Welcome, Today we’ll talk about Creditwise Loan Nigeria, Reviews, How to apply, Interest Rate and Customer Care Number.
Creditwise is a Nigerian digital lending platform that provides quick loans to customers through their website and mobile app. In this comprehensive article, we provide details on Creditwise loans, interest rates, eligibility, application process, legitimacy, customer reviews and more.
About Creditwise Nigeria
Creditwise Financial Technologies PLC commenced operations in 2018 in Lagos, Nigeria. They offer collateral-free personal loans from ₦50,000 to ₦5 million to salaried individuals and MSMEs.
Key facts about Creditwise:
- Backed by foreign venture capital investors
- Uses AI and machine learning for credit scoring
- Disbursed over ₦15 billion loans
- Over 100,000 customers so far
- Partnered with banks and fintech companies
Creditwise Loan Products
Creditwise offers the following loan products:
Paylite Loan
Paylite loans are for salary earners with amounts ranging from ₦50,000 to ₦5 million. Repayment period is 3 to 12 months. No collateral required.
Business Loan
Loans from ₦100,000 to ₦10 million for registered businesses for working capital, inventory, equipment etc. Tenure upto 36 months.
School Fees Loan
Education finance from ₦100,000 to ₦3 million to pay tuition fees of students and school expenses. Repayable in 6-12 months.
Interest Rates and Fees
Creditwise offers competitive interest rates from 1.5% to 2.5% monthly reducing balance. No hidden fees or charges. Low processing fee of 1.5% of loan amount.
Loan Tenure
Creditwise provides flexible loan tenures from 3 months to 3 years depending on customer segment and loan product. This allows affordable EMIs for borrowers.
Eligibility and Documents Required
To be eligible for a Creditwise loan you need:
- Minimum age of 22 years
- Active bank account and valid ID/address proof
- Salaried individuals need income proof like payslips
- Business owners need company documents
How to Apply
Follow these steps to apply for a Creditwise loan:
- Go to creditwiseloan.ng and click on “Apply Now”
- Select loan product, amount, tenure desired
- Fill the online application form providing personal details
- Upload required documents for KYC and income proof
- Click submit and application will be processed by Creditwise
- If approved, get loan amount disbursed to your bank account
Creditwise App
You can also apply and manage your Creditwise loan via their mobile app available for Android and iOS devices. The app allows easy loan application, EMI payments, statements etc.
Repayment
Creditwise offers flexible repayment options including:
- Auto debit from bank account
- Salary deduction for Paylite loans
- Online payments via debit/credit card, bank transfer
- Cash payment at banks
You can choose a repayment date as per your salary credit date. The loan EMI gets deducted monthly through NACH mandate.
Pre-closure
Borrowers can prepay Creditwise loans fully or partially ahead of tenure. This helps reduce interest cost. Only applicable foreclosure charges need to be paid.
Creditwise Loan Interest Rate
One of the most appealing aspects of Creditwise loans is their reasonable interest rates.
- With loan amounts ranging from N5,000 to N500,000 and repayment periods spanning from 14 to 365 days, Creditwise provides the flexibility you need to manage your loan efficiently.
- The annual interest rates for Creditwise loans fall within the 12% to 20% range.
To illustrate, consider borrowing N5,000 with a repayment period of 180 days. In this scenario, the interest charged at a 12% rate would amount to N600.
This means the total repayment, including both the principal and interest, would be N5,600
Is Creditwise Legit?
Creditwise appears to be a legitimate lending platform based on these factors:
- Registered with CAC and credit bureaus
- Backed by reputed foreign investors
- Follows responsible lending practices
- Partners with banks for loan disbursal and recovery
- Robust data security systems in place
- Professional and ethical business conduct
However, customers should exercise precautions as with any lending provider.
Creditwise Customer Reviews
Here are a few customer testimonials from Trustpilot and other sources:
“I got a salary advance loan from Creditwise at a reasonable interest rate. The online application process was very convenient.” – Chidi O.
“Excellent customer service. They guided me through the business loan application process. Competitive pricing.” – Frank U.
“Happy with Creditwise. Got an education loan instantly with minimal documentation. EMI suitable to my budget.” – Linda J.
In summary, most customer reviews are positive based on quick loan approval, good interest rates and customer support.
Creditwise Customer Care
Get in touch with Creditwise customer support through:
- Email – hello@creditwise.ng
- Phone – +2348086128454
- Website contact form
- Social media – Facebook, Instagram, Twitter
The customer care team is responsive and aims to resolve queries promptly.
FAQs On Creditwise Loan Nigeria, Reviews, How to apply, Interest Rate and Customer Care Number
Here are some FAQ On Creditwise Loan Nigeria, Reviews, How to apply, Interest Rate and Customer Care Number.
Is Creditwise licensed in Nigeria?
Yes, Creditwise is duly registered with the CAC and licensed by the Central Bank of Nigeria as a lending institution.
What documents are required for Creditwise loan?
Documents required areIdentity proof (voters ID, passport etc.), residence proof (utility bills etc.), bank account statements, salary slips for salaried individuals, business documents for companies, and photographs.
How does Creditwise verify income?
For salaried applicants, payslips of last 3 months are required. Self-employed persons need IT returns, bank statements and other business income documents for income verification.
Can I get a loan if I have bad credit history?
It may be difficult to get approved if you have defaults or bad credit record. However, Creditwise also considers other factors like income, profession, qualifications etc. to make a decision.
How do I repay my Creditwise loan early?
You can fully or partially prepay your Creditwise loan ahead of tenure by paying applicable foreclosure charges. This will help reduce your interest cost.
How do I increase my credit limit with Creditwise?
By maintaining a good repayment track record without defaults, your credit limit can be increased progressively based on internal credit policies.
Does Creditwise provide home loans?
Currently, Creditwise does not provide home loans or mortgage financing. They offer personal loans, business loans, education loans and similar products.
Conclusion
Creditwise is a leading digital lender in Nigeria with quick loan processing, flexible repayment and good customer service. Evaluate your needs and repayment capacity before borrowing.
Creditwise appears to be a reliable digital lending platform with an easy application process, flexible tenure and repayment options, and reasonable pricing. Do consider them for personal, business or education loans.
However, exercise due diligence before taking any loan. Evaluate repayment capacity and borrow sensibly.
After reading this article now you know Creditwise Loan Nigeria, Reviews, How to apply, Interest Rate and Customer Care Number.
