Only Snappycredit will give you over 100k personal loans on your first loan application in Nigeria without collateral or documentation.
SnappyCredit offers online 100% short-term loans to Nigerians It is an Android loan application that offers loans for short periods that range from N10,000-N50,000 in Nigeria. If you’re an Android user, you can apply for a collateral-free loan.
It was released in December 2020. SnappyCredit has gained more than 10k downloads to date on the Google play store but has received mixed reviews. It utilizes a loan application to gather information about prospective customers including telephone records, banking notifications of transactions, and BVN and credit scores of every borrower.
If you want to be eligible for loans or another amount, ensure you keep a record of your bank transactions on your mobile and you don’t have outstanding debts on other loan applications!
The application is easy, simply download the application from the Google play store, enter your personal information, and the app will review your data and determine your credit score, and then make an offer for a loan within a matter of hours.
Table of Contents
How do you download APK and receive a loan through the SnappyCredit loan app
- Install your QuickCredit App exclusively through the Google Play store and install it on your Android phone.
- Create an account using your mobile number.
- It is recommended that the number you have linked with your BVN as a one-time password will be sent to the number to confirm your identity.
- Input your essential Kwow-your customer KYC details, which include your residence address, your next of kin, and your employment information.
- It also has to submit the Biometric Verification Number BVN.
- The amount you pay will be N50 to tie an ATM account to the account to improve your chances of getting a higher amount.
- One-time username and password OTP is sent directly to your mobile to verify your information.
- Following the submission of an application for a loan, the application will examine your credit score. The final results will be displayed in the application.
- The final result should be shown within less than two minutes. If you’re eligible for a loan, the amount will be deposited into your bank account immediately.
- Be sure to use an appropriate phone with sufficient memory as you’ll have to take an authentic live selfie to identify.
Your BVN is tied to the credit score you have. So when you’re in the middle of a loan with another lender or failed to pay any other lender in full when they were due be prepared for your application to be denied.
Credit score is an SA credit of previous loans as well as the amount of time you pay and cash transactions that go in or out of the bank accounts and other details.
Once you download this application, it will have the ability to access your mobile book’s contacts along with SMS, as well as other data it uses to improve the credit score.
Is the SnappyCredit Loan application legitimate or a fraud?
The SnappyCredit loan program is genuine, it does offer loans, however, caution must be exercised before taking any loan from the Internet. Read reviews of other customers before applying for a loan in Nigeria.
You must be aware that these loans aren’t licensed or regulated by The CBN or any other government organization in Nigeria. You are accountable for the safety of your transactions through these apps and there isn’t any remedy for poor customer service.
Additionally, its presence in the Google Play Store doesn’t ensure that transactions made on it are safe. The play store is the possibility of downloading and you are accountable for your security using loan applications in Nigeria.
What SnappyCredit loan application could you improve?
The loan tenure is very short and the loan amount is also very small beginning at N2000 The typical loan period is 8 days to repay your loan and interest. While the app claims to provide higher loan amounts with longer terms for customers who have been repeating customers, there’s no guarantee of longer terms on subsequent loans.
The interest rate is also quite high, and it isn’t explained to the customers. One person was allowed to obtain a loan amount of N5,000 but only for N3,000, which was then transferred to their account, with the rest being calculated as service and interest.
SnappyCredit also comes with a high rejection rate for applications. If you receive a text message, it’s only an advertisement campaign, but it’s not a guarantee that you’ll receive the loan.
Since there are no laws in Nigeria the majority of applications are run by loan sharks that could threaten to send out messages to family members of yours warning you that they are scammers when you fail to pay the repayment. Avoid these apps if you do not have other alternatives.
SnappyCredit Loan app interest rate?
Time of loan: From 90 days until 365 days.
The loan amount ranges between N5000 and N 500 000.
Interest on loans: the total interest range ranges from 24% to 2 percent. The average monthly interest ranges between 1% and 2 percent and the APR ranges from 12 to 24 percent.
Sample Loan Calculation
The loan amount is NGN. 10,000, APR: 30%, service fee: 0%, loan tenure: 91 days.
The total amount due at the time of the due is
Interest: 10,000 x 30%/365 x 91 = 748
Service cost is 20,000*0% which equals 0
Total amount disbursed: 10,000 (10,000 – 0)
Total amount due to be repaid Total amount to repay: 10,748 (20,000 plus 748)
The monthly amount to pay: 3,583 (10,748 3)
The interest rate and duration are only an example, you can expect the amount and duration of your loan to be considerably shorter if you’re borrowing your first time. You may be able to increase the amount by keeping an accurate record and paying off the loan on time.
What are the conditions?
- You must be a legal citizen or a legal Resident of Nigeria
- You must be at minimum 18 years old.
- You should have a monthly source of income.
- Make sure you connect your ATM card to your account
- Please provide the names of two next of kin including their contact numbers.
- A good credit score and no unpaid loans with other creditors.
- Maintain an account in your bank.
- Your phone number must match the same as your BVN.
- You must have a valid government-issued ID card.
What happens if I fail to repay my loan, or make my payment on time?
Repayments that are late automatically result in a cost of 2 percent per day. Therefore, it is recommended to make sure that you do not go over by the date of due. Paying the loan on its due date gives you access to larger loan amounts. The late payment will limit your chances of getting future loans or bigger ones. If you are extremely late with your payments, you’ll be recorded to the First Central Credit Bureau. The blacklisting process from the First Central Credit Bureau may impact your ability to obtain loans from other lenders.
SnappyCredit loan app customer support number
Address: 18 Allen Avenue Ikeja Lagos
Customer service hotline: 08129857030, 09155053675