MenaCred offers instant loans to users who need urgent financial assistance. They give out loans to borrowers with no paperwork, no checking of credit history and above all, the loan is a collateral-free loan.
The application process is quite simple because there’s no endless documentation process since all the loan application process is done electronically.
It may interest you to note that Menacred offers different kinds of loans like Mena Micro, Mena Market and Mena Everyday just to ensure that borrowers will be able to access funds irrespective of their financial needs.
In this article, we’re going to explore the Menacred loan eligibility criteria, their loan terms, loan amount, interest rate and other relevant information that you need to know about the mode of operation of the Menacred loan platform.
Menacred Loan Requirements
To qualify to take loan from MenaCred platform, applicants are expected to meet the eligibility criteria below:
- Must be at least 18 years old.
- Have a valid means of identification.
- Steady and reliable source of income.
- Active bank account is also a must.
- Finally, you must reside in the region where Menacred operates.
MenaCred Loanable Amount
The loan amount that an applicant can get from a Menacred loan ranges from N5,000 – N150,000.
This loanable amount is not fixed; applicants can only qualify for a certain amount after their creditworthiness has been checked.
MenaCred Loan Term
The loan tenure of Menacred loan is a bit flexible, it is designed such that borrowers will be able to repay the loan without stretching their bank account.
The repayment plan of the Menacred loan is between the range of 60 – 180 days.
MenaCred Loan Interest Rate
The Annual Percentage Rate(APR) of MenaCred loan is not fixed but it ranges from 60% -180%.
It is worthy of note that the longer the repayment plan you choose, the higher the interest rate. Hence, it is best to pay off your loan on time so that the interest rate won’t be much.
MenaCred Loan Application Process
If after going through the eligibility criteria and you’re qualified to apply, and if their loan term is okay by you. Then follow the steps below to apply for the loan:
- Visit Apple Store or Google Play Store for iOS and Android users to download and install the MenaCred loan app.
- Sign up with the required details.
- Create an account with the needed details to get started.
- Fill the loan application form by entering the relevant details.
- After completing the loan application form, submit it for review.
- After the evaluation and you’re qualified for the loan, your loan application will be approved.
- Finally, the loan amount will be disbursed to your chosen bank account.
How To Download MenaCred Loan App
Fortunately, the Menacred loan app is available for both Android and iOS users.
Hence, if you’re an Android or iOS user, you can follow the steps below to download the app from Google Play Store or Apple Store respectively.
Menacred Loan App Download iOS
- Visit the Apple store on your iPhone or iPad device.
- On the search bar, ‘’type Menacred loan app’’.
- Once you see the app, click on it and tap on Get to initiate download and installation process.
- Finally, the app will be installed and you’re good to go.
Menacred Loan App Download Android
- Visit the Google Play Store on your Android device.
- On the search bar, ‘’type Menacred loan app’’
- Once you see the app, click on download to start downloading the app.
- After downloading, install the app and create the Menacred account accordingly.
Is Menacred Legit?
Menacred lending platform appears to be legit since it has been offering collateral-free loans to their users in the recent past.
That being said, change is constant and financial institutions are not exceptions; hence it’s going to make sense if you carry out independent due diligence about the lending services of Menacred before opting for their lending services.
Menacred Customer Care
For questions, inquiries or assistance, you can reach out to the Menacred customer unit via their email address on firstname.lastname@example.org.
MenaCred Loan Review
Just like other lending platforms, users of Menacred loan platform have diverse views about the financial services of Menacred platform.
Some of the users expressed satisfaction with the lending service of the platform while others expressed displeasure especially when it comes to creating an account with the platform.
Our check on Apple Store revealed that Mencred loan app has 3.5 stars rating out of 5 which is averagely good for a platform of its kind though there’s still room for improvement.
Some of the reviews from Apple Store are outlined below;
According to Okwuludo: ‘’Their service is swift and their customer care is topnotch. Got my loan within 3 minutes’’.
Another user, jakagsnans, has this to say: ‘’Can’t get Past Registration. Stuck on creating an account, doesn’t proceed even after trying several times and downloading the app again. Fix your App’’.