In this NewCredit loan review you will get to find out everything you need to know about the loan company before taking the decision of getting a loan from the platform.
There are several loan apps in Nigeria and other countries and so many of them are not legit so it is wise enough for you to read review such as this one to stay safe from scam loan apps.
What is NewCredit Loan?
NewCredit is a loan app that offers quick and easy access to cash in Nigeria. The app is available for download on the Google Play Store and the Apple App Store.
NewCredit is a loan app that can be a lifesaver for people who need quick access to cash. However, it is important to be aware of the high interest rates and fees before you apply for a loan.
NewCredit Application Procedure
When you apply for a NewCredit loan, you will be asked to provide some basic information, such as your name, email address, phone number, and BVN. You will also be asked to provide some information about your income and expenses.
If your application is approved, you will receive the money in your bank account within minutes. The repayment period for NewCredit loans is up to 12 months.
NewCredit Loan Requirements
To be eligible for a Newcredit loan, you must meet the following requirements:
- Be a Nigerian citizen or legal resident
- Be between the ages of 18 and 55
- Have a valid bank account
- Have a steady source of income
- Have a good credit score
NewCredit Interest Rate
The interest rate on NewCredit loans is typically around 25%. There are also some fees associated with NewCredit loans, such as a late payment fee of 10%.
Pros and Cons of NewCredit Loan App
Pros:
- Quick and easy application process
- Fast approval
- Money in your bank account within minutes
- Up to 12 months to repay your loan
Cons:
- High interest rates
- Late payment fees
- Some users have reported problems with customer service
Tips to Get Successful Loan
- Only borrow money if you are sure you can afford to repay it.
- Make sure you understand the interest rates and fees.
- Make your payments on time to avoid late payment fees.
How to Get loan on NewCredit
To get loan on NewCredit, proceed to download the app on Google Playstore if you are using Android and iOS for iPhone users.
After downloading the NewCredit loan, fill in your details correctly and your loan application will be successful and the loan disburse to your bank account.
Frequently Asked Questions (FAQs)
How much can I borrow with Newcredit loan?
The amount of money you can borrow with Newcredit loan depends on your credit score and income. The maximum loan amount is ₦300,000.
What are the interest rates and fees for Newcredit loan?
The interest rate on Newcredit loans is typically around 25%. There are also some fees associated with Newcredit loans, such as a late payment fee of 10%.
How long do I have to repay my Newcredit loan?
The repayment period for Newcredit loans is up to 12 months.
How do I apply for a Newcredit loan?
To apply for a Newcredit loan, you can download the app from the Google Play Store or the Apple App Store. Once you have downloaded the app, you can create an account and fill out an application form.
How long does it take to get approved for a Newcredit loan?
The approval process for Newcredit loans typically takes a few minutes. Once your application is approved, you will receive the money in your bank account within minutes.
How do I make payments on my Newcredit loan?
You can make payments on your Newcredit loan through the app. You can also make payments by bank transfer or direct debit.
What happens if I miss a payment on my Newcredit loan?
If you miss a payment on your Newcredit loan, you will be charged a late payment fee. You may also be subject to further penalties, such as having your account closed.
Is Newcredit loan a good option for me?
Newcredit loan can be a good option for people who need quick access to cash. However, it is important to be aware of the high interest rates and fees before you apply for a loan. If you are looking for a loan with lower interest rates and fees, there are a number of other options available.
