Mama credit loan app is another loan app in Nigeria that will give you loan with out collateral or paper work, with just your phone and BVN you are good to go, you don’t need to visit any location. With mama credit loan app you can obtain up to #200,000 loan at a go.
Requirement to obtain loan from mama credit loan app
Below are the requirements to obtain loan from this loan app
Be a Nigerian and reside in Nigeria
Be above 22 years of age
Have source of income
Have bank account and BVN
You must not have defaulted on any loan before
Have good credit score
Have smart phone with which to download the app
How to apply for mama credit loan app
The first step to apply for this loan is to head over to playstore and download the app
Register with your name and other details
You will be ask to submit your BVN, do so
You will be ask to bind your ATM cad which might attract #20 fee, do so
After the registration you will be login to your dashboard
On your dashboard click on loan
There you will see amount of loan you are eligible to apply for
Click on this loan and wait for disbursement
If everything is right you will receive credit alert in 2 hours time.
How much you can loan from mama credit
With mama credit loan app you can obtain up to #200,000 at a go with out collateral or guarantor.
As first timer you will not get up to this amount , you might not get up to #30,000 but as you take loan and pay back in time the amount you can loan will increase.
Mama credit loan interest rate and repayment period
Mama credit loan interest rate is between 12% to 25% per annum depending on your credit score and the repayment period.
The repayment period is between 1 month to a year, depending on your credit score.
Repaying your mama credit loan
You can payback your loan with ATM card or request for their back account by contacting them. When transferring into their bank account ensure that you have their correct account number to avoid story that touch. You will find their contact details on the app.
What if I default
If you default you will be punish by increase in your koan interest rate and if you decide not pay back at all your name and BVN will be sent to credit bureau for black listing which means you will not be able to take loan again in Nigeria until you settle your debt and clear your name with credit bureau. Trust me you don’t want to go through that process.
Is mama credit loan legit
Yes, the loan app is legit, they give out loan to people as they say but they are not license by CBN, so exercise caution when taking loan from this loan app.
Our verdict on mama credit loan app
Mama credit loan app is legit, they have good reviews on play store, the only problem with them is that they are not license by CBN and also they are new, we do not know what will become of them in the days to come.
Above is how to apply for mama credit loan truly mama credit loan app give out loan to people in Nigeria but as you can see they are license by CBN yet, so exercise caution when taken loan.
Do not take loan that you can not pay back, try as much as possible to avoid embarrassment.
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