Sometimes you may find yourself in need of urgent cash to sought out yourself, maybe you may even need an urgent loan to fund your business or for anything important to you, in such case, the wecredit loan app was designed to meet your urgent monetary needs.
In this article, we will discuss extensively what wecredit loan is, the requirements for application, how to apply for wecredit loan, and the importance of this loan app. We will equally discuss the interest rates and repayment options.
Overview of Wecredit Loan App
This is one of the best digital loan platforms in Nigeria, this loan platform has helped many Nigerians start up and scale their businesses, this platform offers loans to small and medium-sized businesses that want to scale up and make more profits.
One of the reasons why this loan has gotten widespread acceptance among Nigerians is the fact that this loan platform is very fast, easy, and efficient.
When you apply for a loan, it doesn’t take up to 30 minutes for the loan to get to your account provided you meet the requirements.
Furthermore, you don’t need collateral for this loan, you do not need to provide guarantors or sign a lot of paperwork for this loan.
The loan process is done online, and the minimum and maximum amount of loan you can obtain from this loan platform are from 3,000 to 500,000 and it will be credited to your account immediately, provided you met the requirements.
Another important factor you need to know about this loan app is that before you can apply for a loan and get credited, you need to first download and install the wecredit mobile loan app from the play store.
We will discuss this later, and meet the requirements before submitting the loan application form. If you follow through the process we will list below, your loan application will be approved and within 30 minutes it will be credited to your account.
Wecredit Loan Requirements
For you to apply and get this loan you must meet the following requirements below
- You must be between the age of 18 to 60 years, below and above this age, your loan application process will not be accepted.
- You must provide a valid mobile number which will serve as a means of receiving your mobile phone number.
- You must have an active Nigerian bank account with any of the Nigerian banks.
- A Bank Verification Number is required, the reason for the verification number is to enable them to verify your banking details and your creditworthiness.
- Your creditworthiness score determines if the loan will be given to you or not, if you’ve borrowed from any loan platform before without paying back, you will not be given any loan from this platform. This is why it is important to have a high credit score history.
How To Download The Wecredit Loan App
For you to download the Wecredit mobile loan app you need to be an Android user because it is only available on the google play store.
To download this loan app you need to open your google play store, make sure you have enough data and a strong internet connection, the file size is not up to 15 MB, search for Wecredit loan app on the store and click on the download, it will download and you proceed to the next option we will discuss next.
The Wecredit loan has over 100,000 downloads with over 2,000 reviews and a rating of 4.5 from its users, this shows how good the loan app is.
How To Get A Loan From The Wecredit Loan App
To get a loan from the wecredit loan app, follow the steps below
- After you’ve downloaded your wecredit loan app, the next thing you need to do is to launch the app.
- Next, you need to provide your active phone number, you must make sure that this phone number is linked to your BVN, this is to check and verify your banking documents.
- Next, you need to fill in your details and information correctly, this personal information will include your full name, your date of birth, your residential address, your next of kin, and other necessary details.
- Fill in your Bank Verification Number, this will be used to double-check the details you’ve provided to check your eligibility for the loan you have applied for.
- A one-time password will be sent to your phone number, enter, confirm and proceed.
- The next thing you do is to apply for the loan, click on the loan application button, put in the amount of loan you would want to take, and remember to put in your preferred repayment option.
Wecredit Repayment Terms
The repayment term of the Wecredit loan is very flexible to serve users better. You are free to set the repayment term to your preference.
There are various options available, you can repay your loan within 3 months, or 16 months, this shows how flexible the plans are.
Wecredit Loan Interest Rate
The interest rate of the Wecredit loan is very low and flexible. The loan platform charges an interest rate of 2% to 24%, if you’re a regular customer, your interest rate might be reduced to up to 50%. Let’s do a little calculation for a better understanding.
For instance, if you borrow #1,000 on the Okash mobile app, and you choose a repayment option of 12 months, this is how the interest rate will be calculated;
- Interest Rate of 20%
- The interest amount will be #200
- That means the total amount of money to be repaid is #1,200.
Where is the Wecredit Head office located?
One of the things that show how transparent this wecredit loan platform is, is the fact they have a head office where they attend to customers’ issues.
Their head office is located at Block 12, Elephant cement way, CBD alausa, Ikeja, Lagos
If you’re living far away but you need to contact the platform for inquiries and complaints, you can reach them on;
Phone number: 09016462498
Frequently Asked Questions
How much can I get from the wecredit loan platform?
As you know, the wecredit loan is good for a fast loan that doesn’t require collateral or guarantors, the minimum amount of loan you can get is #3,000 and the maximum amount of loan you can get is #500,000.
But this is not all, if you register newly, you will have some restrictions as to how much loan you can take from the platform.
As you take a lesser amount of loan and pay it back in time, the amount of loan you take from the platform will increase as you keep to terms and pay back within the stipulated time of agreement.
What is creditworthiness and how does it affect me?
Creditworthiness is how qualified you are to obtain a loan from a platform. If you’ve borrowed from a platform before without paying back, be it another digital loan platform or bank, if you do not pay back you will not be eligible to borrow from this platform.
This is why your BVN is required for you to obtain a loan, it will serve as a means of checking your eligibility for the loan based on your creditworthiness.
What happens if I don’t pay it back?
This loan platform makes it easy for customers through the repayment plan, the repayment plan is very flexible, which makes it easier for customers to pay back, but if you are not able to pay back after the agreed period.
A season of grace will be given to you, after which if you don’t pay back, the loan platform will take actions that may be to block some of your important line of banking transactions.
What Are Some of the benefits of Wecredit loan?
One of the best importance is the fact you do not need collateral, you don’t need a guarantor, another benefit is that it is fast, easy, efficient, and has one of the best repayment options and low-interest rates.
Wecredit loan is legit and reliable. It has gathered from its users amazing reviews.
Do not get yourself tied up with needs when you can get a fast loan from Wecredit loan application.
We have outlined everything you need to know about this app. For further queries about this loan platform, the comments section is opened. We shall respond swiftly.