Loan apps in Nigeria continue to be on the rise with new loan apps being developed every day. Some loan apps even go further to change their names after operating in a blacklisted name. Hence why Fast Loan Apps is here to help you conquer and know these loan apps hiding under new names.
That brings us to the Mama Credit loan app review today. Are you a loan enthusiast person in Nigeria? Are you looking for a reliable loan platform in Nigeria? Do you want to know about Mama Credit Loan App?
This article contains Mama Credit Loan App Review, which covers everything you need to know about the Mama Credit Loan App and make a choice to either use them or another better choice.
About Mama Credit Loan App
Mama Credit Loan is a new loan app in Nigeria that gives instant quick loans without paperwork or collateral. You just need your phone number and BVN to access the loan; not many requirements are required. You can simply carry out the transaction in your location. With Mama Credit Loan, you have access to borrow up to NGN200,000.00
What are the Requirements for Accessing Mama Credit Loan
To access the Mama Credit loan, you must fulfill the following requirements.
- You must be residing in Nigeria as a legal citizen.
- You must be 22 years and above
- You must have a functioning bank account and BVN
- You must be working/have a source of monthly income
- You must have a smartphone to download the app
- You must have a good credit score
- You must not owe any outstanding debt in any of the loan apps.
Mama Credit Loan Interest Rate
Mama’s credit loan interest rate ranges from 12% to 25% annually, and it greatly depends on your creditworthiness and the duration of your repayment period.
Mama Credit Loan Repayment Duration
The Mama Credit loan repayment duration spans from one month to a year and is usually calculated based on your credit score.
While repaying the loan collected, there are two ways to go around it. You can either pay back using your ATM or transfer directly to their account number. For the latter, you must be careful to ascertain the right account number, not to transfer the money to a different account.
However, your interest rate will increase if you don’t pay when due. If you fail to pay, your name and BVN will be sent to the Nigerian credit bureau to be blacklisted, which means that you won’t be able to retake a loan in Nigeria without settling the loan. Trust me; this is one experience you will not want to go through.
Is Mama Credit Loan Legit?
Yes, the mama credit loan app is legit. However, they are not duly registered or regulated by the CBN or any government regulatory agencies in Nigeria. However, it is said to have good reviews on the Play Store wall. So you are duly responsible for the safety of your money, as the security isn’t 100% guaranteed.
How Much Can You Borrow From Mama Credit Loan App?
As a first-timer, you can borrow up to NGN 30,000. Progressively your loan limit is extended, and you can borrow as much as NGN200,000. However, the amount of loan you can borrow depends on your creditworthiness which is measured by how fast you repay your loans.
How To Apply for Mama Credit Loan App
Follow the steps to apply for a Mama Credit loan.
- Go to the Play store and download the Mama Credit loan app.
- Correct input your name and other details
- Correctly input your BNV when asked
- You will bind your ATM card to the app, which will cost you NGN20.
- After registering, you will be automatically directed to your dashboard
- Click on “loan” on your dashboard
- Your eligible loan amount will be displayed
- Click on it.
- When approved, you will get disbursed directly to your bank account within 2 hours.
Mama Credit Loan app is a reliable platform for getting quick loans. However, you need to be careful when borrowing loans from the loan, as they are not registered or regulated by the CBN or any Nigerian financial regulatory agencies.
Please don’t borrow more than you can pay back, ensure you deal cautiously with this loan app. For additional study, check out “Palmcredit Loan App: Reviews from Real Borrowers.”