Are you Looking for a reliable app for instant loans? NewCredit Loan is a reliable loan app that can meet your urgent need so take your time to read through.
Here in this article, you may find information you need to know about NewCredit Loan, which includes information about the online platform, loan requirements, interest rate, how to repay the loan, and some frequently asked questions about the platform. Be sure to keep reading!
Getting urgent financial help is very difficult in the country today because of the state of the economy.
The commercial banks took it upon themselves to make quick funds available for the common man, but getting a loan from banks requires a long process and some difficult requirements before a loan can be approved.
In the midst of all this hassle came lending platforms with various loan packages to help provide individuals with instant loans to take care of their immediate financial challenges.
NewCredit Loan was formed in this mix to help individuals with business loans, personal loans, and other financial services. These loan packages are meant to bring immediate relief to the financial challenges that people face on a daily basis.
Additionally, NewCredit as a lending platform is driven by compassion for individuals, making sure they get access to quick loans for their unplanned expenses.
Overview of NewCredit Loan
NewCredit Loan is a lending platform that offers individuals quick access to loans through a hassle-free application process, which enables them to have access to funds instantly.
This online lending platform is one of the most reliable platforms where people can get any kind of loan.
They have a competitive interest rate and flexible repayment plans that can enable individuals to repay loans without difficulty.
Individuals can access NewCredit Loans through their mobile app, which is available on the Google Play Store for everyone.
Additionally, this mobile app gives individuals access to all kinds of loan options available for them to choose from, which helps them make good financial decisions.
NewCredit Loan’s mission is to help individuals and businesses achieve their financial goals while focusing on fair and transparent lending solutions.
So, whether you need urgent financial assistance for business expansion or for unexpected expenses, NewCredit has got you covered.
Its loan packages are without paperwork or any form of collateral.
Requirements for a NewCredit Loan
NewCredit does not need paperwork or collateral; they require you to meet some basic criteria in order to approve your loan request.. These criteria are:
- Applicants must be Nigerians. If you are not a Nigerian, do not bother to apply because they will review and reject your information if you are not a Nigerian.
- Individuals should have a source of income that will aid in loan repayment.
- You must be between the ages of 18 and 65 to be eligible for a NewCredit loan.
- Linking your ATM card to the mobile app is necessary. If you do not comply with this requirement, NewCredit will reject your loan request.
- Have an outstanding credit history. That means you must be free from loan debt from any lending platform.
- Provide your bank statement and an active account number.
How to Apply for a NewCredit Loan
In order to apply for the NewCredit Loan, you have to follow these guidelines:
- The first and most important is downloading the mobile app from the Google Play Store. This is where you will apply for the loan and also repay the loan.
- The next step is to create an account by signing up and providing your details, such as your phone number, address, and other required information.
- Provide an ATM card from any of the banks you use for financial transactions. This can be either a Visa or a MasterCard.
- Make sure to provide other vital information, like the bank verification number (BVN) and account number.
- After you have completed the loan process, Newcredit will evaluate your information, along with your credit score, to determine if you are creditworthy to request a loan.
- You will get a notification on the app to know the status of your application. If NewCredit approves the application, they will instantly send the loan amount to the provided account number.
NewCredit Loan Repayment
After approving your loan application and sending funds to your account, they immediately schedule the loan repayment plan and send it to your smartphone as SMS or Email.
To repay the loan
- Login to the Newcredit Loan app and locate the repayment button on the dashboard.
- Click on the repayment button, and it will display various options.
- Choose the repayment option you would like to use and proceed with the payment.
Note that timely repayment of the loan is important to avoid penalties.
NewCredit Interest Rate
NewCredit charges an interest rate of 4%–24% monthly, with an annual interest rate of 24%–56%.
For example, if an individual chooses a 6-month loan and borrows N100,000,.
Newcredit will charge an interest rate of 4% monthly. That means the interest for the six months is 24% and the APR is 48%, which is a 180-day repayment of N24, 000.
So, the individual is expected to repay the sum of N124, 000 at the end of the 6-month repayment schedule.
How to contact NewCredit
If you encounter any issues during repayment or while using the mobile app for any purpose, you can contact Newcredit in the following ways:
- Visit their office at 45c Sobo Arobiodun St., Ikeja, Lagos, Nigeria.
- Send them an email via deeoemmah4098@gmail.com.
- Contact them through the mobile app in the support section when you click on your profile.
Penalties for a NewCredit Loan default?
When individuals collect loans, they are advised to repay the loan diligently. Whenever there is a default, Newcredit takes the following drastic measures:
- They charge a penalty fee of N600 daily.
- They report you to the credit bureau, and no lending institution will give you any form of assistance.
Benefits of NewCredit Loan
- Individuals can get an instant loan with no paperwork or collateral of any kind.
- They provide business loans for expansion and the daily running of the business, as well as personal loans to take care of urgent needs like medical bills, the buying of foodstuffs, and other important needs.
- The repayment option is flexible, ranging from 91 days to 365 days, and individuals can also choose the best repayment schedule that will not cause them strain.
- The Newcredit mobile app is easy to operate because of its friendly user interface.
- The interest rate is competitive and cheap for individuals.
Frequently Asked Questions (FAQs)
Is the NewCredit Loan legit?
Yes, and the federal government also approve them to operate in Nigeria.
How long does it take to get a loan approved?
It only takes a few minutes after you have submitted the application.
How much loan can I get as a new customer?
You can get a minimum of N5, 000, and the loan amount increases when you repay the loan on time.
What is the maximum loan amount I can get from NewCredit?
The maximum loan amount Newcredit gives to any customer is N500,000.
Is there any benefit if I repay my loan before the due date?
Yes, NewCredit will increase your loan limit.
In conclusion
NewCredit loan app is a reliable lending platform that is secure and provides Nigerians with quick access to both business and personal loans.
The platform provides various repayment options with competitive interest that you can choose from, and it ensures repayment by enforcing penalties on defaulters.
Furthermore, You can take control of your financial future because NewCredit Loan is ready to provide you with the necessary financial resources to help you achieve financial stability.
Did you find this article on NewCredit Loan helpful?
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