Nodcredit 1.3.7

Nodcredit 1.3.7

Nodens Nigeria Limited  ❘ Freeware
iOS
out of 48 votes
Latest Version
1.3.7
Safe to install

Nodcredit: Streamlining Access to Quick Loans in Nigeria

Boris Weber

Nodcredit offers an efficient platform for Nigerians seeking fast financial solutions, but its user experience and customer support could use improvement.
2024 Editor's Rating

NodCredit offers quick loans ranging from N10,000 to N50,000 for first-time borrowers, and returning customers can access up to N300,000. We provide a variety of loan options with interest rates ranging from 1% to 16% per month. For returning customers, we offer multiple tenors and charge interest on a reducing balance at a lower rate.

SIMPLE STEPS to Get a Loan on NodCredit:

  1. Install the NodCredit app
  2. Sign up using your BVN (Bank Verification Number) for pre-populated personal data
  3. Add your card and bank account details (a nominal fee of N20 applies for card tokenization)
  4. Apply for your loan
  5. Wait for a few minutes
  6. If approved, receive cash instantly in your provided bank account

Unique Features on NodCredit:

  • Pause Option: You have the flexibility to defer your repayment date for up to 30 days in case of financial difficulties. You can defer as many times as needed.
  • Custom Repayment Schedule: Unlike other lenders, we allow you to settle your loan in split payments according to your convenience.

Rates and Fees

In Nigeria, our loans range from N10,000 to N300,000 with terms ranging from 62 days to 180 days. The monthly interest rates vary from 1% to 16%, resulting in an APR (Annual Payment Ratio) between 12% and 96%.

Loan/Repayment Scenario:

For example, if you borrow N150,000 for a 3-month term and qualify for a returning customer interest rate of 10% per month on a reducing balance, your monthly payments would be as follows:

  • 1st month: N65,000
  • 2nd month: N60,000
  • 3rd month: N55,000

This translates to a gross interest rate of 20% and an equivalent monthly interest of 6.6% based on your fixed balance of N150,000.

Please note that you can also utilize the pause option to defer payments for an additional month.

Overview

Nodcredit is a Freeware software in the category Business developed by Nodens Nigeria Limited.

The latest version of Nodcredit is 1.3.7, released on 02/15/2024. It was initially added to our database on 02/15/2024.

Nodcredit runs on the following operating systems: iOS.

Users of Nodcredit gave it a rating of 3 out of 5 stars.

Pros

  • Provides quick access to credit
  • User-friendly interface
  • Offers flexible repayment options
  • Does not require collateral
  • Easy application process

Cons

  • Limited maximum loan amount
  • Interest rates can be high
  • May require access to personal data for credit assessment
  • Not available in all regions of Nigeria

FAQ

What is Nodcredit?

Nodcredit is a personal loan service offered by Nodens Nigeria Limited.

How can I apply for Nodcredit?

You can apply for Nodcredit by downloading the Nodcredit app from the Google Play Store, creating an account, and following the application process.

What are the eligibility criteria for Nodcredit?

To be eligible for Nodcredit, you must be a Nigerian citizen, have a bank account, a valid means of identification, and a source of income.

How much can I borrow with Nodcredit?

You can borrow amounts ranging from ₦10,000 to ₦200,000 with Nodcredit.

What is the repayment period for Nodcredit loans?

The repayment period for Nodcredit loans ranges from 14 days to 6 months.

Is there a processing fee for Nodcredit loans?

Yes, there is a processing fee applied to Nodcredit loans.

Can I repay my Nodcredit loan early?

Yes, you can repay your Nodcredit loan early without any penalties.

What happens if I miss a repayment on my Nodcredit loan?

If you miss a repayment on your Nodcredit loan, additional fees and penalties may be applied.

Is my information secure with Nodcredit?

Yes, Nodcredit takes privacy and data security seriously to protect customers' information.

Can I apply for multiple loans with Nodcredit simultaneously?

No, you can only have one active loan with Nodcredit at a time. Once you repay your existing loan, you can apply for another one.


Boris Weber

Boris Weber

I am an editor at UpdateStar. I started as a support engineer, and am now specialized in writing about general software topics from a usability and performance angle among others. I telecommute from UpdateStar’s Berlin office, when I am not working remote as a digital nomad for UpdateStar. When I'm not analyzing the latest software updates, you can find me exploring new cities, immersing myself in local cultures, and discovering innovative tech trends across the globe.

Latest Reviews by Boris Weber

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