Thanks to technology, getting a loan is relatively simple today. With just your phone, you can get a loan in less than five minutes. NewCredit is one trustworthy website that gives you access to this deal. In essence, the NewCredit loan platform is an app that offers financial services and fast loans to Nigerians.
Nigeria’s NewCredit mobile loan platform provides rapid loans of up to N100,000 in 5 minutes. Since there is no need for collateral, borrowing loans is quite simple. Simply download the app, sign up, and submit an application to get a loan. Here’s how to use this app to apply for a loan.
Is the Newcredit loan legit?
The NewCredit platform may provide you with quick loans, and yes, it is legitimate. However, the interest rate is really expensive. It is a Nigerian-registered corporation that is governed by the Central Bank of Nigeria. Since it began operating in 2019, NewCredit has aided thousands of Nigerians in gaining access to rapid loans.
The cost of NewCredit loans must be considered, nevertheless. The annual interest rates for NewCredit loans typically range from 12% to 34%. This implies that you will be required to pay back N112,000 if you borrow N100,000 for a year.
How can I sign up and submit an application for a NewCredit loan?
Here’s what to do if you want to apply for a quick loan from NewCredit:
- Get the NewCredit app first by going to the Google Play Store. download it on your Android device after that.
- Open your personal account next by providing your phone number and other necessary details. This contains your home address, contact information for your employer, and your next of kin.
- In order to link your ATM card to your NewCredit account, you must first provide your BVN (biometric verification number). This will be used as a payment method.
- After that, submit your loan application by selecting “Withdraw” from the menu. When you do this, the algorithm of the platform will evaluate your credit score and display the results to you.
- The amount of the loan you can get depends on your credit score’s ultimate conclusion. You will receive the specified amount in your bank account once you see the outcome. Please be aware that connecting your Verve ATM card to your account may be challenging. Therefore, in order to make the entire procedure less stressful for you, you must use a MasterCard or Visa ATM.
Consider the benefits and drawbacks carefully before registering for a NewCredit loan. The advantages are that NewCredit loans are swift and simple to apply for and don’t demand collateral. The disadvantages include the high-interest rates and late repayment penalties.
What conditions must be met to obtain a loan?
On the NewCredit platform, you must fulfill the following conditions before applying for a loan:
- You must be a legal resident or a citizen of Nigeria.
- You must be between the ages of 18 and 55 and possess a legitimate monthly income source.
- You must be prepared to provide information about your next of kin and link your current ATM card to your NewCredit account.
- Your credit should be solid, and you shouldn’t owe any other lenders any money.
How long is the loan from Newcredit?
A NewCredit loan normally has a repayment period of 91 to 365 days. The duration is determined by the loan amount, interest rate, and creditworthiness of the borrower.