Borrowing ₦10,000 on Gogetcredit? Here’s What It Really Costs

Quick loans sound like a lifesaver when you’re broke, but the wrong loan app can bury you in more debt than you imagined. One of such apps is Gogetcredit, which promises fast cash but comes with short repayment periods, high interest rates, and aggressive debt recovery tactics. If you’ve been considering borrowing from this app, here’s a full breakdown of what it really costs, how much you’ll pay back, and the risks you should know before downloading.

GogetCredit Interest Rate 

Gogetcredit loans come with an interest rate of 35%, which is very high compared to regulated loan providers in Nigeria.

For example:

• If you borrow ₦10,000, you’ll need to repay around ₦13,500 within 14 days.
• Borrow ₦20,000 and you’re expected to return ₦27,000.

The problem doesn’t end there. Gogetcredit also applies daily overdue charges of 5% to 7% if you miss repayment.

Example:

• Let’s say you borrowed ₦20,000 and failed to pay on time.
• After just 7 days of default, your repayment could rise to over ₦35,000, making it almost impossible to catch up.

Repayment Window

Borrowers are usually given 6 to 14 days to repay their loans. This extremely short window leaves no breathing space and often traps borrowers into borrowing from one loan app to pay another, which only worsens the debt cycle.

Debt Recovery Tactics

Based on borrower complaints, Gogetcredit uses the following aggressive methods to recover money:

1. Contacting Your Friends and Family – They send SMS to people on your contact list, announcing that you owe money.
2. WhatsApp Harassment – Late payers report receiving embarrassing or threatening WhatsApp messages.
3. Defamation Strategy – Since Gogetcredit is not licensed by CBN, they cannot take legal action, so they use public shaming instead.
4. Continuous Calls – Expect back-to-back calls if you default, often from different phone numbers.

Risks of Borrowing from Gogetcredit

• Their high interest rates make repayment difficult.
• Short loan tenure pushes you into quick defaults.
• They are not licensed, so they operate outside CBN regulations.
• Threats about “credit bureau blacklisting” are often lies because most loan sharks are not linked to official credit reporting systems.

How to Protect Yourself

• Do not borrow from unlicensed loan apps. Choose trusted apps like FairMoney, Branch, or Carbon that follow CBN rules.
• Block harassment using Truecaller to filter calls.
• Report abusive apps directly to Google Play Store and WhatsApp.
• Avoid the debt trap by looking for safer options like cooperative societies, microfinance banks, or salary advance schemes.

Gogetcredit may look like a fast solution during emergencies, but the high interest rates, short repayment period, and harassment tactics make it a risky option. Borrowers who want financial peace of mind should consider regulated loan apps or microfinance banks instead.

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