Due to the depressing economic challenges in Nigeria, most people have resorted to seeking loans from fintech companies to settle urgent and emergency needs. One of the most reliable fintech platforms where you can get a safe and instant loan is NewCredit.
In this article, we will be looking at NewCredit loan app review which covers all important information about the safe loan platform.
About NewCredit Loan
NewCredit is a safe loan app where you can get instant loans without collateral. The app has an easy user interface that allows you to navigate smoothly around it. Also, it makes use of Artificial Intelligence to calculate and determine the credit worthiness of its customers by analyzing the SMS messages, basically bank transactions on the phones. To get a loan from this app, you must keep your bank transactions on your phone.
NewCredit Loan Interest Rate
The monthly interest rate of the NewCredit loan is between 4% and 24%, which translates to an Annual Percent Rate (APR) of 24%~56%.
How to Calculate NewCredit Loan and Know Your Interest
The Algorithm is an Artificial Intelligence empowered program that analyzes your creditworthiness and determines the amount of loan you can borrow from NewCredit. So the higher your creditworthiness, the more access you have to higher loans.
For instance, if you borrow NGN100,000 for a tenure of 6 months, here is how to know your interest. The monthly interest rate is between 4% and 24%. So let’s say 4%. 4% of 100,000 is NGN4,000. Then multiply this value by 6 months, and it will give NGN24,000. After six months, you will be paying backing NGN124,000 which is the initial borrowed sum plus the interest of NGN24,000.
NewCredit Loan Requirements
One of the major requirements is that you must be a Nigerian citizen between the ages of eighteen to fifty-five years old having a source of monthly income. Also, you must not be owning other loan platforms and you must be ready to provide your data like your BVN and valid phone number. During registration, you should be able to submit the name and details of two next of kin.
How to Download the NewCredit Loan App on Your Phone for Quick Loan
To download the NewCredit App, simply go to the Google Play store.
Below are the steps to take on the app after it is fully installed on your phone
- Use your valid telephone number to register for an account.
- Correctly input your basic personal detail that covers your name, employment details, and Next of Kin.
- Add your BVN to your account and bind your ATM for payment purposes. For binding of ATM, it is advised that you use MasterCard or Visa Card. Verve card is not very compatible with the app, and you may encounter some hurdles trying to bind a verve card to the account.
- After you are done inputting all the demanded information, you can proceed to submit your loan application. The Artificial Intelligence (algorithm) will calculate your creditworthiness and display the range of loans you are eligible to borrow.
- If you accept the proposed loan amount, the loan will be instantly sent to your account.
NewCredit Loan Customer Care Number
The office is physically situated at 45c Sobo Arobiodu St, Ikeja GRA, Ikeja, Lagos, Nigeria. Also, you can contact the NewCredit loan platform via the email address at [email protected].
However, the issue here is that the customer care service is poor. You hardly get replies to your complaints when they are sent via email. Only on a few occasions, are the complaints addressed. Also, the payment gateway of the loan app is obstructed by bugs making receiving and refunding process a bit tricky at times.
Is NewCredit Loan Legit?
The NewCredit loan app is a legit loan platform that has over a million downloads on Playstore with over 56,000 people giving it a positive rating. Currently, it has a 4.7-star rating. This shows you that the app is reliable because numbers don’t lie. Click here to read borrowers’ reviews of the app.
However, the platform interest rate is slightly high, especially for first-time borrowers. Also, you must read the terms and conditions and agree with them before proceeding forward.
NewsCredit has proven to be a reliable and safe platform where you can access instant loans. For more study, check out, “Fairmoney Loan App Review: Review from Real Borrowers”