Dovekash is a loan app that offers fast and easy loans to Nigerians. The app is made for people who need money quickly and want a simple way to get it. You can apply for a loan with your smartphone without visiting a bank or filling out paper forms. Everything is done online.
This app is run by Step By Step Microfinance Bank Limited. It is a licensed lender in Nigeria and is listed on the FCCPC website. This means it is registered and allowed to give loans legally. This gives users more confidence to borrow from Dovekash.
How Dovekash Works
Dovekash is easy to use. First, you download the app from the Google Play Store. After installing it, you create an account by providing your name, BVN, and other details. You then choose the amount you want to borrow and the repayment period. Once approved, the money is sent to your bank account. The entire process can be completed in one day.
The app does not require any collateral. You don’t need to give them your property or any guarantee. You also do not need to visit any office. Everything happens on your phone.
Loan Amount and Terms
Dovekash offers loans from ₦5,000 to ₦60,000. The loan period can be between 91 days and 360 days. The interest rate is 0.08% per day, and the maximum yearly rate is 36%.
For example, if you borrow ₦10,000 for 360 days, you will pay back ₦10,000. You will receive ₦7,500 in your account because a service fee of ₦2,388 and interest of ₦112 will be deducted. This means the app gives the full loan value on paper, but you get less in cash.
Understanding the Fees
One thing Dovekash tries to be clear about is the fees. They explain all charges before you accept the loan. There are no hidden fees. However, the service fee can be high. In the example above, the service fee was over 23% of the loan amount. This means you should always read the terms well before you accept.
Who Can Apply
The app is made for Nigerians only. To use it, you must be:
- A Nigerian citizen
- At least 18 years old
- Have a valid BVN
- Have a Nigerian bank account
- Living in Nigeria
If you meet these requirements, you can apply for a loan.
How to Pay Back
You can repay the loan using internet banking, mobile banking, or by using your bank’s ATM. It’s better to pay on time because this helps improve your credit score. If you repay late, your score may go down, and you may not get bigger loans in the future.
The app also has a smart credit scoring system. It checks your income, past loan records, and how you spend your money. This helps the app decide how much to lend you and how long you should take to repay. If you borrow and repay on time, you may get larger amounts later.
Customer Support
If you need help, you can contact Dovekash through the feedback option in the app. You can also email them at atoutreach@dovekash.ng. Their customer care is available every day from 9:00 am to 5:30 pm.
They also provide a business address at No. 1 Harbour Industrial Road, Abada Office Building, 2nd Floor, Bridge Head, Onitsha, Anambra State, Nigeria.
Dovekash on Social Media
You can follow them on:
- Facebook: facebook.com/Dovekash.official
- Instagram: instagram.com/dovekash
- Twitter (X): x.com/Dovekash12
Things to Watch Out For
While the Dovekash is legal and licensed, you should be careful with repayment dates. Late payment can lead to extra charges or loan rejection in the future. Also, since the service fees can be high, the actual cash you receive may be much less than the loan amount you select. Always check how much money you will really receive and how much you need to repay.
Also, while they claim to be secure, it is still best not to overshare personal details. Only provide what is needed.
Final Thoughts
Dovekash is a fast and easy loan option for Nigerians. It works fully online and provides money to your bank account on the same day. It does not need collateral and is licensed by Nigerian authorities. However, the fees can be high, and you should read the terms carefully before you borrow. Use it wisely and only when you truly need it.
