HCwallet loan App Review: Online loan services in Nigeria
HCwallet loan app is an online loan service that offers Nigerians micro and medium short-term personal loans of up to ₦30,000 in collateral free loans with minimal documentation.
Although recently updated on the play store, the app has so far gained over 100k downloads on Google play store with mixed reviews. Most costumers seem impressed with the app’s simple and smooth registration process. It uses a loan software to collect prospective customers information including phone records, banking transaction alerts, BVN to build the credit score of each borrower.
To qualify for higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!
Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all Within a few hours.
How to Download APK and get a loan from HCwallet loan app
Download the HCwallet loan app exclusively available on the Google Playstore and install on your Android phone.
Register an account with your phonenumber.
Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
Fill in your basic Kwow-your-customer KYC information, including your residential address, next of kin and employment details
You will also be required to provide your Biometric verification number BVN.
You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
A one-time password OTP will be sent to your phone to confirm your details.
After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.
The N50 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.
Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.
Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.
When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.
Is HCwallet loan app legit or scam?
Yes, Hcwallet loan app is legit, and does give out loans to customers. This app used to go by the name HaloCredit and Hcredit before its recent update. Previous versions were most likely removed from the play store for policy violations. caution should be taken before taking any online loan.
Always read other customer’s reviews before you apply for a loan in Nigeria.
You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.
Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.
What Hcwallet loan app can improve?
Hcwallet charges high interest rates for short term loans, first time borrowers usually get about 6k to payback 10k within 7 days.
The loan rejection rate is also high, most customers application get rejected after submitting their details. Some are simply kept in review for days.
When taking loan, be mindful of the repayment plan. If you take a 60 days loan with two repayment installments, the app might attempt to auto debit you on the due date of the first installment and even charge overdue charges before the end of your 60 days tenure.
You can change your ATM card password to prevent auto debit. This app has been reported to deliberately auto debit their customers even after they have made payments via bank transfer.
The loan tenure is very small, starting from just 7 days. This is lower than the 30 days minimum tenure recommended by the CBN for short term personal loan providers.
Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.
If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.
loan app interest rate?
Loan rates and fees
Loan Amounts: ₦ 3,000 to ₦ 500,000
One-time service / interest fee: 2%- 35%
Maximum Annual Percentage Rate (APR): 66.21% – 270.44%
Late fee: one-time fee of 8% of outstanding amount due
Minimum repayment period offered = 61 days
Maximum repayment period offered = 180 days
Example interest calculation for a sample loan as follows
Loan Interest: (APR): 30%
Tenor: 4 months
Annual Interest (: 100000 * 0.3) :30,000 Naira
Total Interest for 4 mths: 100000 * 0.3 *4/12 :10,000 Naira
Monthly Interest : 2,500 Naira
Monthly Repayment (principal + interest) :27,500 Naira
Total Repayment :110,000 Naira
This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.
What are the requirements?
- Be a legal citizen or legal Resident of Nigeria
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kins including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Have an active bank account.
- Your phone number must be the one connected to your BVN.
- Have a valid government issued ID card.
What will happen if I don’t repay my loan or pay my loan late?
- telephone: 09064876570 and 07026173411
- Company Address:84 Bode Thomas St, Surulere 101241, Lagos, Nigeria
Is Halocredit loan app the same as Hcwallet?
The loan app formerly known as halocredit is now known as Hcwallet. The app was most likely sanctioned for policy violation is why it now goes by the new name.