NewCredit Loan – How to Apply for an Instant Loan

Last Updated on Dec 11th, 2023

NewCredit is a financial technology company that provides instant loans to Nigerians. The company has a license from the Central Bank of Nigeria (CBN). It has a mobile app that provides instant loans to Nigerians.

The app is easy to use and requires no collateral or paperwork. You can apply for a loan in just a few minutes and receive your funds within 24 hours.

Below are the detailed steps on how to apply for the loan

How Can I Register and Apply for the Newcredit Loan?

If you want to apply for an instant loan from NewCredit, here’s how to go about it:

1. First, download the NewCredit app from Google Play Store. Then go ahead to install it on your Android device.

2. Next, open your personal account using your phone number and other basic information. This includes your home address, employment details, as well as your next of kin.

3. Also, you must give your BVN (biometric verification number) and then link your ATM card to your NewCredit account. This will serve as a method of payment.

4. Thereafter, submit your loan application by clicking the “Withdraw” button. Once you do this, the platform’s algorithm will assess your credit score and show you the final result.

5. The final result of your credit score will determine the amount of loan you can borrow. Once you see the result, you will receive the stipulated amount in your bank account.

Note that you may experience difficulty when trying to link your Verve ATM card to your account. Hence, you need to use a MasterCard or Visa ATM to make the process less stressful for you.

What Are the Requirements to Borrow a Loan?

Before you can borrow a loan on the NewCredit platform, you must meet the following requirements:

1. You must be a citizen of Nigeria or a Legal Resident.

2. Be between the ages of 18 and 55 and have a valid source of steady monthly income.

3. You should be willing to link your valid ATM card to your NewCredit account and give details of your next of kin.

4. Your credit score should be good and you must have no outstanding loans from any other lender.

What Is the Newcredit Loan Interest Rate?

NewCredit charges you a monthly interest rate of 4%-24% and an annual interest rate of 24% – 56%. Also, note that the interest rate on your loan increases everyday. Hence, you should try as much as possible to pay back your loan on time. Timely repayment of loans also gives you access to a higher loan amount when borrowing next time.

How To Payback Newcredit Loan

When your loan is due for repayment, do this:

1. go to the app and look for the loan repayment button then tap it.

2. Next, select your method of repayment then pay back your loan

If you face any difficulty during this process, just contact the customer support service. You will find details of the customer support below.

Read also: Credit Wallet Loan – Borrow instant loan within a few minutes.

How Can I Contact Newcredit?

You can contact NewCredit through the following ways:

Office Address: 45c Sobo Arobiodu St, Ikeja GRA, Ikeja, Lagos, Nigeria

Email Address:


Bottom Line

NewCredit platform is legit and can give you quick loans, however, the interest rate is very high. Before applying for a loan, read the terms, conditions, and reviews. This will help you understand what you are applying for. To get a comprehensive guide on how to access this loan, just go through the steps above.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

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