General Questions on CREDICORP Loans

Q1: What is the partnership between Credit Direct and CREDICORP about? 

A: Credit Direct has partnered with the Nigerian Consumer Credit Corporation (CREDICORP) to provide civil servants with access to loans at discounted interest rates and flexible repayment terms. 

Q2: Who is eligible for these loans? 

A: Civil servants are eligible to apply for these loans. 

Q3: What are the benefits of this partnership for me? 

A: The benefits include: 

• Discounted interest rates on loans. 

• Flexible repayment plans tailored to your financial need. 

• Access to a wide range of loan options, up to N5 million. 

Q4: How do I apply for a loan under this scheme? 

A: You can apply via the following channels: 

• USSD: Dial *5120# on your phone, follow the prompts, and if eligible, receive funds within 5 minutes (T&C apply). 
• WhatsApp: Chat with us at 09070309430. Say “hi” and select option “1” to apply. Click here to start. 
• Sales Representatives: Our trusted representatives nationwide are here to assist you, with no processing or agent fees required. Simply reach out to your Relationship Manager, or call Customer Support to help connect you to your relationship manager.  
• Branch Locations: You can visit any of our branches nationwide. View our branch locations here. 

Q5: How do I contact Customer Support?  

A: Our dedicated support team can be reached on 0700CREDITDIRECT, 02017005120, or 02014482225. You can also email us at contact@creditdirect.ng or chat with an agent via WhatsApp (09070309430), Facebook, Instagram, X or our website. 

Q6: How can I check my Loan Balance and Keep Track of my loan details?  

A: You can keep track of your balance and loan details by chatting with our automated Virtual BOT Assistant on WhatsApp. Simply say “Hi” to us on WhatsApp (09070309430), select option “2 – Loan Details” from the menu, follow the instructions to view your balance & loan details. Click here to get started. Alternatively, you can reach out to our customer support team for assistance.  

Q7: How long is this offer available for? 

A: The offer is available for a limited time.  

Take a Look at the Application Process 

Q8: Is there an Agency fee to apply for a loan? 

A: No, applying for a loan under this partnership does not require any Agency fee. Be wary of any agents asking for payment. 

Q9: Can I apply for a loan without speaking to an agent? 

A: Yes, you can apply for a CREDICORP loan yourself through our official channels, including the USSD code *5120#, and via WhatsApp by messaging (09070309430). 

Q10: What documents do I need to apply? 

A: No documentation is required for existing Credit Direct Customers. However, if you are new to Credit Direct, we will require some documentation like your Bank Verification Number (BVN), Staff ID card and Account Number.  

Q11: How long does it take to process my loan application? 

A: If eligible, CREDICORP loans can be processed and credited within 5 to 10 minutes when using the USSD & WhatsApp self-service options. Other channels may take slightly longer due to verification processes, but all loans, regardless of the application method, will be disbursed within a maximum of 6 hours. 

Understanding Loan Details 

Q12: What are the interest rates for these CREDICORP Loans? 

A: Loans offered through this partnership come with discounted interest rates, ranging from 3.8% to 3.95% flat monthly, allowing customers to save up to 0.55% per month compared to standard interest rates. 

Q13: What is the maximum amount I can borrow? 

A: You can borrow up to N5 million, depending on your income and financial needs. 

Q14: What is the repayment period for these loans? 

A: The repayment period is between 1 to 36 months. 

Q15: Can I repay my loan early? 

A: Yes, you can repay your CREDICORP loans early without any penalties. Please contact our customer support team for more details on how to do this. 

Regarding Security and Fraud Protection

Q16: How do I ensure I’m dealing with a legitimate Credit Direct representative? 

A: If you’re not using our self-service channels, it’s crucial to verify the identity of the representatives assisting you. You can request to see their ID cards or call our Contact Centre for verification. Remember, Credit Direct representatives will never ask for application/agency fees. 

Q17: What should I do if I suspect fraud? 

A: If you suspect fraudulent activity, do not proceed with any payments or share personal information. Report the incident immediately to our customer support on 0700CREDITDIRECT or via email at frauddesk@creditdirect.ng. 

Q18: Are there any hidden charges? 

A: No, there are no hidden charges. All fees and charges will be clearly communicated to you during the application process. 

FAQs For Existing Customers 

Q19: I’m already a Credit Direct customer. Can I benefit from this new partnership? 

A: Yes, existing customers with closed loans can apply for new CREDICORP loans at discounted rates. If your loan is still active, you can apply for a top-up loan to benefit from these rates.  

A: Top-up Qualification: You should have made at least one repayment on your existing loan to qualify for a top-up loan. For loan amounts under N50,000, you need 4 repayments (if your loan tenor is 12-months) and 6 repayments (if your loan tenor is above 12 months) to qualify.  

Q20: Will this affect my current loan or repayment terms? 

A: Your current loan and repayment terms will remain the same unless you choose to get a top-up loan under the new scheme. 

Accessing Customer Support 

Q21: How can I contact Credit Direct if I have more questions? 

A: Our dedicated support team can be reached on 0700CREDITDIRECT, 02017005120, or 02014482225. You can also email us at contact@creditdirect.ng or chat with an agent via WhatsApp (09070309430), Facebook, Instagram, X or our website. 

Q22: Where can I find more information about the loan scheme? 

A: More details are available on our website and blog. You can also visit any Credit Direct branch or contact our customer support for assistance.

Q23: Can I speak to someone in person about this loan? 

A: Yes, you can visit any of our branches nationwide to speak directly with a Credit Direct representative. Click here to view our locations.

Loan Disbursement 

Q24: How will I receive the loan once approved? 

A: The loan amount will be disbursed directly into your bank account. 

Q25: What happens if there’s a delay in receiving my loan? 

A: If you experience any delays, please contact our customer support immediately. We will assist you in resolving the issue promptly. 

Q26: Can I apply for more than one CREDICORP loan? 

A: Yes, you can apply for this loan and other loans like our Buy Now Pay Later which gives you access to acquire products/goods and pay overtime. However, the total amount you can borrow across all loans will still be subject to the maximum limit and your repayment capacity. 

Concerning Repayment 

Q27: How do I make repayments of CREDICORP loans? 

A: Repayments of CREDICORP loans will be automatically deducted from your salary. You can also make direct payments through bank transfers if needed. 

Q28: What happens if I miss a repayment? 

A: It’s important to ensure timely repayments to avoid penalties. If you foresee any difficulties in making a repayment, contact our support team to discuss possible arrangements. 

Q29: Can I extend my repayment period? 

A: Extension arrangements are currently unavailable especially since you are still in service. Please reach out to our support team for further information. 

Q30: What happens if I experience an over-deduction?  

A: We work closely with your employer’s payroll office to ensure that this does not occur. However, in the event that it occurs, be assured that Credit Direct will process a refund to your account within 48 hours from when funds are received from your employer.  

Note: Please be aware that the remittance of funds from your employer might take between 2 weeks and 2 months, depending on the approval processes and protocols involved.

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