Newcredit Loan App Review: Legit Or Scam? (The Truth)

Have you been looking for a way to secure a loan in Nigeria without the overdemands of legalised financial institutions? Then you probably have heard about Newcredit loan app. However, like most business ventures, it is very important to see a quality review about this loan application before taking a loan from them.

Important questions need to be answered like; Is Newcredit Loan App Legit or A Scam? What is Newcredit loan interest rate? How To Repay Newcredit Loan? How to get in touch with Customer Support? And so much more which we shall discuss in this article.

Therefore, if you are a loan seeker seeking to secure a loan on Newcredit, you need to sit tight and pay close attention. Do ensure to make use of the table of contents below to enable navigate through this article with relative ease. Have any questions or contributions? Feel free to drop them down in the comments section below.

Without any further Ado, let’s begin!

What Is Newcredit Loan App?

You probably already know that Newcredit is a mobile application where individuals or businesses can get financial support in the form of loans. Newcredit is one of the leading ilonline loan firms in Nigeria boasting of over 5 million (+) downloads on Google play. And thousands of monthly active users (judging by the statistics).

In Nigeria, NewCredit Loan App is a legitimate and safe mobile loan service platform. In essence, this loan platform provides rapid loans of up to N100,000 in 5 minutes. This loan is incredibly simple to obtain because it does not require any collateral. You only need to download the app, register, and apply for a loan. This is how you do it. 

How To Download And Sign Up On NewCredit loan App?

If you wish to apply for an immediate loan from NewCredit, follow these steps:

1. First, go to the Google Play Store and download the NewCredit app. Install it on your Android device after that.

2. Create a personal account by entering your phone number and other essential details. This contains your home address, work information, and next of kin. 

3. You must also provide your BVN (biometric verification number) before linking your ATM card to your NewCredit account. This will be used as a payment method.

4. Finally, click the “Withdraw” option to submit your loan application. After that, the platform’s algorithm will evaluate your credit score and display the final result. 

5. The quantity of loan you can obtain will be determined by the ultimate result of your credit score. You will receive the specified amount in your bank account once you see the result. 

Please keep in mind that linking your Verve ATM card to your account may be challenging. As a result, to make the process less stressful for you, you should utilise a MasterCard or Visa ATM.

Requirements For Getting A Loan On Newcredit App

You must meet the following prerequisites before you can borrow a loan on the NewCredit platform:

1. You must be a Nigerian citizen or a legal resident.

2. Be between the ages of 18 and 55, with a reliable source of monthly income.

3. You must be willing to attach a valid ATM card to your NewCredit account and provide information about your next of kin. 

4. You must have a solid credit score and no outstanding loans from other lenders.

What Is The Interest Rate On A NewCredit Loan?

Essentially, NewCredit charges a 4%-24% monthly interest rate and a 24%-56% annual interest rate. Also, keep in mind that the interest rate on your loan rises on a daily basis. 

As a result, you should make every effort to repay the debt on time. Loan repayment on time offers you access to a larger loan amount the next time you borrow.

Is The NewCredit Loan App Legit?

Yes, the NewCredit platform is legitimate and can provide you with speedy loans, but the interest rate is extremely expensive. As a result, before applying for a low, read the terms and conditions as well as reviews from other customers to ensure that you have a thorough grasp of what you are applying for. 

Repayment Of a NewCredit Loan – How To Repay A NewCredit Loan

When it comes time to repay your debt, do the following:

1. Open the app and seek for the loan repayment button, which you should tap. 

2. Next, choose your repayment strategy and pay back your loan.

If you run into any problems during this process, simply contact customer service. Customer service information is provided below. 

How Can I Get The NewCredit Loan App?

Follow the steps below to get the NewCredit app:

1. Go to the PlayStore on your Android device. This app is only available on Google Play.

2. Look for “NewCredit” next.

3. Download and install the app before applying for a loan. 

How Can I Get In Touch With NewCredit?

You can reach NewCredit in the following ways:

☎️ 45c Sobo Arobiodu Street, Ikeja GRA, Ikeja, Lagos, Nigeria

☎️ e-mail:

☎️ Web address:

The Advantages Of NewCredit Loan App

Borrowers can benefit from a variety of NewCredit loans, depending on their financial status and borrowing requirements. Here are some potential advantages:

👍 Flexibility: NewCredit loans can be utilised for a variety of objectives, including debt consolidation, home upgrades, and unforeseen expenses, giving you the ability to handle a variety of financial requirements.

👍 Competitive interest rates: Depending on your creditworthiness, NewCredit loans may provide lower interest rates than credit cards or high-interest debt, potentially saving you money over the loan term.

👍 Fixed repayment terms: NewCredit loans often feature fixed repayment terms, which allow borrowers to know the exact amount and duration of their monthly payments. This assists with budgeting and financial planning.

👍 Credit score enhancement: On-time repayment of NewCredit loans can help consumers improve their credit scores, especially if done on time.

Disadvantages Of NewCredit Loan App

While NewCredit loans provide advantages, it is critical to consider the following disadvantages:

👎Loans are only available to Nigerian residents: NewCredit loans are only available to Nigerian nationals, limiting access for borrowers outside the country.

👎Smartphone and Internet access are required: Accessing NewCredit loans necessitates the use of a smartphone with a stable Internet connection, which may be difficult.

The loan limit is insufficient to meet certain requirements.

These are personal loans for a brief period of time.

Frequently Ask Questions 

Who Is The Owner Of Newcredit?

Newcredit is owned by Newedge Finance.

What Is The Maximum Loan Amount Available With Newcredit?

The maximum loan amount available through the Newcredit loan app is N500,000.

Is Newcredit Loan App Legit?

Yes. Newcredit is a legitimate lending site where you may obtain cheap and quick loans.

How Long Does It Take To Secure A Loan On Newcredit Loan app?

It takes a few minutes for your loan application to be evaluated and authorised after you submit it through the Newcredit Loan app. The loan amount is then directly paid into your bank account.

Can I Repay My Loan Before The Due Date?

Yes, you can repay your loan early using the Newcredit Loan app.

What if I am unable to repay my loan by the due date?

If you do not repay your loan by the due date, you may be fined a punitive late fee of N600 per day, even if it is not your fault.

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In Conclusion 

The NewCredit lending platform is a legitimate Nigerian loan platform that allows you to get up to N100,000 in loans in less than 5 minutes. Furthermore, every loan obtained through this site is collateral-free. Simply follow the steps above to obtain a thorough guidance on how to obtain this loan. 

Are you interested in seeing more fin-tech apps that could improve your financial management systems? Then Click HERE to see more useful Applications.

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About Stefan C.

Focused On bringing you the best educational and finance related topics that will impact your life and the lives of millions.
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