan app. Is NeoCash receiving lots of bad reviews? Yes, it is but none about scams because NeoCash is legit. It’s just that this app is so badly broken, and can be really frustrating trying to obtain a loan. So, what they promised as ‘instant’ loan approval can turn into days or weeks, and sometimes, they never get back to you after collecting your personal information.

By the way, NeoCash requesting your bank statement and BVN does not make them a scam. It’s actually a legit loan app, except its buggy app and poor maintenance make it look like one.

How Does NeoCash Work?

NeoCash, like any loan app, works by installing the app and then requesting a loan. Don’t be so fast because it’s actually not as simple as this as it can be frustrating at times.

For instance, if you take out a NeoCash loan:

You get ₦100,000 for 3 months. The interest (the total cost for borrowing this money): ₦7,500 (which is at a 2.5% rate). You’ll make three monthly payments of: ₦35,833. So, the total amount you’ll pay back is ₦107,500. This is an example of a 30% APR.

This is just an example because the interest rate can be higher than this, meaning you get to pay much more than in this example.

So, you’d have to meet some eligibility requirements to receive a loan from NeoCash.

  1. You need to have a stable and verifiable source of income.
  2. A bank statement to prove income.
  3. Good credit history.
  4. A valid government-issued ID card

If you do not have what it takes to repay this loan, do not apply for it in the first place. NeoCash is a loan shark, and not worth it if you can’t afford to pay back.

How to Use NeoCash Loan App

It’s actually simple to use but it can take longer than necessary to get a loan approval. So, here’s a 4 step application process:

  1. Download the NeoCash app from the Google Play Store or Apple App Store.
  2. Sign up with your personal information.
  3. Wait for NeoCash to verify your business and information, which can take more than 3 business days.
  4. Obtain the loan amount.

You can borrow up to ₦5,000,000 and select your payment tenure. Make sure you are aware of the repayment terms before accepting the loan. If anything seems off, do not take it. NeoCash will promise that there are no hidden charges but make sure to look out for them.

Pros and Cons of NeoCash Loan App


  • Instant loan approval.
  • Available on Google Play Store and Apple App Store.
  • Approved by the CBN under the name Shepherd Trust MFB.


  • Available in Lagos only.
  • It’s a loan shark.
  • High Interest rates.
  • Too much personal information is required on sign-up.
  • Not on the FCCPC record.
  • The loan approval speed is slower than promised.
  • May take days to verify your BVN and ID.

Is NeoCash Loan App Safe?

NeoCash is very quick to collect your personal data but is it even safe with them? Well, you can’t be certain about how loan apps handle your private information. However, you can only trust them to keep it safe. If you feel uncertain about sharing your personal information with NeoCash, don’t do it. If you have already, contact them to permanently remove your personal information from its database.

NeoCash will typically collect your personal information, including your name, address, email, phone number, financial and credit card information, personal description, employment and education information, social media login information, etc.

Also, when you visit NeoCash website or use the app, it can collect information about your IP address, browser type, and operating system. This app can use your information to typically determine your loan eligibility, and terms, and to provide other products or services. This includes using your data to establish a credit rating and share it with third parties (with your consent) interested in offering you financial products. NeoCash may also use your information for marketing purposes.

Remember that NeoCash is based in Lagos, and for Lagosians only. It can collect your location data during the loan application process for credit risk assessment and to prevent fraud. If you don’t feel comfortable about the safety of sharing your information with this app, don’t do it.


So, that’s it—we’ve just looked at the NeoCash loan app review. Is it a legit loan app? Yes, it is, and not a scam. However, it is not perfect. Its app has bugs and you will encounter delays when it comes to identity verification and loan approval. NeoCash is a loan shark, and the loan application process isn’t as fast as it promises after all.

Read AlsoIs BGloan Legit in Nigeria?

Leave a Reply