Menacred loan app: interest rate, how to apply, is it legit - Startuppreneur
Advertisement
Advertisement
Loan

Menacred loan app: interest rate, how to apply, is it legit

Menacred loan app will give you instant loan in Nigeria. You don’t need collateral or paper work with just your phone, you are good to go.

Their loan processing is very fast once your application is successful your account will be credited in minutes. With menacred you can obtain up to #150,000 loan at a go

Advertisement

Requirement to obtain loan from menacred

To obtain loan from menacred there are requirement you need to meet up with, they are

Have source of income

Advertisement

Have bank account and bvn

Have good credit score

Reside in Nigeria

Have smart pawn with which to download the loan app

Advertisement

How to apply for menacred loan

To apply for menacred head over to play store and download the app

Register with your name and other details

You will be ask to bind your ATM card do so and proceed

After the registration you will be login to your dashboard

On your dashboard locate and click on loan

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

Take the offer and wait for disbursement

How much you can obtain form menacred loan app

With menacred loan app you can obtain between #5,000 to #150,000 without collateral or paper work, but as first timer you might not be able to obtain more than #30,000, this will increase as you continue to take loan and pay back.

Menacred interest rate and repayment period

Menacred interest rate depend on the amount tof loan obtain, it is between 10% to 15%. Their repayment period is between 7 days to 3 month. As a first timer your interest rate will be high and your repayment period will be short but as you continue to use the app this will improve.

Repaying your menacred loan

To repay your menacred loan, head over to your dashboard

Locate and click on loan repayment

There you will see deferent options to pay back your loan

Click on one and make payment

Once you make payment it will reflect on your dashboard

If it does not, contact them.

What will happen if I default

If you default you will be punish by increase in your interest rate. If you did not pay back at all your name, bvn, and other details will be sent to credit bureau for blacklisting, which means you will not be able to take loan again anywhere in Nigeria until you settle your debt and clear your name with credit bureau.

Is menacred loan legit

Yes, menacred loan is legit, they do give out loan to people in Nigeria but they are not license by CBN. Exercise caution when taking loan from them

Our verdict on menacred loan

Menacred loan is legit, they have good reviews on play store which means they are doing something right. They make repayment easy for their customer, you can even extend your repayment date if you are short of cash.

The only problem with them is that they are not license by CBN.

Conclusion

Above is how to apply for Menacred loan, as you can see they do give out loan to people, but since they are not license by CBN I will advice you to exercise caution, also only take loan that you can pay back to avoid had I know.

Do you like this article?
Feel free to share it

 

Advertisement
Back to top button