Creditwise loan app: interest rate is it legit

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Creditwise is another loan app in Nigeria where you can obtain quick loan without collateral or paper work.

You don’t need to visit any location before you will obtain the loan and you don’t need to a guarantor, with your smart phone, you are good to go. Their loan precessing is very fast within one hour of submitting application your loan will be disburse.

Requirement to obtain loan from Creditwise loan app

Before you can obtain loan from this app, you need to meet up with their requirement which are

  • Have good credit score
  • have bvn and bank account
  • Be above 18 years of age
  • Reside in Nigeria
  • Have smart phone with which to download the loan app

Once you meet up with this requirement you can go ahead and apply for the loan

How to apply for Creditwise loan app

The first step to take is to head over to play store and downlaod the loan app

Register with your name, bvn and other details

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You will be ask to bind your ATM card which might attract #30 fee, do so and proceed
Once you are done with registration you will be login to your account

On your dashboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much loan you can obtain from creditwise loan app

With Creditwise loan app, you can obtain up to #100,000 loan and you don’t need collateral or paper work.

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If you are applying for the first time, the amount of loan you can apply for will be less than this but as you continue to use the app, the amount of loan you can apply for will be increase.

Creditwise loan interest rate and repayemnt period

Their interest rate is between 10% to 25% depending on the amount of loan obtain and the repayment period. Their repayemt period is between 7 days to 180 days also depend on the amount of loan obtain.

Repaying your Creditwise loan

To payback your loan head over to your dashboard

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click on loan repayment

There you will see deferent option to pay back your loan

Click on one and make payment

Once you make payment it wil reflect on your dashboard

If it does not you should contact them.

What will happen if I default or refuse to pay back

If you default you will be punish by Increase in your loan Interest rate which might be up to 2%.

If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.

Trust me this process is usually time consuming, your best bet is to pay your loan as at when due.

Is credit wise loan app legit

If it is to give loan, Creditwise will surely give you loan, they have given loan to many people in Nigeria but they are not license by CBN nor insure by NDIC.

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Our final verdict Creditwise loan app

Creditwise loan app have given loan to many people in Nigeria therefore they will surely give you loan, they do not harass their customer but their interest rate is high and repayment period is short especially for the first timer.

Also they are not license by CBN, which is a bad thing when applying for loan in this app exercise caution.

Conclusion

Creditwise loan app will surely give you loan, but do not take more than you can pay back, try to avid embarrassment and had I know.

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