The Newcredit app offers a hassle-free and convenient way for individuals to access loans. They provide loans ranging from ₦10,000 to ₦300,000, with repayment periods spanning from 91 days to 365 days. No collateral is required to obtain a safe loan. The Annual Percentage Rate (APR) ranges from 24% to 56% per annum.
For instance, if someone chooses a 6-month loan of ₦100,000, the interest rate would be 4% per month, resulting in an annual interest rate (APR) of 48%. Over 180 days, the repayments would amount to ₦24,000, making the total amount payable ₦124,000.
To apply for a loan, one needs to download the Newcredit app, register an account using their phone number, provide basic information, and submit the loan application. Eligibility criteria include being a Nigerian resident aged between 18 and 60 years, with valid documents and proofs.
|Office Address||45c Sobo Arobiodu St, Ikeja GRA, Ikeja, Lagos, Nigeria|