NewCredit is one of the fastest lending platforms in Nigeria, which offers businesses and individuals access to loans. It is a loan app that offers as low as N5,000 and up to N300,000 loans with no papers, no collateral, and in less than 10 minutes, with the lowest interest rates.
How To Loan Money From NewCredit
- Download the NewCredit app on the Google play store and install it.
- After installation, launch the app.
- Register or create a new account with your contact number.
- Fill out your basic personal information (Home address, employment details, next of kin details).
- Fill in your Bank Verification Number (BVN)- This helps verify your identity and facilitates automatic payments.
- Fill in your ATM card details (This is required for repayment).
- Submit loan application.
- Wait a few minutes for your loan application to be reviewed.
- If a loan application is approved, you will receive the loan in your receiving bank account.
NewCredit Loan Requirements
You must meet some requirements before being eligible for a loan on NewCredit. They are:
● You must be a Nigerian citizen residing in Nigeria (Nigerian citizens residing outside the country are not eligible).
● You must be between 18 and 60 years old.
● You must have a stable source of monthly income.
● Your phone number must be provided.
● Details of the bank account to receive the loan are required.
● Your Bank Verification Number (BVN).
● Your ATM card details are required.
● You must provide the names of at least two next of kin and their phone numbers.
● An Android phone.
How Much Can You Get On NewCredit
With eligibility, NewCredit users can obtain loans of between N5,000 and N300,000. You cannot borrow more than that on NewCredit.
NewCredit Interest Rate
NewCredit has a monthly Interest Rate of 4%. The Annual Percentage Rate (APR) is between 24% and 56%.
Since interests accrue monthly, choosing a short-term loan (e.g., three months) will save you money.
NewCredit Loan Term
NewCredit loans are repayable anytime from 14 days after disbursement. NewCredit loans offer flexible loan duration to its users and can range between 3 months (90 days) and 12 months (365 days).
How To Repay NewCredit Loans
Once your loan application has been approved and sent to your receiving account, the amount loaned will reflect on the dashboard of your NewCredit app. The dashboard will also show your due date and other relevant information.
When ready to repay your loan, sign in to your NewCredit app and click on the repayment button.
The app will direct you to the repayment section, where multiple repayment options are listed. Pick the most suitable option for you and repay your loan.
You can pay through:
● Credit card: Your initial ATM card details will be used to deduct your loan from your bank account.
● Bank deposit or transfer: You will be provided with unique bank details into which you can transfer your loan amount.
NewCredit Head Office
The NewCredit Head Office is situated at No 45C, Sobo Arobiodu street, Ikeja GRA, Ikeja, Lagos, Nigeria.
NewCredit Customer Care
NewCredit Customer Care is available to users 24/7. You can contact the customer for queries and help via mail at email@example.com.
The NewCredit app is available for download on the Google play store. The app has a portable size of 7MB with over 1 million downloads. It has gathered a 4.3 rating from over 74,000 users.
The app is not available on Apple or Windows devices.
The NewCredit website is https://web.newcredit.loans#/
NewCredit loan stands out amongst other loan platforms in Nigeria due to its flexible interest rates and comfortable loan repayment terms.