Newcredit is one of the financial apps that offers loans to qualified individuals with no collateral. They are among the list of trusted and reliable financial service companies in Nigeria.
To get started, you will have to download the Newcredit loan app. After installing it, create an account with your details and verify the information through an activation link which we are sent to your email. Upon approval, you will be able to apply for a loan of ₦5,000 to ₦300,000.
The Newcredit app is flexible and simple to use. There are no complicated settings.
What are the Newcredit Loan’s Loan Limits?
Individual person can get Newcredit Loan of ₦5,000 to ₦300,000
Loan repayment is between 91days to 365days.
What is the NewCredit Loan’s Interest Rates?
Newcredit loans offer loan repayment with a monthly interest rate of 4%~24%, the Annual Percentage Rate (APR) on Newcredit is 24%~56%.
Example: If you choose a 6-month loan and borrow ₦100,000, Newcredit charges an interest rate of 4% per month. Borrow NGN Interest Rate: 24% and The APR is 56%.180 days Repayments of ₦24,000. The total amount payable is ₦124,000.
NewCredit Loan Requirements
Before you head on to Google Play Store to download the Newcredit loan app, make sure that you meet their basic requirements as highlighted below:
- Be a Nigerian citizen or legal resident.
- Be between the ages of 18-55 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kin including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
How to Download NewCredit App and Apply for NewCredit loans.
First, go to Google Play Store download the Newcredit App, instal it and create your account with the required details. Here is the breakdown of how you can successfully download the Newcredit Mobile app:
- Use this link to Download NewCredit App from the Google Play Store and install it on your mobile phone.
- Sign up with your phone number.
- Fill in basic information, including your residential address, next of kin and employment details.
- Submit your Biometric verification number BVN and connect your ATM card to your account as a means of repayment.
- After the submission of your loan application, wait for approval. Approval doesn’t take that long as the verification process and checking your creditworthiness and credit score will be done by the system.
- Once approved, the amount you requested will be credited into the account attached with your Newcredit loan app.
Note: To avoid difficulty connecting your debit card to your Newcredit account, kindly use a Visa card or MasterCard as the app does not readily bind with Verve ATM cards.
How to log in and Repay Newcredit Loans
To repay your loan amount, simply to your Newcredit loan app. You will be taken to your dashboard where you will see your outstanding amount, the due date and other necessary information along with an option to repay your loan.
Ensure you have a plan in place to repay your loan. Failure to repay on time, before the due date can affect your credit score and even prevent you from taking loans in the future. The repayment duration Newcredit offers its customer is between 91 days to a maximum of 365 days. Borrowers pay as directed from within the app when their loans are due for payment.