Rockit Lenders Nigeria Limited – How to take a loan from them

Welcome, Today we’ll talk about Rockit Lenders Nigeria Limited – How to take a loan from them.

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 Rockit Lenders.

Rockit Lenders offers digital loans ranging from ₦1,500 to ₦500,000 to salaried individuals and MSMEs. In this comprehensive guide, we will provide details on Rockit Lenders loans, interest rates, repayment, eligibility criteria and how to take a loan from them.

Overview of Rockit Lenders

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

Founded in 2019, Rockit Lenders is a fast growing digital lender in Nigeria with presence across 5 states currently. The company is committed to responsible lending practices.

Rockit Lenders Loan Features

Some key features of Rockit Lenders 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.

Rockit Lenders Interest Rates and Fees

Rockit Lenders charges interest rates starting from 13% 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 Criteria for Rockit Lenders Loan

To be eligible for a Rockit Lenders 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.

Step-by-Step Process to Get a Loan from Rockit Lenders

Follow these steps to apply for and get a quick loan from Rockit Lenders:

1. Download the Rockit Lenders app on your Android or iOS phone.
2. Register by providing your personal, employment/business details for verification.
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 Taking a Loan from Rockit Lenders

• 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 – Rockit Lenders offers competitive interest rates vs other lenders.

Cons of Taking a Loan from Rockit Lenders

• Strict eligibility – Approval chances are lower for new customers.
• Limitations – Maximum loan amount offered is ₦500,000 currently.
• 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 Rockit Lenders

Some top alternative instant loan platforms 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.

FAQs About Rockit Lenders Nigeria Limited – How to take a loan from them

What are the repayment options for Rockit Lenders loans?

Rockit Lenders offers flexible repayment options to fit your needs:

• Pay monthly via automatic bank debit from your account
• Pay weekly or bi-weekly to match your pay schedule
• Pay online through their website or app
• Pay in-person at a Rockit Lenders branch

Can I pay off my Rockit Lenders loan early?

Yes, Rockit Lenders has no early repayment fees. You can pay off your full loan balance at any time without penalties.

More Information

When applying for a Rockit Lenders loan, have these documents ready:

• Valid ID (driver’s license, passport, etc.)
• Proof of income (pay slips, bank statements, etc.)
• Utility bill or bank statement as proof of address

Be sure to provide complete and accurate details on your application for the best chance of approval.

You can track the status of your loan application online or via phone support.

If approved, you will receive a loan agreement to review and e-sign in order to get your loan funds disbursed.

What is the maximum loan amount at Rockit Lenders?

Rockit Lenders 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 Rockit Lenders disburse loans?

Rockit Lenders claims to disburse approved loans instantly. Users typically get the money in their account within minutes after loan approval.

What are the repayment options for Rockit Lenders loans?

Rockit Lenders offers flexibility in repayment including bank debit, cash at agents, funds transfer. You can choose your preferred mode.

Can self-employed people get loans from Rockit Lenders?

Yes, self-employed people can get Rockit Lenders loans by providing business proof documents and meeting eligibility criteria.

Is there any mobile app for Rockit Lenders?

Yes, Rockit Lenders has an Android/iOS mobile app to apply and manage your loan conveniently via your phone.

Read more: finance zenith bank mobile app and internet banking

Conclusion

Rockit Lenders offers an easy and quick way to access short-term loans digitally. Their online process, competitive rates and instant disbursal makes them an attractive lending option. Ensure to evaluate loan costs and repayment ability before borrowing.

After reading this blog you know about Rockit Lenders Nigeria Limited – How to take a loan from them.