Are you looking for how to download menacred loan app or apk format then this article is for you.
Menacred loan app gives you a loan instantly in Nigeria. It doesn’t require any collateral or papers simply a smartphone You’re all set.
The loan process is extremely rapid once the application is approved, your account will be debited in just a few minutes. Menacred allows you to get up to $150,000 of loan at a time.
Table of Contents
A requirement to obtain a credit from menacred
For menacred to grant you a loan, there are some requirements you have to meet the requirements, which are
Are you able to earn a living?
Have a bank account and bvn
Have a great credit score
Reside in Nigeria
Smart Pawn is a smart pawn that allows you is the app to get loan application
How do you apply for a menacred loans
To apply for the menacred visit the Play Store and download the application
Enter your name, email address as well as other details
You will be asked to tie your ATM card. Do this and continue
After registration, you will be able to login to your dashboard
In your dashboard, locate and click on the loan
You will also see the what amount of loans you are eligible for
You can accept the offer and then be patient for the payment
What amount can you get through the app for menacred loans
With the menacred loan app, you are able to get anywhere from #5,000 to $150,000 without any collateral or paperwork However, as a first-timer you may not be able to get more than #30,000. This will grow as you continue to borrow money and repay.
How to download APK and apply for Menacred loan
- Install the Menacred personal loan app exclusively on the Google Playstore.
- Register with your phone number to create an account
- For verification, it is preferable that you use the phone number associated to your BVN.
- Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin details.
- Your Biometric verification number BVN will also be requested.
- To bind your ATM card with your account, you will be charged N50. This will increase your chances of getting a loan amount that is higher.
- To confirm your details, a one-time OTP password will be sent to you.
- After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
- You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
- You will need to take a clear selfie of your identity so make sure your phone has enough memory.
Menacred rate of interest and repayment time
Menacred interest rate is based on the loan amount you receive, and ranges from 10% and 15 percent. Their repayment term is 7 days and 3 months. If you are a first-time user, your rate of interest will be very high and the repayment time will be shorter, however as you continue using the app, it will get better.
Paying off your loan to menacles
To pay back your loan to menacred make sure you go to your dashboard
Find and click on the loan repayment
There are deferred options for repaying the loan
Click on one, and then pay
When you pay, it will be reflected on your dashboard
If not then get in touch with them.
What happens in the event of a default
If you default , you’ll be punished by an the increase in interest rates. If you failed to pay in full, your name, address, and other personal information will be forwarded to the credit bureau for blacklisting that means you will not be able to borrow again within Nigeria until you have paid off your outstanding debt and clear your name with the credit bureau.
Are menacred loans legitimate?
Menacred loan is legitimate They do provide loans to individuals within Nigeria however they do not have licensed by CBN. Be careful when you take loans from them.
Our verdict on the menacred loan
Menacred loan is legitimate and they have a good rating on the Play Store, which indicates they’re doing things right. They make repayment simple for their customers, and you could even extend your payment time if you’re in need of money.
The main issue is that they don’t have a licensed by CBN.
Conclusion
Below is the procedure to submit an application to Menacred loan. As you can see, they offer loans to individuals however, since they do not licensed by CBN I would advise that you exercise caution. and only apply for loans that you are able to pay back in order to avoid having it.
