NewCredit Loan: 5 Things You Need To Know Before Taking A Loan From NewCredit

NewCredit is one of the most renowned loan platforms that offers fast online loans for urgent needs. The company is only available in Nigeria. The platform claims that it has been rendering excellent loan services to their users, an assertion that some of their customers have attested to while others have contrary views about their claims, but we’re going to find out more in the course of this article.

As it is with other digital loan platforms, NewCredit has their terms and conditions, which may vary slightly from others. Hence, if you’re planning to take a loan from NewCredit, this article is specially designed to keep informed.

1. How Much Can I Borrow From New Credit?

NewCredit Loan

The amount of money that a user can get from the NewCredit platform ranges from N10,000 to N300,000. This loan amount is not fixed; it varies depending on the customer’s credit score and the trustworthiness that the customer may have built with the platform.

2. NewCredit Loan Interest Rate

The NewCredit loan interest rate ranges from 4% to 24%. But when the repayment plan is on an annual basis, the interest rate ranges from 24% to 56%. This interest rate varies depending on the amount borrowed and the repayment plan chosen.

3. NewCredit Repayment Plan

The NewCredit repayment plan is not fixed. It depends on the repayment plan that the customer opt for. But the repayment plans range from months to one year. In all, it is best to opt for a repayment that will be convenient for you.

4. NewCredit Loan Requirements

Just as it is with other loan app platforms where users are expected to meet certain criteria before they can access loan, the same thing is applicable to NewCredit platform where customers are required to meet basic requirements before they will be eligible for loan procurement. Some of the basic criteria are outlined below; 

  • The applicant must have a valid ID card
  • The applicant must have a Bank Verification Number(BVN)
  • The intending applicant must have a functional account number with a positive account balance
  • The applicant must have a valid phone
  • The applicant’s personal information must be handy.

5. NewCredit Loan Review

As it is with other loan platforms, users have diverse experiences about the platform. Our check on review platforms like PlayStore, TrustPilot etc reveal that some users are satisfied with the services of the loan platform. While some users express dissatisfaction owing to what they perceive as dubious and unexpected ways that the platform crashes your credit score. 

On PlayStore, the NewCredit loan app has a good rating. Because the 569,000 users who submitted their reviews gave the app 4.3 stars rating which is actually good for  a platform of its kind. 

Bottom Line

NewCredit loan has helped most of the users to meet their urgent financial needs though it still has its shortcomings. Hence, we strongly recommend that you understand their terms and conditions before opting for their services. 

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