Spark credit loan app: interest rate, is it legit - Startuppreneur
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Spark credit loan app: interest rate, is it legit

Spark credit is another loan app in Nigeria that give quick loan without collateral or paper work.

You don’t need to visit any location before you will obtain this loan, with your phone you will obtain the loan.

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Spark credit loan processing is fast once your application is successful you will be credited in maximum of one hour.

Requirement to obtain spark credit loan

Below are the requirement you need to meet up with before you can obtain this loan

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Have good credit score

Have bvn and back account

Be above 18 years of age

Have source of income

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Have smart phone with which to obtain the loan

Once you have all this requirement you can proceed to apply for the loan

How to apply for spark credit loan app

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

Register with your name, bvn and other details

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 you can obtain form form spark credit loan app

With spark credit loan app you can obtain up to #100,000 loan at a go. For first timer you will not be able to obtain up to this, your eligible loan will be around #30,000.

It will increase as you continue to use the app.

Spark credit loan interest rate and repayment period

Their interest rate is depend on the amount of loan secure, it is between 5% to 10% per month.

There repayment period is between 7 days to 180 days also depends on the amount of loan secure. If you re applying for the first time, your interest rate will be high, while your repayment period will be short.

It will improve as you continue to use the app.

Paying back your spark credit loan app

To payback your loan head over to your dashboard

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 will 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.

Is spark credit loan app legit

Yes spark credit loan app is legit, they have given loan to many people in Nigeria but they are not approve yet by CBN.

Our final verdict on spark credit loan app
Spark credit loan app is legit, they will surely give you loan.

They don’t charge loan processing fee which is a good thing. Also they have good review and rating on play store as at the time of writing this article.

Since they are not license by CBN I will advise you to exercise caution when taking loan from this app, do not take more than you can pay back.

Conclusion

Above is how to obtain loan from spark credit loan app they have given loan to many people in Nigeria, they will surely give you loan as long as you meet their requirement. Do not take more than you can pay back try to avoid embarrassment.

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