Is MenaCred Loan App Legit Or Scam? Reviews, Interest Rate, Customer Care Number

Are you thinking about getting a loan through the MenaCred Loan app? If so, you might be thinking if the platform is real and what the interest rates are like. In this piece, we’ll talk about whether or not the MenaCred Loan app is a scam and what you need to know about the interest rates it charges.

Let’s start with the most important things. The MenaCred Loan app is a mobile app that lets people quickly and easily apply for loans. It says it has low interest rates and open payment plans, which make it a good choice for people who need cash quickly.

After doing a lot of study, we can say that the MenaCred Loan app is a real way to borrow money. It is listed with Nigeria’s Corporate Affairs Commission (CAC) and runs in accordance with all laws and rules.

The MenaCred Loan app charges interest rates that range from 5% to 25% per month, based on how much you borrow and how long you have to pay it back. Even though these rates may be lower than what some other platforms charge, they can still add up quickly if you can’t pay back the loan on time.

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Users have said different things about the MenaCred Loan app, which is important to know. Some users have said that the app worked well for them, but others have said that the interest rates were too high and that there were hidden fees. Also, some users have said they have trouble getting in touch with customer service, which can be frustrating when trying to solve problems.

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When it comes to customer service, the MenaCred Loan app gives people several ways to reach out. These include a phone number, an email address, and a chat feature right inside the app. On the app’s website and in the app itself, users can also find solutions to questions that are often asked.

So, is the MenaCred Loan app a scam or not? The Google Play Store says that the app has been downloaded more than 100,000 times, which shows that it has a large number of users. Also, many users have given it good reviews, praising how easy it is to sign up and how helpful the customer service is.

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But it’s important to remember that not every review of the app is good. Some customers have complained about high interest rates, secret fees, and trouble getting in touch with the customer service team.

MENACRED LOAN INTEREST RATE

MenaCred offer loans from ₦5,000 to ₦150,000 to be repaid between two to six months at a monthly interest rate of 5% to 18% with APR from 60% to 180%.

A representative example of MenaCred Loan.

If you request for a ₦40,000 loan to be repaid in 90days (3months) on the MenaCred App at an interest rate of 18%.

Each month, you will pay back ₦15,733.33 per month. At loan maturity, you would have paid a total sum of ₦47,200.

HOW MUCH CAN I BORROW FROM MENACRED LOAN APP

You can borrow between 5000 naira to 150,000 naira on MenaCred

REQUIREMENTS TO GET A LOAN FROM MENACRED LOAN APP

To get a loan from MenaCred loan app:

You must be a Nigerian
Between the age of 21 to 55
Have BVN
Have a source of income

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HOW TO APPLY FOR LOAN ON MENACRED LOAN APP

To borrow money from MenaCred take the following steps:

Go to google play store
Download MenaCred loan app
Register by providing the necessary information
Apply for a loan ranging from 5000 naira to 150,000 naira.

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HOW LONG DOES IT TAKE MENACRED LOAN APP TO GIVE A LOAN

It takes minutes to few hours for the loan request to be processed and disbursed.

HOW TO REPAY MENACRED LOAN

Choose the repay loan option on the MenaCred loan app. Then select your repayment option.

MENACRED LOAN CUSTOMER CARE

To contact MenaCred, visit the contact us option on the app.

Conclusion

The MenaCred Loan app is a legal way to borrow money, but you should be careful when using it. Before you agree to a loan, read and understand the terms and conditions carefully to make sure you know about all fees and fines.

Also, be aware that the app may charge you high interest rates and make sure you’re okay with the terms of the loan before you accept it. If you have any problems or questions, you can try getting in touch with the customer care team of the MenaCred Loan app through the app or website.