SnapCredit is an innovative Nigerian fintech company that helps individuals in need of urgent funds. The company is quickly emerging as a leading digital lending platform serving the underbanked with an easy borrowing experience just with their mobile phones.
How to Get A Quick Loan From SnapCredit
Ever since its emergence, SnapCredit has been providing instant short-term loans. The company aims to leverage technology to offer quick cash to individuals facing urgent financial needs.
Without the need for collateral, you can get that loan. SnapCredit is one of the leading fintech companies in Nigeria. They offer flexible lines of credit ranging from 30 days to 12 months. SnapCredit offers loans ranging from ₦1,500 to ₦500,000. Just as the name implies, you can get a quick loan within a snap.
In this article, we will dive into how you can get a loan from SnapCredit, its benefits, and the requirements on how to get a loan.
Requirements And Eligibility Criteria
You must be located in Nigeria where SnapCredit currently operates in order for you to be able to access your loan. SnapCredit currently operates only in Nigeria for now.
A smartphone with an active internet connection is required to access the SnapCredit website and manage the loan account. You can only access SnapCredit via their website.
A Nigerian bank account is needed for loan disbursements, and repayments can be made electronically without any hassle.
A means of identification using government-issued cards like a voter’s card, driver’s license, National ID, or passport is needed to further your loan request.
Applicants must provide permission for SnapCredit to access mobile phone usage patterns, text messages, contacts, etc., which helps provide needed data for credit assessment.
Borrowers must be between 20-60 years old to qualify for a SnapCredit loan currently.
SnapCredit will review your existing debt levels and repayment behavior before approving your loan.
Your company must be in partnership with SnapCredit, or else you won’t be able to benefit.
This implies that meeting these requirements helps provide assurance to SnapCredit that you have the full capacity and intent to repay the loan amount within the set tenure.
Steps On How To Get A Loan From SnapCredit
Below are the guidelines on how to get a loan from SnapCredit:
Visit their website on snapcredit.ng.
Create an Account
Provide your basic personal information like name, date of birth, address, etc., to create your account.
Upload a photo of your valid government ID card for verification.
Link Bank Account
You will have to connect your bank account to make disbursement and repayment of loans easy.
Select the desired loan amount and period. Answer additional questions regarding income, existing loans, and others.
Alternative Data Consent
Allow SnapCredit access to your smartphone data like contacts, messages, airtime usage, etc., to assess creditworthiness.
SnapCredit will process your application and inform you of the loan. This process is within 5-10 minutes.
If approved, review the detailed loan offer, including interest rate, fees, and repayment schedule before accepting.
The loan amount will be reflected in your connected bank account quickly once approved, and the agreement is signed.
SnapCredit Interest Rate
The interest rate for SnapCredit varies. It depends on different factors like your risk profile, loan amount, and the date you select to pay back the loan. You can log in to your SnapCredit profile to calculate your interest rate.
The Benefits of Using SnapCredit
Here Are Some Of The Benefits That You Can Get From Using SnapCredit:
SnapCredit approves and sends loans typically within 5-10 minutes, making it one of the fastest sources of financing.
The entire borrowing process from application to disbursement can be done all through their website without any need for paperwork.
SnapCredit uses alternative data for credit scoring, enabling financing even for first-time borrowers with minimal credit history.
Small loan amounts starting from ₦1,500 make credit accessible even to lower-income segments.
The 1-4 week tenors limit overall interest paid compared to longer-term loans.
Transparency Loan terms and conditions are clearly communicated before acceptance, which makes them transparent and builds mutual trust and understanding.
Data consent controls allow you to customize and limit the personal data accessed. SnapCredit respects your privacy and allows you to customize and be able to limit the data accessed.