It is a well-known fact that not every Nigerian has access to bank loans due to the stringent requirements needed to obtain one. Therefore, it became imperative for there to be a platform that can offer personal loans without any collateral or too much paperwork. This brought about online lending platforms in Nigeria. One online lender that you can trust is the NewCredit loan platform which can offer you up to N100,000 in less than 5 minutes.
An Overview of NewCredit Loan
The NewCredit platform is one of Nigeria’s well-known digital loan services. This digital lender offers people instant loans of up to N100,000 without any need for a guarantor or collateral. The only requirement you need to access this loan is your Name, BVN, Phone Number, and Email Address. Once you have all these details, you can download the app on your phone and get started.
How can I register and apply for the NewCredit loan?
To apply for a fast loan from the NewCredit loan platform, follow these instructions:
1. First, start by downloading the NewCredit app. You can get this app from Google Play Store only.
2. Next, install the app and open a New Credit account for yourself by providing your basic information. These details include your Name, employment details, home address, BVN, and details of your next of kin.
3. Thereafter, link your bank ATM card to the NewCredit account you just opened. This will help you to repay your loan once it is due.
4. Once your account is set, apply for a loan by tapping the “Withdraw” button. Once you click on withdraw, NewCredit’s algorithm will automatically assess your credit score and show you the amount you are eligible to borrow. Your credit score is judged based on your financial transaction history.
5. Borrow the loan amount you are eligible for and it will be deposited into your bank accounts in less than 5 minutes.
Note that it is better to link your MasterCard or Visa ATM Card on this platform, as they are more compatible than the Verve ATM card.
Recommended: Access Bank Salary Advance Loan – Everything You Need to Know
What are the requirements to borrow a loan?
Here are the important requirements you must meet before you can take out a loan on this platform:
1. You must either be a Nigerian citizen or a legal resident of Nigeria.
2. Be between the ages of 18 to 55 years
3. Have a stable source of monthly income.
3. You have to link your active ATM card to the NewCredit platform and also be willing to provide details of your next of kin.
4. You must have a good credit score and must not have any outstanding loans from other lenders.
What is the NewCredit loan interest rate?
Essentially, the monthly interest rate on this platform is 4%-24%, while the annual interest rate is 24% – 56%. Note that the interest rate your loan incurs will keep increasing every day after the due date. Hence, you must pay back your loan on or before the due date. Also, timely reimbursement of your loans will give you instant access to a higher loan amount.
Is NewCredit App Legit?
Yes, the NewCredit platform is legit and can give you quick loans, however, the interest rate is very high. Hence, before you apply for a low, read the terms and conditions as well as reviews from other customers for a proper understanding of what you want to apply for.
NewCredit Loan Repayment – How Can I Payback NewCredit Loan?
When your NewCredit loan is due for reimbursement, follow these steps:
1. Open the NewCredit app and navigate to the “loan repayment” tab then click on it.
2. Next, choose your preferred method of repayment.
3. Enter your PIN and pay back the loan you borrowed.
Reach out to customer service if you face any difficulty during the loan repayment process. We’ve provided details of the customer service below.
Exciting Read: List of Access Bank Transfer Codes [2023 Updated]
How can I contact NewCredit?
You can reach out to the NewCredit platform via the following ways:
Office Address: 45c Sobo Arobiodu St, Ikeja GRA, Ikeja, Lagos, Nigeria
Email Address: support@newcredit.loans
Website: https://web.newcredit.loans/
Wrapping Up
The NewCredit loan platform is majorly for people who are not eligible for bank loans. So if you fall into this category and have a stable source of income, you can apply for a loan on this lending platform. All you have to do is to search for the NewCredit app on Google Play Store, download the app, sign up, and borrow a loan immediately.
