- FAQ
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Loan Application Process
Applicants must be between 18 and 65 years old and must live, work, or do business within Wakacredit’s operational areas.
Our online application takes about 20-30 minutes, and we typically provide a decision within 24-48 hours, all things being equal.
To improve your chances of approval, ensure that you provide all necessary information as requested. We use the information you provide to make a lending decision.
Loan rejection occurs when the information provided does not meet our current lending criteria. We use a statistically driven lending model to analyze applications.
Yes, we conduct credit bureau checks on all potential customers to assess creditworthiness and make informed lending decisions.
You can apply online or through your phone. Our dedicated staff will track and assign your application to a loan officer who will assist you through the process.
Yes, we do. Approval depends on the reason for the past default and if it can be proven not to be customer-induced. We also consider customers without existing credit histories.
Yes. We accept self-employed applicants and those with variable income, though additional documentation may be required.
Documentation Requirements
You’ll need to provide a means of identification (passport photo, government-issued ID like an international passport), a recent utility bill, proof of income, proof of address, and bank account information.
We accept government-issued IDs, including:
Driver’s license
National ID card
Voter’s card
International passport
NIMC card
A utility bill is a receipt for services provided to your home. We accept bills such as:
PHCN (Electricity bill)
Water bill
LAWMA (Waste management bill)
Phone bills
DSTV subscription receipts
Rent receipts
Repayment & Terms Loan
Our loan terms typically range from 3 to 12 months with monthly repayment options, depending on specific loan parameters.
You can repay your loan via the following methods:
Bank transfers
USSD payments
Debit mandates
Cheque issuance
Yes. We offer flexible plans, including options like skipping a payment or late payment forgiveness under certain conditions.
No. We do not charge prepayment penalties. You are free to pay off your loan early without any extra fees.
Yes, you can. However, each loan request will be evaluated separately based on your ability to repay.
Yes, loan tenure extensions are possible if you qualify for a loan top-up.
Payments can be made by bank transfer or by presenting post-dated cheques. Automatic debits may also be arranged for convenience.
We work with you to find a solution if you miss a payment. However, late payments may incur fees and negatively impact your credit record.
You can apply for a new loan immediately after completing your final repayment.
Yes. We report to major credit bureaus to help customers build or improve their credit history.
General Questions
We offer Personal Loans, Bridge Finance, Lines of Credit, PO Financing, Contract Financing, and Asset Financing, among others.
Our interest rates range from 6% to 10% on a reducing balance basis, with fees varying depending on the loan type and borrower’s credit profile.
Loan amounts range from ₦1,000,000 to ₦500,000,000, depending on your creditworthiness, character, and financial capacity.
We consider factors such as your credit score, income level, debt-to-income ratio, and the purpose of the loan to determine your terms.
To request any of these documents, please send an email to info@wakacredit.com or call our dedicated phone line at +234-813-991-9767.
We primarily offer unsecured loans. However, for high-value loans and higher-risk cases, secured loan options may be available.
Yes, we offer both refinancing and consolidation to help simplify your payments and potentially reduce your interest rates.
Your BVN is required to verify your identity. It is also a Know Your Customer (KYC) requirement for all financial institutions as mandated by regulatory bodies. To get your BVN, dial 5650# on the phone number linked to your bank account.
Yes, you can reach us via email or phone for any inquiries
Absolutely! We use advanced encryption technology to keep your information confidential and secure. Any document we request is strictly for providing the best service possible.
You can reach us via phone, email, or through our website’s support center for any assistance you need with your loan.
You still have a question?
If you cannot find answer to your question in our FAQ, you can always contact us. We will answer to you shortly!
