NewCredit loan app review: Instant personal loans in Nigeria

NewCredit is a personal loan app that gives Nigerian collateral-free loans of up to N300,000.

The app has a friendly user interface with a seamless loan application process. It uses Artificial Intelligence AI to analyze prospective customers financial records, including the bank transaction SMS on their phones and their credit worthiness from other lenders. To qualify for a loan and get a high loan amount always keep your bank transaction records on your phone.

How to Download and Apply for NewCredit loan

1.Download NewCredit App from google play store and install on your Android phone.

2.Register an account with your phone number.

3.Fill in basic information, including your residential address, next of kin and employment details

4. You will also be required to provide your Biometric verification number BVN and bind your ATM card to your account as a means of repayment.

Note that you might experience some difficulty while trying to bind your Verve ATM card to your NewCredit account. Use a Visa card or MasterCard as the app does not readily bind with Verve ATM cards.

5. After the submission of your loan application, the algorithm will analyze your credit score and the final result will be shown in the APP.

6.If approved, the loan amount will be disbursed into the bank account directly.

What are the requirements?

1. Be a Nigerian citizen or legal Resident.
2. Be between the ages of 18-55 years old.
3. Have a Monthly income source.
4. Bind your ATM card to your account
5. Provide details of two of your next of kins including their phone numbers.
6. Have a good credit score with no outstanding loans from other lenders.

NewCredit loan app interest rate?

-Equivalent monthly interest 4%~24%,the annual percentage rate (APR) on Newcredit is 24%~56%.
-Example:If you choose a 6-month loan and borrow ₦100,000,Newcredit charges an interest rate of 4% per month.Borrow NGN interest rate:24% and the APR is 48%.180 days repayments of ₦24,000.Total amount payment is ₦124,000.

This interest 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.

Is NewCredit loan app legit?

Yes, NewCredit Loan app is legit and does give out loans to customers but with extremely high interest rates most especially for first time borrowers. Read other customer’s reviews on play store before you apply for a loan.
Security
Loan application process is absolutely secure and safe. NewCredit promises never to share customer’s information with anyone without consent.

What NewCredit loan app can improve?

The loan application process on NewCredit is simple and seamless, tho the app does collect a lots of information like your employment details and residential address last to your P.O Box.

The loan interest rate on this app is manageable even for new borrowers, but loan disbursement can sometimes be slow. Some customers have complained of not getting their loans disbursed to their account days after getting approved for it.

The repayment gateway on NewCredit has lots of bugs. Most customers are left frustrated and unable to repay their loans as the one time password OTP sent to their phones does not arrive on time or doesn’t arrive at all.

The customer service experience on this app is also very terrible. Only one email address is available for complaints and messages sent to it is often times not responded to.

How to solve NewCredit repayment problem

Most customers are left unable to repay their loans as the OTP sent via Paystack payment gateway often does not arrive on time or does not arrive at all. The fee for late payment is a punitive N600 per day on your loan even if the fault is not yours.

One way to work around this is to request for the apps official bank account and make your loan repayment into it. Make sure the account you are paying into is from the app to avoid paying to fraudsters.

NewCredit loan app customer service number

This is the only customer service contact available for this as app.

• Service Email: [email protected]
• Office Address: 45c Sobo Arobiodu St, Ikeja GRA, Ikeja, Lagos, Nigeria