Before getting loan in Nigeria is hard, the only place is bank were you will have to provide collateral that worth more than the loan you request for and most time after submitting the collateral they will still not give you the loan ,the other option is loan shark that will show you hell if you dare default.
Thanks to Fintech Company like Newcredit that make it easy to get loan without collateral. They do not harass their customer nor send their obituary to their family they are profession that know the worth of customer.
This article is all about them: how to apply for loan with them, how to repay interest and other questions
What is Newcredit and how does it work
Newcredit is a loan company that provides people with hassle free and no collateral loan. With Newcredit you can loan up to #300,000 naira and they accept both businessmen and individual. The interest and payback depend on the amount of loan you borrow but it is flexible.
To apply for loan with Newcredit you need to meet all the requirement listed below
Your age must be above 18years of age and not more than 60years
You should have a stable source of income
An android phone
You must be a citizen of Nigeria and reside in Nigeria
Connected to internet
Your bank verification number
You bank account number which will be use to obtain the loan
Details of your ATM card
Name of two individual close to you and their phone number
Once you meet the requirement the next step is to download he app
Downloading Newcredit app
As the time of writing this article Newcredit is only available on Google play store, perhaps in the coming days they will setup app for iPhone and windows.
How to apply for loan on Newcredit app
To request for loan is hassle free just go to Google and download the app
After downloading launch the app and register
Find and click on request for loan icon
You will be prompted to fill in your BVN and other details
After this your account will go into review and once it get accepted the money will be credited into your account.
How much you can get from Newcredit
It depends but the minimuum is #10,000 while maximum is #300,000. As a first timer the amount to loan will be less down #300,000.
One interesting thing about Newcredit is that they give their customer enough time to pay back; it is one of the most flexible loan company in Nigeria. You have 3 months to 12 months to pay back what you owe plus interest
Newcredit interest rate
Once you take a loan form them you will be paying interest rate of 4% every month which sum up to 48% in 12 months. So the interest rate is now depend on the pay back time, the longer the pay back time the higher the interest rate you will pay.
For instance let say you loan #100,000 your interest rate in month will look like this
In month 1 you will pay back #104,000
In month 2 you will pay #108,000
In month three you will pay back #112,000
In month four you will pay back #116,000
In month five you will pay back #120,000
In month six you will pay back #124,000
In month seven you will pay back #128,000
In month eight you will pay back #132,000
In month nine you will pay back #136,000
In month ten you will pay back #140,000
In month eleven you will pay back #144,000
In month twelve you will pay back #148,000
Note: Newcredit use algorithm to check their customer credit score or worthiness so if you have defaulted on a loan before they will not give you loan.
Paying back your loan on Newcredit
To repay your loan on Newecredit you can use your credit card, just go over to repayment icon and choose credit card option, inset your card detail and the amount will be deducted from your bank.
There are also other method you can use chose the one that is convenient for you
Failure to repay your loan and issue
If you default on your loan in a day you will pay #600 fine and sometime when using credit card to pay back, you may encounter an error and unable to pay, to solve this request for the Newcredit official account number and payback your loan
Is new credit loan legit?
As at the time of writing this article they are legit, we do not know what will become of them in the days to come. They are PCIDSS compliance which means your data is encrypted.
On play store they currently have 4.5/5 star ratings and a lot of good review
Newcredit customer care
On the app you will see option where you can contact them if you have any issue or you can use their email address another option is to check their website page and contact them
If you want to know how legit a company request for their physical address if they cant provide it something is fishy below is the address of Newcredit
Number 45c, Sobo Arobiodu Street, Ikeja GRA, Ikeja in Lagos, Nigeria.
Above is the information about Newcredit , I will advise you to test them out with little some of money and see for yourself how the company is.
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