Is Aella Credit Loan legit? How to Apply, interest rate, App Download, customer care contacts

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Access to quick, short-term loans has become easier in recent times with the rise of fintech lending companies. One such platform that has been gaining popularity in Nigeria is Aella Credit.

Aella Credit offers digital loans ranging from ₦1,500 to ₦500,000 to salaried individuals and business owners. In this comprehensive guide, we will provide details on Aella Credit loans, interest rates, repayment, eligibility criteria and answer some frequently asked questions on whether Aella Credit is legit and how their lending process works.

What is Aella Credit?

Aella Credit is an online lending platform that provides short-term loans up to ₦500,000 to working professionals and MSMEs in Nigeria. The company leverages technology and analytics to offer customized credit based on users’ financial capability and repayment history.

Founded in 2016, Aella Credit is now one of the leading digital lenders in Nigeria with presence across six countries. The company is backed by reputable investors and claims to maintain high underwriting standards for responsible lending.

Aella Credit Loan Features

Some key features of Aella Credit loans include:

• Fully digital application process via website or mobile app.
• Loan amounts from ₦1,500 to ₦500,000.
• Loan tenures from 7 days to 180 days.
• Instant disbursement into bank account or airtime.
• No paperwork, guarantors, or collateral required.
• Repayment via debit instructions, transfer, cash.
• Top-up available for existing customers.

How Does Aella Credit Lending Work?

Here is an overview of how the loan process works at Aella Credit:

1. Registration – Visit Aellacredit.com website or download the app to create an account.
2. KYC – Complete your profile by providing personal, employment details and bank statements.
3. Eligibility – Based on your data, Aella will confirm your eligibility for a loan.
4. Offer – Eligible users will get a loan offer specifying amount, tenure, interest rate, etc.
5. Acceptance – Review and accept the offer if you wish to proceed.
6. Disbursement – Loan amount will be instantly disbursed to your bank account or as airtime.
7. Repayment – Make repayments as per the agreed schedule via preferred mode.

Interest Rates and Fees

Aella Credit charges interest rates starting from 9% per month for loans. Additional fees include:

• Management fee – 1.5% flat on loan amount.
• Late repayment fees – 5% penalty of amount due.
• Rescheduling fee for tenure adjustment – 2% of principal.

No pre-payment penalties apply. Your final pricing will depend on amount, repayment period and credit history.

Eligibility and Documents

To be eligible for an Aella Credit loan you must:

• Be between 21 to 60 years old.
• Have a personal bank account and valid ID.
• Be employed, self-employed or have a registered business.
• Provide phone number, residential address and employment details.

Documents required during signup are passport photo, valid ID card, employment/business details, and bank statements.

How to Apply for Aella Credit Loan

Follow these steps to apply for and get a quick Aella Credit loan:

1. Download the Aella Credit app on your Android or iOS phone.
2. Register by providing your personal, employment/business details.
3. Complete your KYC by uploading required documents.
4. Provide income, bank statement, existing loans/liability details.
5. Select desired loan amount and repayment tenor.
6. Review the loan offer and accept after understanding all details.
7. Disbursed loan amount will reflect in your bank account instantly.

The entire process is online and can be completed in minutes. Existing users can get loan top-ups quickly.

Pros of Aella Credit Loans

• Fast approval – Get loan decision in minutes after submitting application.
• Instant disbursement – Get loan amount credited real-time after approval.
• No paperwork – 100% digital process without physical documents or signatures.
• No collateral – No need for guarantors or asset pledging.
• Lower rates – Aella offers competitive interest rates vs other lenders.

Cons of Aella Credit Loans

• Strict eligibility – Approval chances are lower for new customers.
• Limitations – Maximum loan amount offered is ₦500,000.
• High management fee – 1.5% flat fee on the loan amount.
• Penalty charges – 5% late fee applicable on overdue amounts.
• Credit impact – Defaulting can negatively impact your credit profile.

Alternatives to Aella Credit

Some top alternative instant loan apps in Nigeria include:

• Branch – Offers loans from ₦500 to ₦500,000.
• FairMoney – Provides loans up to ₦500,000 with flexible tenors.
• RenMoney – Instant loans between ₦3,000 to ₦150,000.
• PalmCredit – Digital loans from ₦1,000 to ₦100,000.
• L Credit – Salary advance loans up to 50% of monthly income.

Is Aella Credit Legit and Safe to Use?

Yes, Aella Credit is a legitimate lending platform registered with the Corporate Affairs Commission (CAC) in Nigeria. They are committed to responsible lending and transparent operations.

Key indicators that Aella Credit loans are safe include:

• Robust data security systems to protect users’ personal information.
• Partnerships with credit bureaus to maintain responsible lending practices.
• Positive user reviews and testimonials from thousands of customers.
• Responsive customer service via email, phone, chat, and social media channels.
• Clear communication of loan terms, pricing, process transparency.

As with any fintech platform, users should read terms and evaluate affordability before taking a loan.

Repayment Options

Aella Credit offers flexible repayment options including:

• Direct Debit – Aella deducts installments from your bank account.
• Cash – Visit an agent location to repay with cash.
• Transfer – Make payment transfers to Aella using your bank app or USSD.

You can choose a suitable option during loan application. Repaying timely helps maintain a good credit score.

How to Improve Your Aella Credit Loan Eligibility

You can potentially increase loan eligibility and amount at Aella Credit by:

• Maintaining a consistent income source and bank account.
• Building a good credit history by timely repayments.
• Providing complete documentation and accurate data.
• Having long-term employment/business history.
• Minimizing applications from multiple platforms.

How to Download Aella App

To download Aella loan apk, go to the play store, search for Aella app loan app. learn how to Sign up on Aella app follow this guide.

1. Download the Aella Credit app from Google Play Store or IOS App Store.
2. Simply fill out your details in less than a minute and submit for a quick review.
3. Update your profile by providing answers to quick questions about you.
4. Click the “Check Eligibility” button to see the amount of loan you are eligible to borrow in seconds.
5.  Loans will be sent to your provided account in 5 minutes or less.
6. Loans can be repaid via the App or directly to your personalized bank account. Build your credit score to qualify for higher loans.

Aella Credit Customer Care Contacts

You can reach Aella Credit customer support through:

• Email – support@aellacredit.com you
• Phone – +234 810 872 1172
• Social Media – @AellaCredit on Facebook, Twitter, Instagram
• In-app live chat support.

FAQs About Is Aella Credit Loan legit? How to Apply, interest rate, App Download, customer care contacts

What is the maximum loan amount at Aella Credit?

Aella Credit offers loan amounts from ₦1,500 to ₦500,000 based on customer eligibility and income level. First-time borrowers can get up to ₦50,000.

How quickly does Aella Credit disburse loans?

Aella Credit claims to disburse approved loans instantly. Users

What is the loan processing time at Aella Credit?

Aella Credit claims to process loans within 10 minutes. Actual time varies per case, but disbursal generally happens on the same day.

Can self-employed people get Aella Credit loans?

Yes, self-employed individuals and business owners can get Aella Credit loans by providing business documents and meeting eligibility criteria.

Does Aella Credit call employers for verification?

Aella Credit may call employers and business partners in some cases for employment/business verification before approving loans.

How can I pay back my Aella Credit loan early?

You can pay back your full Aella Credit loan amount before maturity. Just inform customer care, make the payment and no prepayment penalties will apply.

Can I get more than one loan from Aella Credit?

Yes, you can have multiple loans from Aella Credit concurrently by submitting separate applications. Total amount will depend on your eligibility.

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Conclusion

Aella Credit is a digital lending platform that offers quick, collateral-free loans for professionals and businesses in Nigeria. Their application process is 100% online, with funds disbursed instantly on approval. While interest rates and fees are on the higher side, Aella provides a convenient way to access short-term credit.

With robust data security, transparent terms and responsive customer service, Aella Credit is considered a safe and legitimate option. Do evaluate loan costs, repayment ability and alternatives before applying. Used wisely, Aella Credit loans can help bridge cash flow gaps and meet urgent financing needs.

After reading this blog you know about Is Aella Credit Loan legit? How to Apply, interest rate, App Download, customer care contacts.