Credit Nigeria | Online Loans Frequently Asked Questions

In our FAQ section you will find the most common questions asked in our customer service regarding our loan platform. If you have a question not listed here, please contact our customer service!

The criteria change often, as we add new lenders to our platform. However, some main criteria have always held:

1) You have to older than 20 years

2) Your employment should have lasted for more than 6 months, for business owners the 6 month requirement applies to business age

3) Your loan should not be more than 8 times larger than your monthly income

4) You cannot have a bad credit report

4) Your phone number must be connected to your BVN

We will contact banks on your behalf in order to secure loan offers for you. Hopefully, you will get many loan offers - but we cannot in advance tell you what the interest rate will be. That depends on the lender, and you will see the rate and tenure only after you have applied and received a loan offer from one of our partner lenders.

This will depend on the loan offer that you get - some of the lenders require more documentation than others. Most of the lenders want to see some proof of income, proof of employment and ID. But you only need to present these when asked to do so! For self-employed, the lender will almost always also want to visit your business.

Unfortunately, a bad credit report will mean that no lenders will give you offers - and if they give offers they will later be forced to withdraw the offer. Sorry!

Unfortunately, we cannot say the specific reason for this. Typically, it is because of a bad credit report or exaggerated salary (which the bank may find out early on. However, in some cases we do not have a lender that currently gives out loans to your specific customer segment (for example age, location, occupation).

We only tell the customers the "Effective interest rate", which is based on the interest rate given by the lender. The "Effective interest rate" measure the true interest you will be paying on your outstanding loan.

However, lenders report interest rates in different ways, and some of these are simply not correct. For example, the effective interest rate takes into account your repayments, and is the interest rate on the outstanding amount only. If a lender charges an interest rate on the initial principal even if you have paid back a large part of the loan, this interest rate will seem low but in actual fact be very high.

This is the internationally accepted norm for expressing interest rates - unfortunately all lenders do not do this outside our platform.

The effective interest rate is the only easy for you to compare without the risk of being tricked.

Almost all lenders allow early repayment, in fact, they are very pleased if you do this. However, it is an important thing to look at when you sign the formal loan offer letter which you will receive directly from the lender.

The phone number you enter has to be connected to the BVN - we (and our partner lenders) do an automatic check with bank databases to ensure the phone number is the same one that you have informed your bank of. No lender will give a loan unless these records match. If this is an issue, we recommend you visit your bank in order to change the connected phone number.

The lenders (banks) will double-check all your info at a later stage. Unfortunately, if any of the information submitted is untrue, your application will be rejected sooner or later. This is why the information on salary and existing loans needs to be correct.

The banks will perform a credit check with a credit bureau - if the outstanding loans turn out to be larger than you have said, the banks will automatically reject your application. The same will happen if you cannot prove your income/salary.

Yes! The bank statement is optional. However, please keep in mind that the bank statement for your salary account will be needed at some point in the application process.

If you apply as a business owner or self-employed, you will be asked for an RC number. This is a registration number given to your company by the CAC. It is not mandatory, but many lenders require an RC number from an application by a business owner.

Here you should enter the average monthly sales (turnover) that your business has - please enter the amount in naira.