Loans are becoming more widely available in the Nigerian economy. Gone are when you had to go to a bank or an institution to get a loan. While some loans require you to visit a banking office, you can access some in five minutes on your mobile phone via a loan app.
Aella Credit is one of the loan apps in Africa that offers loans at low-interest rates to individuals and businesses, especially female-led businesses.
The company takes pride in lending to women and their businesses. Women currently account for more than 45% of its users. This FinTech company also collaborates with large corporations to provide loans to its employees. It is currently one of the best loan apps in Nigeria.
Our team of experts reviewed the app and the entire loan process for Aella Credit. This blog post will provide an in-depth review of the Aella Credit loan app, discussing its features, loan process, and customer reviews. We will also discuss the benefits of using Aella Credit, such as its low-interest rates, fast loan delivery, and secure payment options.
About Aella Credit
Aella Credit is a fintech startup that gives the world’s underbanked people easy access to credit. The company has offices in Lagos, Nigeria, San Francisco, California, and Manila, Philippines, where they have given out over 300,000 loans.
Aella Credit has significantly impacted the loan industry in Nigeria, Ghana, and the Philippines, thanks to investors such as YCombinator, Vy Capital, Friale, and others.
How to get a loan from Aella credit
Getting a loan from Aella Credit is quite simple and easy. Follow the steps below to get a loan from Aella Credit:
Step 1: Download the App
The first step in obtaining a loan is downloading the app from Google Play or Apple Store. You can use any of the links below:
Download on Playstore (For Android users)
Download on Appstore (For Apple users)
Step 2: Create your account
It’s a simple structure. You will be asked for basic information such as your name, email address, phone number, and password. That’s all there is to it! You will be given a code to enter to verify your phone number. You’re in once you have verified.
Step 3: Check your eligibility.
This step is where you will find out how much money Aella has approved for you.
To determine applicant eligibility for loans, Aella Credit offers machine learning-driven risk assessment in B2B integration with employers/cooperatives and a B2C model. The loans are given without the use of collateral or guarantors.
Step 4: Request a loan
You should be able to log in once you’ve signed up. ‘Request for loan’ will appear in the app. Follow the instructions by clicking on each one as they come up.
Step 5: Receive the funds in your bank account
Aella Credit takes pride in its quick decision-making process. They claim that all you need is five minutes, and when our experts tested it, their claim was true except if you are facing internet issues.
Requirements to be granted a loan
There are basic requirements for getting a loan from Aella Credit. You need to have a salary, a bank account, and a smartphone for easy transactions. You will be asked to provide the following information:
- Bank Verification Number (BVN)
- Name, phone number, and email address are required.
- Your bank account information
- A photograph of you may be required. This step will be completed in real-time (That is, you will need to take a picture of yourself using the app’s camera).
- Your employee identification card
Loan Amount Range From Aella Credit
With Aella Credit, you can borrow between N2,000 and N1,000,000, and you do not have to worry about late payment fees. You also get rewarded with cashback from your interest when you repay your loan early.
Aella Credit Interest Rate
Interest rates can range from 4% to 30%, depending on the borrower’s profile. The borrower is responsible for all bank transaction fees incurred while repaying the loan.
Aella Credit Loan Repayment
Aella loans can be repaid using a debit card or a money transfer. You contact Aella credit customer service if you are experiencing issues with repaying your loan.
More than a Loan Platform
Aella app is more than a loan platform. They have other products like Aella wallet for wealth management, Aella care for healthcare services, Aella pay for buying products you need on credit, Aella cards for payments, and Aella events for paying for event tickets.
It has a low-interest rate
It provides other financial services
There is no rollover fee
The loan platform has a fast operating system
- Customer service is a bit slow.
Frequently Asked Questions (FAQ)
Is the Aella loan app legit or a scam?
Aella loan app is a legitimate and trustworthy app that lends money to individuals.
Will I be able to pay less if I make an earlier repayment?
This is not guaranteed, but you may be eligible for system-generated discounts and higher loan amounts.
What can I do if my loan has not yet been disbursed but was approved?
You can wait for 1 hour. You need to contact the customer service agent if it has not yet been disbursed.
Aella Credit’s mission is to provide affordable financial services promptly and conveniently. The available facilities have made it relatively simple to use their services to meet any business need. This platform has made a name for itself in terms of borrowing and even investing.