If you are looking for a convenient, fast, and easy way to get a loan with your smartphone without having to visit the bank or use collaterals, then you should properly consider the CreditWise Loan App.
However, it is one thing to know the app name, its another thing to be sure if CreditWise is really legit or not, how to use it, and every other thing about the CreditWise Loan App which is why I have decided to write this CreditWise Loan App Review article.
In Nigeria, applying for a loan through banks and other official channels can take a while and involve paperwork and collateral that the majority of people don’t have or want to use. Because of this, services like these can be quite helpful, especially in an emergency.
About CreditWise Loan App
The CreditWise Loan App is an Android application that you can download and apply for a loan and get credited if you meet the requirements and eligibility.
However, the app uses the data from your phone to determine how much you are eligible to borrow, data like your personal information, and others.
CreditWise is quite different from other loan apps because you can actually apply for a loan payback extension if you can’t meet up to pay on the said date.
Because of this, the platform is one of the first loan apps that doesn’t disturb its, users, with threatening calls and messages, their staffs and workers are considerate and understanding.
Although the app is not yet really popular because it is new, feedback from its users is very positive. At the time of writing this article, it has gotten already gotten over 1k downloads on the Play store.
Make sure to keep recent bank transaction messages on your phone and avoid having any unpaid balances with other lending applications to qualify for bigger amounts.
How to Get a Loan with the CreditWise Loan App
To get a loan from the CreditWise Loan App, all you have to do is to download the app and fill out the necessary information, link your ATM card, and then apply for the loan.
Below, you will find a step-by-step guide on how to download the CreditWise Loan App and get a loan from it.
CreditWest Loan App Requirements?
- Be at least 18 years old and a legitimate citizen or resident of Nigeria.
- Have a monthly source of income.
- Link your ATM card to your account.
- List the names and phone numbers of two of your closest relatives.
- Have an active bank account, strong credit, and no outstanding debt from other lenders.
- You must use the phone number associated with your BVN.
- Possess a current ID card issued by the government.
How to Download and Get a Loan from the CreditWise Loan App
To download the CreditWise loan app to get a loan from it, follow the steps below
- Download and install CreditWise Loan App on Play Store
- Create an account and remember to use the phone number registered with your BVN because you will be sent an OTP code/.
- Fill in your personal information, your BVN, and every other required detail.
- Link your ATM card, this is also compulsory and you will be charged a sum of N30 to confirm that the card is valid. However, the fee is refundable.
- Received and input the OTP code in the required fields.
- Your credit score will be analyzed by software once you submit your loan application, and the results will be displayed on the APP.
- You’ll need to shoot a clear live selfie to verify your identity, so use a smartphone with enough memory.
CreditWest Interest rate?
The annual percentage rate (APR) for a CreditWise loan is 12%–30%, with a service rate ranging from 6% to 24% and a monthly interest rate of 0.50%.
Example: If you choose a loan term of three months and borrow NGN20,000, NiceNaira will charge a service fee of 6% and interest of 0.5% each month; this results in an APR of 12%. You must repay the complete amount of NGN21,500 when it is 91 days past due.
CreditWise app customer service number
- Service Hotline: 2348034063318 (9am – 6pm(Mon-Fri), Sat-9am-5pm)
- Service Email: firstname.lastname@example.org
- Our Office Address: 23a Moleye Street, Alagomeji-Yaba 234-01, Lagos, Nigeria
CreditWise Loan App Pros and Cons
- The registration process is easy and smooth
- They do not call their customers to disturb and threaten them.
- Students are also eligible to get a loan from CreditWise
- No collateral or documents are needed.
- You can get a high loan amount of up to 100k.
- In most cases after approval, it can take time for the loan to be disbursed and credited to your account. According to some customers, it can take up to a week.
- The payback duration is very short for the start, as short as just 7 days.
- The interest rates are relatively high even on small loan amounts.
- The high rejection rate is another con of CreditWise.
- Only available on Android and not iOS.
CreditWise Loan App Review | Is CreditWise Legit or Scam?
At the time of writing this article, CreditWise loan app is a legit platform to get a loan without having to submit any documents or collateral.
However, we can’t tell for sure how long its legitimacy will last but at the moment, your information is safe with them.
Depending on the various factors mentioned above, you can borrow up to N100,000 from CreditWise, however, you could experience some bugs while trying to register.