CreditWise Loan Review – How it Works, Loan Requirements, Interest Rate, and All You Need to Know About CreditWise
The instant loan industry in Nigeria is one that has experienced tremendous growth in the past few years and the end to this growth doesn’t seem to be coming to an end just yet as more and more instant loan apps make their way to the Nigerian loan app space through platforms like play store and iOS store.
Despite the recent attempt by the Central Bank of Nigeria(CBN) to regulate and license accredited apps, more new platforms seem to be popping out on the internet space daily. Although CreditWise is not one of these very new apps, they are also in the business of instant loans hence, we will be reviewing CreditWise Loan in this article and also consider the interest rate, and loan requirements amongst other details.
Read also: Top 15 Best Instant Loan Apps in Nigeria and Their USSD Code
What is Creditwise
Founded in 2020, CreditWise Financials Limited is a Nigeria-based financial lending company founded by Bola Oduyale a renowned Nigerian banker who has over the years worked in several Nigerian and international banks including; Union Bank, State Street Financials Group in Toronto and Safetrust Mortgage Bank Nigeria. CreditWise has its headquarters in Nigeria at 34, Norman Williams Street, Ikoyi, Lagos.
The company currently is fast becoming a known brand in the Micro and Retail lending sector.
Available Loan Offers at Creditwise
Creditwise offers multiple loan options for both individuals and businesses and some of the loan options available include;
- Employee Loan
- SheBiz
- PayDay loans
- LPO Financing Loan
- Working Capital
Creditwise Employee Loan
The Creditwise employee loan is a loan service for workers in various companies who are looking to get salary advance loans. This loan is available to both private company staff and civil servants from across various sectors.
The repayment term for this loan is monthly as the individual receives his/her salary. The loan can be spread across a period of 12 months with a fixed interest depending on the amount.
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Creditwise SheBiz Loan
Just as the name implies, the SheBiz loan option is strictly for women in business. This loan is specially designed to empower/ support women-owned businesses in Nigeria. With the SheBiz loan, women can access between N150,000 to N5,000,000 depending on their business needs.
CreditWise PayDay loans
The payday loan by Creditwise offers individuals with confirmed employment status(formal and informal) the opportunity to get access to loans without collateral or much documentation. This loan option is available to both salary earners and non-salary earners.
The loan has a repayment period of 1 to 3 months plus a low-interest rate which differs according to the number of months you wish to hold the loan.
CreditWise LPO Financing Loan
If you are looking for cash to complete an order or deliver a business you have at hand, then the Local Purchase Order(LPO) is the loan option for you.
The loan is strictly designed for contractors who lack the cash at the moment to deliver a particular project. This loan is a short-term loan(Maximum of 4 months) and will very well fit in to solve such problems when the need arises.
Working Capital
If your business still starting or trying to pick up and you need a loan option to buy equipment, pay staff, and carry out other administrative duties, this loan option is designed for that purpose.
The loan has a long-term payment plan(1 Month to 12 Months or 84 Months) that will help you fill a bit relaxed as you continue to build and grow your business.
CreditWise Loan Interest Rate
Since we have discussed the various loan services offered by Creditwise, it is important we take a step further to consider the interest rates as it is very important you know how much you will be paying as you take the step to requirest a loan from this web-based loan platform.
Creditwise offers monthly loan repayment plans and the interest rate for a loan depends on how long the loan is intended to last.
The interest rate according to Creditwise per month does not exceed five percent(5%).
Although using the loan calculator on the website, we found out that you might be paying around 3.5 percent for a fifty-five thousand Naira loan if you wish to return the money after a month and this means, you will be paying N56,925.
However, if you are to hold the same N55,000(fifty-five thousand Naira) and pay monthly for a period of 12 months, you will be paying around 51.15%(fifty-one point one five percent) interest which means, you will pay N6,925.73 per month which in 12 months would amount to N83,108.76.
If you wish to calculate this yourself, you can try this 55,000/100 X 51.15
Read also: Up To N3M CBN Loan to Nexit Qualified Applicants
How to Apply for a Loan on CreditWise
The first step to get a loan on creditwise is to create an account on their website. The type of loan you wish to request will determine the type of account you are to create. If you are interested in a business loan, you can create a business loan account or create a personal loan account.
Your account type will affect the requirements for the loan and the amount you can get.
Requirements for Loan | CreditWise Loan Review
There are various requirements for different loan types but the basic requirements outside the KYC form which you are to fill out on the website, you are to submit the following;
- previous 6 months’ bank statement
- Employment letter, Confirmation letter, or promotion letter(required in some loans)
- Work ID
- Any government-issued ID (Int’l passport, National ID, Driver’s license, or voter’s card)
- A recent Utility bill
- A recent photograph
- Business certificate (required in some loans)
If you can provide the above details, then you can proceed to request your loan and then wait for approval of the loan.
Read also: Neptune Micro-Finance Bank Recruitment
CreditWise Loan App Download | CreditWise Loan Review
Just in case you are one of those mobile app lovers who wish to apply for a CreditWise Loan via mobile app, it is very important that you know that at this moment, CreditWise Financials Limited doesn’t have a mobile app so all loan applications are done via their website.
There are some fakes out there with this name so you need to be very careful.
Is CreditWise Loan Approved by CBN?
Yes, they are one of the approved instant loan platforms in Nigeria so you have nothing to worry about.
Final Words on CreditWise Loan Review
Collecting a loan is not a bad idea but you must make sure you can pay with the same energy with which you borrowed.
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