Newcredit is one of the many online loan applications with the most adaptable loan terms.
Newcredit provides immediate payday loans without collateral or a cosigner, requiring only your BVN and a few simple qualification requirements.
It is remarkable that Newcredit’s loan repayment requirements are not stringent. You can repay your loan within minutes of receiving it.
Technology has made it very simple to obtain loans in the present day. You can obtain a loan using only your phone in less than 5 minutes. NewCredit is a dependable platform that enables you to access this offer. The NewCredit loan platform is essentially an app that provides Nigerians with immediate loans. Here is how to apply for a loan using this application.
Although it may be perplexing for novices to repay their loans on Newcredit, I’ve compiled this post to walk you through the online and offline steps for doing so.
A Summary of NewCredit Loan
Nigeria’s NewCredit is a legitimate and secure mobile loan service platform. This platform provides quick financing of up to N100,000 within five minutes. This loan is very simple to obtain because there is no collateral requirement. Simply download the app, register, and submit a loan application. Here is how to proceed.
READ ALSO: Is PalmPay Safe For Keeping Money? Account Limits, PINs, Customer Service WhatsApp Number
Repayment of a Newcredit Loan
With prepayment and automatic deduction, Newcredit provides its consumers with flexible repayment options.
Additionally, you can repay your Newcredit loan online or offline at your convenience.
However, remember that a late payment could result in an increase in the interest rate.
Regardless, let’s examine how to repay an online Newcredit loan.
Repayment of a Newcredit Loan
Due to the fact that Newcredit and Palmcredit have a nearly identical user interface, their repayment procedures are very similar.
Below is a step-by-step guide on how to repay your Newcredit loan.
- Launch Newcredit on your mobile device.
- Locate and select “Repayment”
- Then select “Repayment Only” or “Repayment and Reloan.”
- Select “Accept”
- Now, choose from the following available repayment options:
Debit Card
The first payment option you’ll see is the Debit Card option, also commonly known as ATM Card (ATM Card).
READ ALSO: Easiest $255 Payday Loans Online Same Day No Credit Check
You can make a repayment using your debit card by tapping the “Repay with BankCard” button, selecting one of your previously linked cards, or adding a new card by entering your ATM card number, expiration date, and CVV.
Click “Confirm” to complete the payment process, and your account will be updated.
USSD
Another simple Newcredit repayment method is USSD.
Simply select Bank or USSD from the list of available repayment methods, then click “Confirm” to use this method.
Then, proceed by selecting “Pay with USSD,” copying the displayed code, and pasting it into your phone’s dialer to complete the transaction.
Once complete, select “I’ve completed the payment” to confirm your payment.
Please note that the USSD repayment mechanism is powered by Paystack and only works with GT Bank accounts.
Bank Deposit (Mobile App)
Additionally, you can repay your Newcredit loan via direct bank transfer.
You can use this method by selecting “Bank Transfer” from the repayment options drop-down menu, then choosing “Confirm.”
Read and accept the terms and conditions, then copy the providus account number and paste it into the transfer screen of your bank’s mobile app to make a payment.
Alternatively, you can pay back your Newcredit loan via Bank transfer by:
Click “Bank or USSD” in the repayment options drop-down menu, then select “Confirm.”
Now, select on “Pay with Bank” to continue. Then, make a note of the bank’s name, copy the account displayed on the screen, and paste it into the transfer tab of your bank’s mobile app before making payment.
Once complete, select “I’ve completed the payment” to confirm your payment.
What is the interest rate on a NewCredit loan?
Monthly interest rates range from 4% to 24%, and annual interest rates range from 24% to 56%. Also, observe that the interest rate on your loan increases everyday. Therefore, you should make every effort to repay your loan on time. Additionally, timely loan repayment grants you access to a larger loan amount the next time you borrow.
Is NewCredit App a legitimate application?
Yes, the NewCredit platform is legitimate and can provide quick loans, but the interest rate is extremely excessive. Read the terms and conditions as well as customer reviews prior to applying for a loan so that you have a complete understanding of what you are applying for.
READ ALSO: Best and Fastest Personal Loan Apps in Nigeria 2023
How to Repay a NewCredit Loan – Repayment Instructions
When your loan repayment is due, do the following:
1. navigate to the app and select the loan repayment option.
2. Next, choose your repayment method and repay your loan.
If you encounter any issues during this procedure, please contact customer support. Below are details regarding consumer support.
How can I download the NewCredit app?
1. To download the NewCredit app, please follow these steps:
2. Visit the Google Play store on your Android device. This program is exclusive to the Google Play store. Next, conduct a search for “NewCredit.”
3. Download, install the app, and qualify for a loan.
How do I reach out to NewCredit?
You can reach NewCredit via the following channels:
Office Address: 45c Sobo Arobiodu St, Ikeja GRA, Ikeja, Lagos, Nigeria
Address for electronic mail: [email protected]
Website: https://web.newcredit.loans/
Can I repay my Newcredit loan in advance?
Certainly, you may repay your Newcredit loan early. In truth, it is highly recommended that you repay your loan before the due date in order to obtain a lower interest rate and a good credit score.
READ ALSO: Is Arvo Finance Personal Loan Legit? Application, Interest Rates, Repayments
What happens if I don’t pay my Newcredit loan?
If you do not repay your Newcredit loan on time, Newcredit will continue to accrue daily interest charges.
More so, you’ll keep getting calls from Newcredit, encouraging you to repay your loan.
How do you make an inactive Newcredit repayment?
You can make an offline Newcredit payment by locating and navigating to a Newcredit store with your repayment funds, phone number, and Newcredit Client ID.
How should I repay my Newcredit loan?
You may repay your Newcredit loan via Bank deposit, USSD, bank transfer, or debit card (ATM card).
Conclusion
The NewCredit loan platform is a legitimate Nigerian loan platform that provides quick access to loans of up to N100,000. In addition, no collateral is required to obtain a loan on this platform. Follow the steps above for a comprehensive guide on how to access this loan.
NewCredit Reviews
The NewCredit loan application is legitimate. To obtain or repay a loan without difficulty, you must adhere to the application’s instructions.
If you observe any unauthorised debits while using NewCredit, notify your bank immediately so that it can be investigated.
The NewCredit loan application is legitimate and secure. If you encounter any fraudulent activity while using the app, report it promptly to your bank so it can be reviewed, or contact NewCredit customer service.
You can submit complaints about the NewCredit loan application in the remarks section.
Be the first to comment