Newcredit is a very fast loan service in Nigeria that allows eligible individuals to obtain loans without much stress. The loan can be used to cover personal or business expenditures.
This post does not only give information on how to get a loan from Newcredit in Nigeria. It also gives other important info like how to repay loans on Newcredit, how to download the app and Newcredit customer care.
How does Newcredit work?
Newcredit is a reliable and fast loan service in Nigeria. You can borrow money in simple steps without providing collateral.
To get started, download and install the Newcredit loan application from the Google Play Store. After installation, register with your details and proceed if you are eligible.
What makes Newcredit stand out among other instant personal loan services in Nigeria is that you can borrow up to ₦300,000 on the platform.
This fact alone makes Newcredit a top choice for most Nigerians when choosing a loan app.
To be eligible for a loan from the Newcredit loan service, you need to meet up some requirements. They have been listed below.
- You must be a resident of Nigeria. If you are a Nigerian citizen residing outside the country, you are not eligible for this loan
- Your age must be within the range of 18 to 60 years
- Have a stable monthly source of income
- An Android phone
- Your phone number will also be needed
- The bank account number with which you will receive the borrowed amount
- Your Bank Verification Number (BVN)
- The details on your ATM card will also be needed
- You will need to provide the names of two individuals close to you and their phone numbers
Once you have all the requirements ready, proceed to the next step by installing the Newcredit loan app on your Android device.
How to download the Newcredit App
Newcredit is not available for Apple and Windows devices. This is why you need to download the official Newcredit App before you can enjoy Newcredit loan services.
It is available for download at the Google Play Store. It has a small size of 12 MB and over 1 million downloads. It currently has a review rating of 4.5 from over 64,000 users.
How to get a loan from Newcredit
- Download and install the app
- After installation, launch the app
- Create a Newcredit account with your phone number
- Provide the necessary details. This includes your address, employment details and next of kin
- Fill in your Bank Verification Number (BVN) and add your ATM card. Your ATM card will also be needed when it’s time to repay your loan
- Wait for a while your loan application is being reviewed. If approved, the funds will be sent to your bank account
How much can you get from Newcredit?
As long as you are eligible and fill in all details correctly, you can obtain a loan between the range of ₦10,000 to ₦300,000. You can’t borrow an amount higher than this from Newcredit.
Newcredit loan tenor
Apart from making the loan application easy, Newcredit also gives users more than enough time to pay back.
Repayment can be done between 3 months (91 days) to 12 months (365 days).
Newcredit interest rate
Newcredit has a monthly interest rate of 4%. That makes the Annual Percentage Rate (APR) 48%.
This means that if you borrow a loan of ₦100,000 from Newcredit and choose to pay it back in 180 days, your interest will be ₦24,000.
In short, if you borrow ₦100,000 on the Newcredit platform, you will pay back:
₦112,000 in 3 months
₦124,000 in 6 months
₦148,000 in 12 months
So here is a tip: Choosing a short-term repayment term (3 months) will save you money. This is because an interest rate of 4% is added to your debt each month.
Newcredit: Repayment of loans
Once your loan application on the Newcredit platform is successful, you will see the amount owed on your dashboard.
Your dashboard will also indicate your next due date alongside other information.
To repay your loan on Newcredit, click on the repayment button. This will take you to the repayment section where you will see multiple repayment options.
Select the one that is most convenient to you and pay the amount due.
Newcredit Head Office
Newcredit has a physical office address in Lagos, Nigeria.
For fast in-person customer care services, you should visit Newcredit head office in Lagos, Nigeria. It is located at Number 45c, Sobo Arobiodu Street, Ikeja GRA, Ikeja in Lagos, Nigeria.
Newcredit customer care and email address
For questions and complaints, you can always contact Newcredit customer support through their email address.
Email Address: firstname.lastname@example.org