NextCredit Loan App is a loan application that grant quick and instant loan to Nigerians to solve personal and business issues.
NextCredit Loan App, a Nigerian digital lending app, is now known as NextCredit. It offers short-term personal loans and other services. This Android-based app offers collateral-free loans starting at N1,000 and up to N1,000,000 with minimal documentation.
NextCredit loan app, now rebranded, has been available on Google Play since last year. It has received over 10k downloads and mixed reviews. It uses a loan program to gather information about potential customers, including phone records, banking transaction alerts and BVN in order to improve each borrower’s credit score.
You will be able to get higher amounts if you keep your bank transaction messages up and have no outstanding debts from other loan apps.
It’s easy to apply. Just download the app from Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
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How to download APK and apply for a loan through NextCredit
- Install the NextCredit 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 N30. 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 you have enough storage.
Your BVN is tied to your credit score. If you have an outstanding loan from another lender or didn’t pay any other lenders on time, your application will be denied.
Credit scores are a record of all your borrowings and cash transactions.
To download the app, you must agree to allow it access to your phone contacts, SMS to view your banking transaction records, and apps on your smartphone to see how other loan apps are used.
Is NextCredit Loan App legit?
NextCredit Loan App is legal. Although the app is still new to the Play Store, it does offer loans to customers. However, caution is advised before applying for any online loan. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN nor any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
How can NextCredit loan apps improve?
This app offers very low-interest loans, with a tenure of just 7 to 14 days. The average loan amount on this app is N3,000.
NextCredit has other issues, such as networking issues that make it difficult for customers to use their ATM cards. It also takes a while to acknowledge loan repayments. Be patient after repaying your loan. Keep your proof of payment handy as it might take some time for your dashboard to clear.
Be aware of your repayment plan when taking out a loan. The app may attempt to auto-debit you on the due date for the first installment of a 30-day loan. It might also charge you overdue fees before the end your 30 day tenure.
To prevent auto debit, you can change the password on your ATM card.
The loan tenure starts at 7 days. This is less than the minimum 30 day tenure that the CBN recommends for personal loans providers who are short-term.
Next Naira loan app interest rate?
Rates and fees for loans: Loan amounts from N 5,000 to N 100,000
Service / Interest Fee: 2% – 35%
Maximum Annual Percentage Rate (APR), 66.21% – 2740.44%
Late fee: One-time fee of 8.8% of the outstanding amount
Minimum repayment period: 61 days
Maximum repayment period: 180 days
A borrower who takes out a N40,000 loan during our 61-day term would owe a service/interest fee as low at 14%. This would be N 5600 for a total of N 45,000.
N 40,000 (principal), + N 5600(service / interest fees) = N 45,000. (total payment).
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
What are the requirements of Nextcredit
- You can be a Nigerian citizen or resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from any other lenders.
- Maintain an active bank account
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
Customer service number for NextCredit Loan App
NextCredit, a Nigerian digital lending app, is now known as Next Credit. It offers short-term personal loans and other services. This Android-based app offers collateral-free loans starting at N1,000 and up to N1,000,000 with minimal documentation.