Credit Wise Loan – Are you looking for a quick and easy way to access credit in Nigeria? Do you want to borrow money without any collateral or guarantor? If yes, then you might want to consider applying for a Credit Wise loan.
Credit Wise is a Nigerian financial lending company that offers sustainable loans to individuals and businesses. Whether you need money for personal expenses, business expansion, or emergency situations, Credit Wise can help you get the funds you need in no time.
In this article, we will explain everything you need to know about Credit Wise loans, including how they work, what are the benefits, how to apply, and what are the requirements. We will also compare Credit Wise loans with other online loan options in Nigeria, such as Standard Chartered personal loans.
What is a Credit Wise Loan?
A Credit Wise loan is an unsecured loan that you can apply for online or through the Credit Wise app. You can borrow from ₦10,000 to ₦100,000 with repayment periods ranging from 91 days to 365 days. The interest rate varies depending on your loan amount, tenor, and credit score, but it is usually between 12% to 20% per annum.
One of the main advantages of Credit Wise loans is that they do not require any security or guarantor. You only need to provide your personal information, bank details, and a valid ID card. Your loan application will be processed and approved within hours, and the money will be deposited into your account within 24 hours.
Another benefit of Credit Wise loans is that they offer flexible repayment options. You can choose to pay back your loan in monthly installments or in one lump sum. You can also make free partial or full liquidation at any time through their online banking platform. There are no pre-liquidation charges or hidden fees.
What are the Requirements for Credit Wise Loan?
- Citizenship: You must be a citizen of Nigeria.
- Age: You must be at least 18 years old.
- Residence: You must be a resident of Nigeria.
- Income: You must have a steady income.
- Employment: You must be employed or self-employed.
- Credit history: You must have a good credit history.
If you meet the general requirements, you will need to provide the following documentation to apply for a Credit Wise loan:
- Valid ID: You must provide a valid ID, such as a driver’s license or passport.
- Proof of income: You must provide proof of income, such as a recent pay stub or bank statement.
- Proof of residence: You must provide proof of residence, such as a recent utility bill or lease agreement.
Once you have submitted your application, Credit Wise will review your information and decide whether to approve you for a loan. If you are approved, you will be able to access the funds within 24 hours.
Different types of Credit Wise loans
- Employee loan: To qualify for an employee loan, you must be employed by a company that is a registered partner with Credit Wise. You must also have a good credit history and a steady income.
- Business loan: To qualify for a business loan, you must be the owner of a registered business. You must also have a good credit history and a steady income.
- Personal loan: To qualify for a personal loan, you must be a Nigerian citizen with a valid ID and proof of income. You must also have a good credit history.
How to Apply for a Credit Wise Loan?
Applying for a Credit Wise loan is very simple and convenient. You can either visit their website (https://creditwise.ng/) or download their app from Google Play Store (https://play.google.com/store/apps/details?id=ng.wise.creditwise). Here are the steps to follow:
1. Begin your application by filling out a short form with your personal information, such as your name, phone number, email address, date of birth, gender, marital status, occupation, income, and address.
2. Choose the loan amount and tenor that suit your needs and budget. You can use their loan calculator to estimate your monthly repayment and total interest.
3. Provide your bank details, such as your account number, bank name, and BVN (Bank Verification Number). You will also need to upload a clear photo of your ID card (national ID card, driver’s license, voter’s card, or international passport).
4. Submit your application and wait for approval. You will receive a notification via SMS or email once your loan is approved.
5. Get credited instantly. The approved amount will be transferred to your bank account within 24 hours.
How to Repay Your Credit Wise Loan?
Repaying your Credit Wise loan is also very easy and stress-free. You can choose from two methods:
– Direct debit: This is the most convenient method as it allows Credit Wise to automatically deduct the monthly installment from your account on the due date. You just need to ensure that you have enough balance in your account before the deduction date.
– Online transfer: This method gives you more control over your repayment as you can decide when and how much to pay. You just need to log in to your online banking platform and transfer the amount to Credit Wise’s bank account.
Is a Credit Wise Loan right for you?
A Credit Wise Loan can be a lifesaver when you need money fast for an urgent situation. However, it is not a long-term solution for your financial needs. You should only use it as a last resort when you have no other options available.
You can also make early repayments or overpayments at any time without any penalty. This will help you reduce your interest cost and improve your credit score.
Before applying for a Credit Wise Loan, you should compare it with other alternatives, such as:
– Asking friends or family for help
– Selling some of your belongings
– Applying for a personal loan or credit card
– Seeking financial assistance from charities or government programs
You should also make sure that you can afford to repay your loan on time and in full, without compromising your other financial obligations or goals.
See also: PalmCredit Loan: How to Apply For Palmcredit Loan?
If you decide that a Credit Wise Loan is the best option for you, then go ahead and apply online today. You could get approved in minutes and receive your money as soon as today with free same day funding.
Credit Wise Customer Care
You can reach them via their
Email at support@creditwise.loans
Office: 34 Norman Williams St, Ikoyi 101233, Lagos
Phone: 0808 612 8454
How Does Credit Wise Compare with Other Online Loan Options in Nigeria?
There are many online loan options available in Nigeria, but not all of them are reliable or affordable. Some of them may charge exorbitant interest rates, hidden fees, or require collateral or guarantor.
One of the most popular online loan options in Nigeria is Standard Chartered personal loan. This is an unsecured loan that allows you to borrow up to ₦20 million with flexible tenor up to 60 months. The interest rate is as low as 1.083% per month.
However, Standard Chartered personal loan has some drawbacks as well. For instance, you need to have an account with Standard Chartered Bank before you can apply for the loan. You also need to provide proof of income and employment status. Moreover, the approval process may take longer than Credit Wise loans.
Therefore, if you are looking for a fast and easy way to access credit in Nigeria without any hassle or high cost, Credit Wise loan may be a better option for you.
See also: Loan Code – How to Get Instant Loans with USSD Codes in Nigeria 2023
Conclusion
Credit Wise loan is a great option for anyone who needs quick and easy access to credit in Nigeria without any security or guarantor. You can borrow from ₦10,000 to ₦100,000 with flexible repayment periods and low interest rates.
You can apply for a Credit Wise loan online or through their app in minutes and get approved within hours. The money will be deposited into your account within 24 hours.
You can also repay your Credit Wise loan in monthly installments or in one lump sum without any pre-liquidation charges or hidden fees.
If you want to learn more about Credit Wise loans or apply for one today, visit their website (https://creditwise.ng/) or download their app from Google Play Store (https://play.google.com/store/apps/details?id=ng.wise.creditwise).
We hope this article has helped you understand how to get a Credit Wise loan in Nigeria: a complete guide.
