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Is RealCredit Loan App Legit? (Here’s What you Don’t Know)

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RealCredit loan app review, Is RealCredit Loan App Legit

In this blog post, we’ll be looking into the RealCredit loan app review, is RealCredit loan app legit or not? The loan requirements, interest rate, application process and a lot more you need to know have been provided in this blog post. Without further Ado, kindly get started now.

RealCredit Loan App Review, Is RealCredit Loan App Legit Or Not?

RealCredit is a loan app available on the Google Play Store, designed to provide quick and easy loans to users in Nigeria. With a user rating of 3.7 stars and thousands of mixed reviews, it has garnered attention for its accessibility and convenience. However, like many financial services, it comes with its own set of pros and cons that potential users should be aware of.

Is RealCredit Loan App Legit?

While RealCredit does lend money to borrowers, it is important to note that it is not listed on the FCCPC Approval list nor licensed by the Central Bank of Nigeria (CBN). Therefore, it cannot be endorsed as a fully legitimate loan app. Users should exercise caution and consider these factors before using the app.

Pros and Cons of Using RealCredit

Pros:

  1. Quick Access to Funds: RealCredit provides a fast and straightforward way to access loans, which can be particularly useful in emergencies.
  2. User-Friendly Interface: The app is designed to be easy to navigate, making the loan application process simple even for those who are not tech-savvy.
  3. No Collateral Required: Unlike traditional loans, RealCredit does not require any form of collateral, making it accessible to a broader range of users.

Cons:

  1. Legitimacy Concerns: As mentioned, RealCredit is not licensed by the CBN or listed on the FCCPC Approval list, raising questions about its legitimacy.
  2. High-Interest Rates: The interest rates can be quite high, which might lead to significant repayment amounts.
  3. Mixed User Reviews: The app has received mixed reviews, with some users reporting positive experiences and others highlighting issues such as poor customer service and hidden fees.

RealCredit Loan Requirements

To apply for a loan, you need to meet the RealCredit loan requirements as specified here:

  • Be a Nigerian citizen
  • Be at least 18 years old
  • Have a regular source of income
  • Possess a valid bank account
  • Have a BVN (Bank Verification Number)

Detailed RealCredit Loan Requirements Breakdown

  1. Nigerian Citizenship: Only Nigerian citizens are eligible to apply for loans through RealCredit. This ensures that the app caters specifically to the local market.
  2. Age Requirement: Applicants must be at least 18 years old, which is the legal age for entering into a contract in Nigeria.
  3. Income Source: Having a regular source of income is crucial as it assures the lender of the borrower’s ability to repay the loan.
  4. Bank Account: A valid bank account is necessary for the disbursement of the loan amount and for repayments.
  5. BVN: The Bank Verification Number is a unique identifier for each bank customer in Nigeria, used to verify the identity of the loan applicant.

RealCredit Loan Interest Rate

RealCredit offers loans with an Annual Percentage Rate (APR) of up to 25%. For example, if you borrow ₦20,000 for 91 days (3 months) at an APR of 20%, the interest would be ₦997, making the total repayment amount ₦20,997.

Detailed RealCredit Loan Interest Rate Calculation

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Understanding how the RealCredit loan interest rate are calculated can help borrowers make informed decisions. The APR includes both the interest rate and any additional fees or charges associated with the loan. Here’s a simple breakdown:

  • Principal Amount: The initial amount borrowed.
  • Interest Rate: The percentage of the principal charged as interest.
  • Loan Term: The duration for which the loan is taken.
  • Total Repayment: Principal + Interest.

For instance, if you borrow ₦50,000 at an APR of 25% for 6 months, the interest would be calculated as follows:

  • Interest: (₦50,000 * 25%) / 2 = ₦6,250
  • Total Repayment: ₦50,000 + ₦6,250 = ₦56,250.
  • RealCredit loan app review, Is RealCredit Loan App Legit

    RealCredit loan app review, Is RealCredit Loan App Legit

RealCredit Loan App Download

The RealCredit app can be downloaded from the Google Play Store. Simply search for “RealCredit” and follow the installation instructions.

Step-by-Step Download Guide

  1. Open Google Play Store: On your Android device, open the Google Play Store app.
  2. Search for RealCredit: Use the search bar to find the RealCredit app.
  3. Install the App: Click on the app and then tap the “Install” button.
  4. Open the App: Once installed, open the app and proceed with the registration process.

RealCredit APK Download

For users who prefer to download the APK file directly, it is available on various APK download sites. Ensure you download from a reputable source to avoid malware or other security risks.

APK Download Instructions

  1. Find a Reputable Source: Search for the RealCredit APK on trusted APK download websites.
  2. Download the APK File: Click on the download link to get the APK file.
  3. Enable Unknown Sources: Go to your device settings and enable the installation of apps from unknown sources.
  4. Install the APK: Locate the downloaded APK file and tap on it to install.

How to Apply for RealCredit Loan

  1. Download the App: Install the RealCredit app from the Google Play Store.
  2. Register an Account: Create an account using your personal details.
  3. Submit Application: Fill out the loan application form with the required information.
  4. Wait for Approval: Once submitted, wait for the loan approval notification.

Detailed Application Process

  1. Account Registration: Provide your name, phone number, email address, and create a password.
  2. Personal Information: Enter your BVN, bank account details, and employment information.
  3. Loan Application: Specify the loan amount and the repayment period.
  4. Document Upload: Upload any required documents such as a valid ID and proof of income.
  5. Review and Submit: Review your application details and submit for approval.

RealCredit Loan Customer Care

For any inquiries or support, you can contact RealCredit customer care via email at help@realcredittech.com or visit their office at 12 Isheri Road, Alimosho, Lagos, Nigeria.

RealCredit Loan Customer Care Contact Details

  • Email: help@realcredittech.com
  • Phone: +234 800 123 4567
  • Office Address: 12 Isheri Road, Alimosho, Lagos, Nigeria

FAQs On RealCredit Loan App Review, Is RealCredit Loan App Legit Or Not?

Here are some helpful frequently asked questions on RealCredit loan app review, is RealCredit loan app legit or not with their respective answers:

What is the RealCredit Loan Interest Rate?

RealCredit offers loans with an Annual Percentage Rate (APR) of up to 25%. For example, if you borrow ₦20,000 for 91 days (3 months) at an APR of 20%, the interest would be ₦997, making the total repayment amount ₦20,997.

Is RealCredit Loan App Legit or Not?

While RealCredit does lend money to borrowers, it is not listed on the FCCPC Approval list nor licensed by the Central Bank of Nigeria (CBN). Therefore, it cannot be endorsed as a fully legitimate loan app. Users should exercise caution and consider these factors before using the app.

How Much Can I Borrow from RealCredit?

The amount you can borrow from RealCredit varies based on your creditworthiness and other factors. Typically, loan amounts range from ₦5,000 to ₦100,000. The exact amount you qualify for will be determined during the application process.

What are the RealCredit Loan Requirements?

To apply for a loan through RealCredit, users must meet the following requirements:

  • Be a Nigerian citizen
  • Be at least 18 years old
  • Have a regular source of income
  • Possess a valid bank account
  • Have a BVN (Bank Verification Number)

How Do I Apply for RealCredit Loan?

  1. Download the App: Install the RealCredit app from the Google Play Store.
  2. Register an Account: Create an account using your personal details.
  3. Submit Application: Fill out the loan application form with the required information.
  4. Wait for Approval: Once submitted, wait for the loan approval notification.

How Do I Download RealCredit Loan App?

The RealCredit app can be downloaded from the Google Play Store. Simply search for “RealCredit” and follow the installation instructions.

Is RealCredit Loan Legit and Safe?

RealCredit does provide loans to borrowers, but it is not officially endorsed by regulatory bodies like the FCCPC or CBN. Therefore, while it functions as a loan provider, it cannot be fully considered legitimate or safe. Users should be cautious and thoroughly read the terms and conditions before proceeding.

How Do I Contact RealCredit Loan Customer Care?

For any inquiries or support, you can contact RealCredit customer care via email at help@realcredittech.com or visit their office at 12 Isheri Road, Alimosho, Lagos, Nigeria.

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