NewCredit Loan App – A New Way To Get Quick Loans [Full Guide]

NewCredit Loan App – A New Way To Get Quick Loans.

Getting loans just got better with NewCredit, You can obtain a loan in less than 5 minutes using just your phone. 

Basically, the NewCredit loan platform is a financial service app that provides instant loans for Nigerians and in this article, I’ll share with you all you need to know about NewCredit. 

What Is NewCredit All About?

NewCredit is a mobile loan service platform in Nigeria that gives up to N300,00 loans without collateral. 

The NewCredit loan app makes it easy and convenient for everyone to get loans anytime with no stress.

The NewCredit loan app offers Loan amounts from ₦10,000 to ₦300,000 with repayment from 91 days to 365 days.

NewCredit is very easy to access as all you need to do is download the app, register, and apply for a loan.  

What You Should Expect From NewCredit.

1. No Collateral:

NewCredit requires no collateral. It is an online app that lets its users get loans without holding any of their property. 

Banks and most lending platforms will always require collateral. This collateral serves as leverage that they can hold onto should in case the borrower does not pay back. That way, it is a win-win game as they can sell out this collateral to recover the amount given out as a loan.

NewCredit will not ask you to pay a fee or drop paperwork before you’re given the loan. It is a 100% stress-free and paperless transaction that you can do in under 5 mins. 

2. Credit History Needed:

 NewCredit requires your credit history before you’re given any loan.

Just like NewCredit, most loan apps require your credit history to calculate your loan score. This helps NewCredit to show you the available loanable amount within the range of your credit score.

Loan platforms use their customer’s credit history to calculate loan scores because they want to be on the safer side.

Your credit history shows a lot about how well you would repay a loan.

If they notice more negative results on your credit history (for example; late or partial payment), they may not be so convinced about letting out a big loan amount. Except for fake loan apps, the factors stated above are the reasons why most loan apps give out little loans to new users or old users that they have had similar issues with.

This is why it is important to keep a good credit history. You do not know when next you would be needing a big loan, and if your credit history is not reliable you may forfeit getting the loan.

3. Multiple Repayment Options:

With NewCredit you can comfortably pay your loan back in installments. A Multiple Repayment Option is available on the app and you can use it when you are about to take a loan.

It is rare to find loan platforms or apps that allow multiple repayment options.

In fact, partial or multiple payments are a red flag for many loan apps. It drastically affects your credit history on such apps. 

This is a bonus for you on NewCredit because there are multiple repayment options available for your convenience. 

NewCredit divides your loan into equal amounts and fixes a date to each amount, giving you the chance to pay back between 30 to 365 days (depending on your loan). Isn’t that just great?

NewCredit is not one of the apps to remind you of your loan amount. The only time you get reminded of your loan is when your due date is very close. NewCredit is not a fan of pressuring its customers.

What Is The NewCredit Loan Interest Rate?

Basically, NewCredit follows the appropriate interest rate by charging you a monthly interest rate of 4%-24% and an annual interest rate of 24% – 56%.

But their interest rate can be on the high side sometimes too.

Also, note that the interest rate on your loan increases when you default. Hence, you should try as much as possible to pay back your loan on time. Timely repayment of loans also gives you access to a higher loan amount when borrowing next time.

Is NewCredit App Legit?

Yes, the NewCredit platform is legit and can give you quick loans, however, the interest rate is a bit high. Hence, before you apply for a low, read the terms and conditions as well as reviews from other customers for a proper understanding of what you want to apply for. 

Make sure you understand their terms and conditions before going ahead to take loans.

How Do I Register And Apply For The NewCredit Loan?

To register and apply for an instant loan from NewCredit, here are the steps you should follow.

1. Go to your Google Play Store, search for the NewCredit app, and download it. 

Just click on the search bar and type in “NewCredit” then click on search.

Go ahead click on the app, and download it. After downloading, your phone automatically installs it on your device. If it doesn’t, just click on the  “install” option.

For iOS users, go to your iOS app store and follow the same procedure.

2. After installing, open the app, sign up by using your phone number, and fill up the form. This includes your home address, employment details, as well as your next of kin. 

It is important that you fill in your correct details. This has a large role to play in your minimum and maximum loanable amount. 

Filling in a detail that doesn’t match will automatically flag you and that’s bad.

3. Also, your  BVN will be requested.   Your BVN and your ATM card will be linked to your NewCredit account. This will serve as a method of payment.

4. After submitting your loan application, the app’s algorithm will assess your credit score and show you the final result. Your credit score determines the loan you can borrow so you’ll need a good credit score.

5. Click on “Continue” if you wish to borrow the available amount and you will receive the amount in your bank account.

To avoid experiencing any form of difficulty when linking your card, use a MasterCard or Visa ATM. 

A Verve card might be quite difficult to bind.

However, it is important to note that new customers may not be allowed to take large loans as they are restricted to a particular amount. This is for safety purposes.

This loanable amount increases as new customers pay back on time and get new loans.

What Are NewCredit’s Requirements?

NewCredit doesn’t have any hard requirements. They are the simple basic requirements that every individual who wishes to take a loan should meet.

The requirements you should meet include:

1. You must live in Nigeria. And that is why your address will be requested for.

They need to be sure that you reside in the country for safety reasons.

2. Be between the ages of 18 and 55 and have a valid source of steady monthly income. 

A person above 55 years is believed to be retired and a person under 18 is believed to be dependent on guardians.

Both the former and the latter may not have a stable source of income to pay the loan thereby causing them to default on the loan when due.

3. A valid ATM card number that will be bound to your account. This increases your loanable amount as well as puts your lender at ease about repayment. 

4. Details of your next of kin. 

Your next of kin is someone they can reach out to should in case all effort to reach out to you is to no avail. Don’t worry, NewCredit won’t pressure you or send you threatening messages.

How Do I Repay NewCredit Loan?

It is very easy to pay back your loan when due. Follow these simple steps:

1. go to the app and look for the loan repayment button then tap it. 

2. Select your method of repayment.

3. Use your selected method to pay back your loan.

Any Difficulties?

NewCredit is a good app and will seldom have issues. Should any transaction issues occur, there’s a customer care team that will help you out.

How Can I Contact NewCredit?

From your app, navigate to the Help or Support option, click on this, and state your complaint.

You can also contact NewCredit company through the following ways:

1. You can visit their office at 45c Sobo Arobiodu St, Ikeja GRA, Ikeja, Lagos, Nigeria

2. You can send them an email on deeoemmah4098@gmail.com

3. You can also go through their website, Https://web.newcredit.loans/

Conclusion:

The NewCredit loan platform is a good loan platform that allows you to access loans of up to N100,000 in less than 5 minutes. However, the strength of your credit score determines if you will get N100,000 or less.

All loans on NewCredit are collateral-free. So if you ever need to take a loan from NewCredit,  follow the steps above.