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    Home»Loans»NodCredit Loan App Review: Promised No Collateral Instant Loan
    Loans

    NodCredit Loan App Review: Promised No Collateral Instant Loan

    Property9ja AdminBy Property9ja AdminUpdated:May 24, 2025No Comments6 Mins Read
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    NodCredit is a licensed lending platform that provides instant no collateral loans to low and average earners to settle emergencies. Being a licensed platform makes it one of the most reliable loan platforms to patronize in Nigeria.

    In this article, we will be at NodCredit, what the app entails, the interest rate, the eligibility criteria, and other important information you need to know about the lending platform.

    What is NodCredit App?

    NodCredit is a licensed loan platform that offers Nano loans to help the average income earners (low and middle earners) meet urgent needs. The activities of the app are carried out 100% online. The app makes use of artificial intelligence to calculate your credit score by analyzing your bank records and validating your BVN. The result of the analysis serves as a benchmark by which the app makes a decision concerning your offer and how much you qualify for.

    Unlike some loan apps, NodCredit does not have any origination fee. It does not require you to pay any form of money before you get your loan released to you.

    NodCredit offers instant loans to different categories of persons including self-employees, employed, business persons, and corporate bodies. The sum ranges from N10,000 to N50,000 for first timers, and up to NGN300,000 for returning customers.

    Unlike most loan apps, NodCredit has two special features that make it stand out. They are:

    • Pause Option: This feature allows you to repay your loan for up to  30 days if you are unable to pay at the moment or you run into any financial difficulties. You can defer your repayment as much as possible.
    • Custom repayment schedule – This feature allows you to settle your loan in part payments, you can pay a part of your payment any time you have it. So repayment can be done in installments

    NodCredit Interest Rate

    The interest rate of Nodcredit is a 15% flat rate that is charged monthly. Subsequently, as a returning customer, you are being charged a lower interest rate.  If you pay your loan on time, you will qualify for higher amounts with lesser interest rates.

    This is against many loan apps that charge more than 35%.

    NodCredit Loan Eligibility Criteria

    Below are the criteria you must fulfill to qualify for the Nodcredit loan.

    • You must meet a risk limit criteria
    • You are a legal Nigerian Citizen
    • You must be an adult of a minimum of 18 years
    • You must possess proof of income, being it a business owner or a salary earner
    • You must have a valid Nigerian bank account
    • You must be willing to submit your bank statement covering at least three months’ history
    • You must have a valid government-issued identity card

    After fulfilling, all the eligibility criteria, the approval of your loan is analyzed based on certain factors such as documents uploaded, disposable income, and leverage ratio.

    How Much Can I Borrow With NodCredit?

    You can borrow loans ranging from NGN10000 to NGN300000. There is no fixed loan term and interest rate. Your monthly loan repayment, loan terms, and interest rate are dependent on your credit score.

    It is important to mention that NodCredit also works with the Credit Bureau Registries in Nigeria. A financial body that keeps records of loan histories in Nigeria.

    Ensure to repay your loans with banks, fintech, and even unlicenced loan companies to avoid getting bad credit records and being excluded from accessing emergency loans.

    How to Apply for a NodCredit Loan

    Below are the steps to apply for a NodCredit loan:

    1. Download the NodCredit APP from the Google play store or in the App store for the iOS version. You can also apply online via nodcredit.com

    2. Register for a new account using your BVN number.

    3. Add in your bank details including your ATM card (N20 will be charged for card tokenization)

    4. Go through the information to verify if they are all correct.

    5. Upon approval, your money is sent directly to your Bank account.

    Is NodCredit legit?

    Yes, NodCredit loan is legit. NodCredit is duly licensed and registered by the Nigerian Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN. Nodcredit is owned by Nodens Nigeria Limited, which is a registered state fund lender with the lending license 2019 (0000333), 2020 (0000483).

    Also, they are very reliable. You can go to the Google Play store to read reviews on them.

    When you download NodCredit, it asks for your permission to access your financial location, personal data, and other relevant information to calculate your creditworthiness, verify your identity and disburse your loan. This app is careful about its customer’s privacy as all your shared data are encrypted and your personal information will never be shared with a third party without your consent.

    However, this app calls embarrasses you by calling your contact when you default on paying your loan.

    How To Repay Your NodCredit Loan

    There are two ways to repay your Nodcredit loan. It can be through the online payment gateway or transferred directly to the company account. However, when repaying your NodCredit loan offline, you will have to call to confirm the transaction. You can either pay your loan in full or partially before your due date.

    Each time you pay your loan on time, you have an increased loan limit of N50,000.

    What Happens When You Default on Your NodCredit Loan?

    Late repayment of loans attracts an extra fee of 2% per day. If the loan is very late, you will be reported to the First Central Credit Bureau and you may get blacklisted, which will affect your ability to borrow from other lending platforms.

    However the danger of late repayment is that it affects your ability to get a higher loan later, and the value of your creditworthiness is decreased.

    NodCredit Pros and Cons

    NodCredit just like every other company has its own advantage and disadvantages. However, Nod’s advantages overweight the disadvantages. Here are some of them.

    PROS

    • Easy approval flow
    • Low-interest Rate
    • No harrasment on family and friends
    • Regulated by government

    Conclusion

    NodCredit is a reliable lending platform that is regulated and licensed to offer you loans at a reasonable an interest rate. To enjoy NodCredit, you must try to pay your loan when due.

    Contents Show Subheadings
    1 What is NodCredit App?
    2 NodCredit Interest Rate
    3 NodCredit Loan Eligibility Criteria
    4 How Much Can I Borrow With NodCredit?
    5 How to Apply for a NodCredit Loan
    6 Is NodCredit legit?
    7 How To Repay Your NodCredit Loan
    8 What Happens When You Default on Your NodCredit Loan?
    9 NodCredit Pros and Cons
    10 Conclusion
    Best Loan Apps
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