Rush Credit Loan App is a brand new personal loan app available on the Google Playstore that offers Nigerian loans that are collateral-free up to N100,000.
The app was recently launched and has received more than 10k downloads in its initial month, due to a user-friendly interface for users with a smooth loan application procedure. It utilizes Artificial Intelligence AI to analyze the financial records of potential customers that include bank transactions SMS messages on their phones, as well as their credit worthiness with other lenders. To get an loan and receive the highest loan amount, you must keep your bank transaction data stored on your phone.
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How do I download and apply for Rush Credit Loan App
1.Download Rush Credit App exclusively available from the Google Playstore and install on your Android phone. 2.Register an account using the phone number. 3.Fill with basic details that includes your address as well as your next of kin’s address as well as your employment information. You will be required to supply you with your Biometric Verification Number BVN and also bind to your ATM credit card onto your bank account to serve as a method of payment.
When you submit your loan application The algorithm will then analyze your credit score. The final result will be displayed on the APP. 6.If granted the amount of loan will be transferred to the bank account immediately.
The whole process should be less than 5 minutes, from application to the time of loan disbursement.
What are the rules?
Have an Nigerian citizen or a legal resident.
You must be between 18 to 55 years old.
A monthly income source.
Make sure you connect your ATM card onto your account
Give the details for two next of kin and your phone numbers.
A good credit score and no unpaid loans with other creditors.
Maintain an active Nigerian bank account.
Rush Credit Loan App Interest rate
Loan amount: NGN 8,000-NGN100,000. The loan term is 91 days , and the maximum period is the entire 365 days. daily interest rate: 0.0057 percent. maximum annual interest rate: 20.55.
Let us help you determine the amount you have to pay. If, for instance, you opt for a 12-month payment plan that has a principal of 10,000, the following information will be provided. Instalment plan. 3. Principal amount. 10,000. PMT (monthly payment amount): 3,463.3. PMT = N10,000 x (1 + 3.9%)/ 3 = N 3,463.3. Cost: N 0. Total interest. N 390. Total amount. N 10,390. Total amount = principal + total interest = 10,390. The total interest rate. 3.9%. Total interest rate = Total interest/principal100% =, N 10,390/N 10,000100% = 3.9%. Interest per month. 1.3%. Interest per month = Total interest rate / Instalment plan = 3.9% / 3 = 1.3%.
As an example, you can expect the amount of your loan and its duration to be much less if borrowing for this first time. You may be able to increase the amount by keeping accurate record and paying off your loan in full.
Is Rush Credit Loan App legitimate?
The Rush Credit Loan App is legitimate and offers loans to its customers, but at exceptionally high interest rates particularly for those who are first-time customers. Review other customers’ reviews on the Play Store before you submit an application for an loan. The app also has a live support phone number that confirms it’s not a fraud and that the representatives are able to provide assistance whenever needed. Security The process of applying for loans is secure and protected. Rush Credit Loan App guarantees not to give customer’s details to anyone without their permission.
How do you think Rush Credit Loan App could you improve?
The experience of making use of Rush Credit Loan App is often bittersweet. The app does provide a reliable customer service, which can be a plus when compared to other loan applications available in Nigeria.
Certain customers have the loan application process through RushCredit which is easy and effortless, they can apply and have the loan transferred to their banks in less than five minutes, other customers aren’t so fortunate.
Some customers have complained about issues with the app that prevent the app from linking the ATM cards to their accounts , and thus unable to continue.
If you’re having the same issue, you can uninstall the app and then start the process and again.
The interest rate for loans in the app is manageable for first-time borrowers, but the loan process can be slow. A few customers have complained about not receiving their loans to their accounts until a day after having been approval for it.
Rush Credit Loan App Customer care number
It is the contact number for customer support contact for this app.
Mr Olawale Olokede is a registered loan officer and worked for over 10 years as a senior financial consultant for accounting, finance and business management firms in Nigeria. Mr Olawale Olokede implemented and supervised financial and loan solution to Lagos based small and medium scale businesses after lecturing at the Lagos Business school. He is channeled his writing skills and passion for blogging to set up Lending Naija with over 50 reviews on different loan application and downloads.