RushCredit Loan App Review: instant personal loans in Nigeria
RushCredit is a new personal loan app on Google playstore that gives Nigerian collateral-free loans of up to N100,000.
The app is recently released and has garnered over 10k downloads in its first month due to 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 RushCredit loan
1.Download RushCredit App exclusively available on the Google Playstore 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 detailsYou will also be required to provide your Biometric verification number BVN and bind your ATM card to your account as a means of repayment.
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.
The whole process should ideally take less than 5 minutes from application to loan disbursement.
What are the requirements?
- Be a Nigerian citizen or legal Resident.
- Be between the ages of 18-55 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 Nigerian bank account.
RushCredit loan app interest rate?
loan amount :NGN 8,000-NGN100,000.
loan term : minimum term is 91 days and maximum term is 365 days.
daily interest rate : 0.0057%.
maximum annual interest rate : 20.55.
Let us help you calculate the amount you should repay. For example, if you choose a 12-month plan with a principal 10,000, details as below will be shown.
Instalment plan. 3.
Principal amount. 10,000.
PMT (monthly payment amount): 3,463.3. PMT = ₦10,000 x (1 + 3.9%)/ 3 = ₦ 3,463.3.
Cost: ₦ 0.
Total interest. ₦ 390.
Total amount. ₦ 10,390. Total amount = principal + total interest = 10,390.
Total interest rate. 3.9%. Total interest rate = Total interest/principal100% =, ₦ 10,390/₦ 10,000100% = 3.9%.
Interest per month. 1.3%. Interest per month = Total interest rate / Instalment plan = 3.9% / 3 = 1.3%.
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 RushCredit loan app legit?
Yes, RushCredit 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.
The app also has an active customer service phone number which also proves that it is not a scam and the reps can provide support when needed.
Security
Loan application process is absolutely secure and safe. RushCredit promises never to share customer’s information with anyone without consent.
What RushCredit loan app can improve?
The experience of using RushCredit loan app can be bittersweet. The app does have a functional customer support, which is an added advantage compared to other loan apps available in Nigeria.
Some customers experience a loan application process on RushCredit that is simple and seamless, they apply and get a loan disbursed to their bank accounts in less than 5 minutes, others are not so lucky.
Other customers have complained of bugs on the app which prevents them from binding their ATM card to their accounts and therefore cannot proceed.
If you’re experiencing a similar problem, try uninstalling the app and start the application process all over again.
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.
RushCredit loan app customer service number
This is the customer service contact available for this as app.
- Phone number: 08130987895
- email:[email protected]
- Company Address:Anowose Street, Bariga 102676, Lagos,Nigeria
