by 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
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
Have bank account and bvn
Have good credit score
Reside in Nigeria
Have smart pawn with which to download the loan app
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
