Many of us sometimes find ourselves stranded whenever we need some extra cash for sudden expenses. WeCredit is one of the best instant loan apps that don’t require a guarantor or collateral. In this post, you will learn how to get a loan from WeCredit.
You will also learn what WeCredit is and how it works, WeCredit loan requirements, how to download the WeCredit mobile app, WeCredit loan interest rates, WeCredit loan repayment terms and many more.
What is WeCredit | How does it work?
WeCredit is a money lending platform that gives micro and medium-scale loans to their users. Many Nigerians have benefited from the WeCredit loan service, as its disbursement is quick and stress-free.
The WeCredit loan application process is completely online, and you don’t need any collateral or guarantor. You can apply for and obtain loan amounts ranging from NGN 3,000 to NGN 500,000.
You only have to download and install the WeCredit mobile app, meet the requirements and submit a loan application. If your application is approved, the loan amount you applied for will be disbursed into the bank account you provided.
WeCredit loan requirements
- You must be between the age of 18 to 60
- A valid mobile phone number through which you will get your verification code
- Have a Nigerian bank account with which you will receive the loan
- You must have a Bank Verification Number (BVN). This will be used to cross check your banking details and detect if you’re owing other loan platforms
If you don’t have these requirements, you should get them as soon as you can. If you’re eligible, you should download and install the WeCredit mobile app.
WeCredit mobile app download
The WeCredit loan app is only available for Android phone users as of the moment of writing this article. If you have an iOS or Windows device, consider getting an Android phone to apply for your WeCredit loan.
You can download and install the WeCredit loan app directly from the Google Play Store. It has a small size of 10 MB and over 100,000 downloads. It currently has a review rating of 4.5 from over 3,200 users.
How to get a loan from the WeCredit loan service
1. Launch the WeCredit loan app.
2. Provide the phone number linked with your BVN. You can also use another one to register if you don’t have that phone number at the moment.
3. Fill in your personal details. This includes your full name, date of birth, residential address, next of kin, employment details, etc.
4. Enter your Bank Verification Number (BVN). It will be used to cross-check the details you just provided. It will also be used to confirm if you’re not a debtor of another loan platform.
5. A one-time password (OTP) will be sent to your phone to confirm if you’re the owner. Enter the code and proceed.
6. After confirming your phone number, you will be able to apply for a loan on WeCredit. Input the amount you want to obtain, set your preferred repayment term and follow the prompts.
How much loan can you get from the WeCredit loan service?
The WeCredit loan service is very good for fast loans, as it requires no guarantors or collateral. You can get a minimum loan amount of ₦3,000, and a maximum of ₦500,000 on the WeCredit Mobile App.
However, it’s not as easy as it seems. When you register as a new user, you will have some restrictions regarding the maximum loan amount you can obtain. As you obtain more loans and repay on time, your account will be trusted and you can unlock higher loan amounts.
WeCredit loan repayment term
WeCredit loan service has a flexible repayment schedule. As a user, you can set your repayment plan to your preference.
You can repay your loan within 3 months (91 days) to 16 months (480 days). Very flexible, right?
WeCredit loan interest rate
WeCredit loan platform charges an interest rate between 2% to 24%. They also award interest reductions of up to 50% for regular customers. Here’s an example for a better understanding of how WeCredit loan interest is calculated.
If you borrow ₦1,000 on the WeCredit mobile app and you set your repayment term to be 12 months, the:
- Interest rate is 20%
- Interest amount will be ₦200
- Total amount to be repaid will be ₦1,200
Where is the WeCredit head office located?
WeCredit has a head office in Nigeria. From this office, they maintain the WeCredit loan service and also attend to customer issues.
Their head office is located at Block 12, Elephant cement way, CBD Alausa, Ikeja, Lagos.
WeCredit customer support and email address
For questions and complaints, you can reach out to WeCredit customer care through their email address and customer care hotline.