Spark Credit Loan App: Card Login, How To Apply, Download

Are you looking for Spark Credit Loan App then this article will help you on all information about Spark Credit and their loan services.

The Spark Credit Loan App is an easy personal loan application that utilizes AI to determine the needs of a client and provide fast small and medium-sized loan for Nigerian residents. The Android application lets users take out loans up to N50,000 without collateral and with minimal documents. If a user submits the on-line application, the system will examine their credit score and then make an offer, providing customers with 24/7 access to borrow.

Unsecured loans are a kind of loan that doesn’t need collateral or a down payment to get. It’s typically short-term and comes with extremely high interest rates.

Don’t take out an online loan application to finance your daily expenses. The short-term loan is useful for emergencies, but they are expensive and should be handled cautiously.

This app has been downloaded more than 5k times on Google play store , but with mixed reviews. It utilizes a loan software to gather information about prospective customers such as phone records, bank alerts for transactions, BVN to build the credit score of every borrower.

Because lending decisions are done by computers in order to be eligible for larger amount, you must keep a record of your bank transactions in your phone and make sure you don’t have outstanding debts from other loan applications!

How do you download the APK and receive cash from Spark Credit Loan App

  • Install the Spark Credit Loan App available from the Playstore of Google. Playstore to install onto the back of your Android phone.
  • Create an account using the phone number.
  • The phone number linked to the BVN as the one-time password is transmitted to it to verify the account.
  • Input your basic Know-yourcustomer KYC details, which include your address for residence, next of kin information and details about your job.
  • Additionally, you will be asked to submit you with your Biometric confirmation number BVN.
  • The amount you pay will be N30 to connect the ATM debit card on your bank account to improve your chances of getting an amount that is higher.
  • One-time security code OTP will be delivered directly to you phone to verify your information.
  • Following the submission of your application to borrow, program will evaluate your credit score. The final results will be displayed in the application.
  • The final result should be available in no more than two minutes. If you’re eligible for an loan, the amount will be paid to your bank account in approximately five minutes.
  • Be sure to use an efficient phone with plenty of memory because you’ll need for a crystal clear, live selfie to be able to identify yourself.
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Be aware that affixing your ATM card by using N30 does not assure you that you’ll be able to receive a loan. However, you must still be able to pass the credit score test.

The N30 that is charged to bind to your ATM debit card in your checking account is refunded however it can take anywhere between 7 and 12 days in order for funds to be returned in your banking account.

Your BVN is tied with your credit rating. So when you’re in the middle of a loan with another lender or failed to pay any other lender in full when they were due you can expect to be denied.

The credit score you have is the result of previous borrowings as well as the amount of time you pay cash transactions coming into as well out of your account and other data.

If you download this application, you must agree to allow the access you need to view your phone book contacts, which can be your guarantors. SMS for access to your bank transactions, and apps for your phone to check how you interact with other loan applications and other information it utilizes to increase the credit score.

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While the app grants certain customers loans, some have complained that the app has taken funds from their accounts after the app had bind their ATM cards. So be cautious when using this app for loans.

Is Spark Credit Loan App legitimate or a fraud?

It is true that Spark Credit Loan App is genuine loan app that offers micro and medium term loans that can reach N50,000 to borrowers. However, it is a bit expensive in terms of interest and bugs that hinder easy registration. It is important to be cautious prior to applying for any loan online. Be sure to read reviews from other customers prior to submitting an application for an online loan in Nigeria.

It is important to know that these loans aren’t regulated or registered with CBN, CBN or any other government institution in Nigeria. You are accountable for the safety of your transactions through these loans and there is no recourse to redress poor customer service.

Additionally, its presence on the Google Play Store does not mean that transactions conducted on it are safe. The store only provides an opportunity to download and you are accountable for your security when using loans in Nigeria

The requirements to get the Spark Credit Loan App

  • Do you have a bank account? BvN; your BVN’s eleven-digit number will be used to verify the credit rating.
  • Do you have a source of income?
  • Achieve a high credit score. If you’ve had a history of insufficient payments on other loan applications, you may be turned down for an loan or offered an interest rate that is extremely high.
  • Reside in Nigeria
  • You must have a smart phone that you can download the app. The application is available only through the Google Play Store, accessible only using the Android smartphone.

There is no regulation in Nigeria and the vast majority app developers are loan sharks that may threaten to send texts to family members of yours accusing you of being a fraud in the event of a default on your loan. Avoid these apps if there are other alternatives.

If you’re feeling threatened or bullied by a loan sharks in Nigeria check out the following Group on Facebook in which you can get help and learn about the experiences of other people who have experienced bullying from loan applications.

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What do other borrowers are commenting on Spark Credit Loan App

Ademolu Ifeoluwa wrote, “It was okay,and disbursement was speedy.”

Adeleke Inioluwa wrote “If you are in love with yourself, get out of the way and the rate of interest/payback is greater than 50 percent…imagine spending 7000Naira in order to repay 10300+ in just 7 days…this will not help.”

Israel Ayanwola wrote, “A app that disburse funds in just 15 seconds. claim you’re the best.”

Rate of interest?

Product Features
1. Loans Amount: NGN 7,000 to NGN 200,000
2. Loan Tenure: 91 days ~ 365 days
3. The Annual Percentage Rate (APR) is 10%~25%
Be aware that penalties are due only if someone is late with their payment due date.

Example:
If the amount of the loan is N20,000 for the period of 91 jours (3 months) The APR of 20%. and the total amount to be paid at the due date are
Interest: N 20,000 * 20% / 365 * 91 = N 997
Principal repayment = N20,000
Total amount of repayment N20,000 plus N997 equals N20.997
The period of repayment is 3 months:
Monthly repayment of N20,997 = 3 = N6,999

Take note that this interest rate and loan period is just an example. Expect the actual amount and length to be lower However, you can enhance it by repaying the loan in time and maintaining a positive credit score.

Spark Credit Loan App customer service number

  • Consumer hotline: 09162827890
  • Customer Service Email: help@cashclubng.com
  • Address: Se15/22 idi ayunre ,off idi obi Ibadan, Oyo state Nigeria 110115

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