Do Credit Loan App is a loan app that gives you access to get quick loans without collateral or documents in Nigeria.
Do Credit Loan App is a Nigerian personal loan application that is provided through Dover Credit – a fintech company that offers Nigerians no-collateral loans to cover financial emergencies. requirements.
The app is fairly new and has received more than 5k downloads in the first month after its release. Many Nigerians are interested in these loan apps, despite the dangers that come with them and the poor service many of them provide.
Do Credit Loan App does not need to be confused with Do Credit which is an American credit card company. This application makes use of Artificial Intelligence AI to analyze the financial records of potential customers such as bank transactions SMS messages on their phones, as well as their creditworthiness with other lenders. To be eligible for a loan, and to get the highest loan amount, you must keep the bank transaction logs on your mobile.
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How do I download and apply for a Do Credit Loan App
- Install DoCredit. Download the DoCredit App exclusively available through the Google Play store and install it on your Android phone.
- Create an account using your mobile number.
- Input basic information including your address, the next of kin information, and details about your job.
- Additionally, you will be required to give the Biometric confirmation number BVN and also bind the ATM debit card on your credit account for payment.
- One-time security code OTP is sent directly to your mobile to confirm your account details.
- Following the submission of your loan application The algorithm will then analyze your credit score, and the final results will be posted in the app.
- If it is approved, the loan amount will be directly paid into the bank account.
- The loan disbursement process on DoCredit is performed manually which means it could take a couple of hours or days.
What are the conditions?
- You must be you are a Nigerian citizen or a legal resident.
- Between the ages of 21 years of age.
- You should have a monthly income source.
- Make sure you connect your ATM card to your account
- Give the details for two kin including their telephone numbers.
- Have a credit score that is good without unpaid loans with other creditors.
- Maintain an active Nigerian bank account.
Do credit loan app rates of interest?
The Loan Amount:N5,000 – N50,000
Loan Period:91days(Minimum, including delay time)-180days(Maximum, including delay time)
Maximum loan limit: N50,000
The maximum annual rate of interest rate:18.25 percent
Service charge: No other charges.
If you get a credit of N10,000 over 90 days. The total amount of interest payable is N10,000 0.05 percent91=N455 The monthly interest payable is N10,000 0.05 0.5%30=N150 The total amount payable is N10,000+N455=N10455
The interest rate and duration is only an example. You can expect your loan amount and duration to be considerably shorter if you’re borrowing your first time. You could increase your loan by keeping accurate records and paying the loan back on time.
Do Credit Loan Apps Legit?
the Do Credit Loan app is authentic and provides loans to customers, however with exceptionally high-interest rates, especially for new customers. Review other users’ comments on the Play Store before applying for loans.
It is important to know that these loans are not regulated or registered in any way by CBN or any other government organization in Nigeria. The responsibility lies with you to ensure the safety of transactions you make with these loans and there isn’t a remedy for bad customer service.
Additionally, its presence as a feature on the Google play store doesn’t ensure that transactions made on it are safe. The play store is an opportunity to download but you are ultimately responsible for your security making use of loan apps in Nigeria.
How To Repay Credit Loan
- Once they have successfully bound the bank account for repayment the bank will take the amount of repayment off the card, if there are enough funds on the card.
- Payouts via the Paystack gateway are also integrated into the app to permit manual payments.
- Making sure you pay the loan on time could boost your credit rating of your, which can lead to greater opportunities for greater limits and more durations.
Do Credit Loan App Pros And Cons
Do Credit Loan App is relatively new to the lending business, and has plenty to work on.
The application is prone to bugs that can cause users to encounter issues when using it. When you’re done filling out your application and it crashes, displaying an error message. This means you must restart the process.
Customers have also complained about not receiving their OTP and, as a result, they aren’t able to continue with registration.
The app has hidden costs If you are granted a loan of N6000 however, you will see only N4000 being paid to your account, with the remainder being claimed as charges. You’ll be required to pay back the total amount of N6000 and interest.
A few customers have complained of not receiving a larger loan amount, even after having repaid the previous loans on time.