NextCredit Loan App Review: online loan in Nigeria without BVN

NextCredit Nigeria is a licensed Money Lender that provides short-term loans to support low and middle income earners to meet urgent cash needs. The app uses artificial intelligence to analyze your bank records and validate your BVN to take lending decisions based on your credit score.

The loan is 100% online, with no collateral required and you can apply at anytime, any day of the week. The app does not require you to make any payments before getting a loan, computer AI collects and analyzes your data to determine how much loan you qualify for.

How to Apply for NextCredit loan?

To get a NextCredit loan, all you need to do is:

  • Download and install the NextCredit APP from Google play store
  • Register for an account using your 11 digit BVN number.
  • Add your card (N20 will be charged for card tokenization) and bank account details
  • Verify your identity and that the information you’ve entered is correct.
  • Get money sent directly to your Bank account.

How to repay your NextCredit loan

Repay your loan online through the payment gateway in app or offline transfer to the company account. You’ll have to call to verify your payment after depositing off line.
You can pay in full or make partial payments anytime before due date.

NextCredit loan app

NextCredit interest rate

Expect The interest rate offered on your loan to be anything from 15% monthly flat rate. Although most first time borrowers get charged the 15% flat rate on a week tenure. For multiple tenors accessible to returning customers we charge on reducing balance at lower interest.
Representative Example of the total cost of the Loan:
Calculating the number is very easy. For example, if you choose a 12-month 10,000 loan principal, we
will show the details below:
Installment plan: 12.
Principal: 10,000.
Amount of expenditure: ₦99,63.002. Amount of expenditure = principal – GST – expenses ₦10,000 – ₦369.98 – 0 = ₦99,630.02.
PMT (monthly payment amount): ₦1004.6. PMT = ₦10000 x (1 + 20. 55%)/ 12 = ₦1004.6.
Total interest: ₦2055.
Total amount: ₦12055. Total amount = principal + Total interest = ₦12055.
Total interest rate: 20.55%. Total interest rate = total interest / principal * 100% =, ₦12,055 / ₦10,000 * 100% = 20.55%.
Monthly interest: 1.71%. Monthly interest = total interest rate / installment = 20.55% / 12 = 1.71%.

Note: expect both your loan amount and loan tenure to be significantly lower as individual interest rate, loan amount and loan tenure are calculated based on the applicant’s credit score and credit worthiness. Keep a good credit score and repay your loan on time to qualify for higher amounts. See how loan apps make lending decisionsSee how loan apps make lenns for first time borrowers and how to increase your loan limits.

Why Choose NextCredit

Pause Option: you can defer your repayment date for 30 days if you run into any financial difficulties. You can defer for as many times as possible.
Custom repayment schedule – unlike the other lenders, this app allows you settle your loan in split payments, pay parts of your loan whenever you have it.

Get revolving credit limit

Revolving credit means NextCredit will borrow you a higher amount Everytime you repay your previous loans. You just have to pay back your loans on time to qualify

Is NextCredit legit?

Yes, NextCredit loan is legit. A lot of customers have testified to receiving a loan from them. Read other customer’s Reviews on Google play store. However, this app will call your contacts and embarrass you if you default on your loan.

When you download the NextCredit app, it will ask for your permission to scan your financial location data and other information in order to verify your identity, creditworthiness, and provide you with an instant loan. It also use this to help you better understand and improve your finances with us. The app takes privacy seriously – all data you choose to share is encrypted and your personal data will never be shared without your consent.

What can be improved

NextCredit is not a scam, the app does give out loans to customers. But that is just it, the interest rate is too high for first time borrowers. Most borrowers get asked to pay up to 15% interest on a loan with 7 days tenure.

The app’s customer service is also not impressive. Many customers have complained of not being able to access support especially to complain about the high interest rate.

What will happen if I default on my loan?

Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, they report to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.

Personal Loan Eligibility

  • You are a Nigerian Citizen
  • You are at least 18 years or older
  • You have proof of income as a salary earner or business owner.
  • Approval of your loan depends on a number of factors, such as, all documents required are uploaded, leverage ratio and disposable Income.
  • You have a Nigerian Bank account.
  • You are willing to provide your bank statement covering at least 3 months transaction history.
  • You have an identity card, work Identity gives you more points than a government issued identity card.
  • Interest rate is 15% flat monthly.
  • Interest rate is 15% flat monthly.
  • Tenor is 30 days.

How much can I borrow with NextCredit?

NextCredit will offer you a loan range between N3000 to N50000. Monthly loan payments, interest rates, and loan terms will vary depending on your credit score.

NextCredit customer care number

call +234 9121540760.
Please e-mail to [email protected]


A writer! Columnist and an academic researcher
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