Know more about QuickCheck Loan: Application, Interest Rate, Repayment & Benefits! In times when economic woes are soaring high around major nations of the African continent, Nigeria is receiving its own share and in even a larger dose.
To tackle this challenge and reduce the level of impoverishment plaguing some Nigerians, loans are day savers and have been providing alternative solutions to the financial needs of Nigerians.
But one of such outstanding loan platforms with less stringent financial policies is the QuickCheck loan.
In this article, we’ll be looking at the QuickCheck loan and what it is all about.
What is a QuickCheck Loan?
The QuickCheck loan is a loan platform in Nigeria where Nigerians can obtain loans without having to stake in any collateral.
The QuickCheck loan is run by a microfinance company and that implies that the loan you will be getting from the platform won’t be substantial enough for big projects but would suffice for minor projects.
You can borrow any amount from 1,500 to 500, 000.
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For starters, however, you can’t borrow up to half a million.
You need to build some level of credibility with small amounts before you can be trusted with substantial sums of money.
Requirements for Obtaining a QuickCheck Loan
If you want a QuickCheck loan, here are some of the things you will need.
- A good credit score
- ATM Card Details
- Bank Account details
- Bank Verification Number (BVN)
- You must be above 18 years of age
- Your personal data will be required which includes your name, age, address, occupation, and a few others
- Employment details, if you are an entrepreneur, you are free to also apply, just state what you do for a living
How to Apply and Get a QuickCheck Loan
Getting the QuickCheck loan is quite easy, all you need is a mobile internet-enabled device like your android smartphone to start.
When you have all the requirements up there in place and you have your android phone ready, you can proceed with the following steps below
Step 1: Download and Install the QuickCheck App
Download the QuickCheck Loan app from Google PlayStore and install it on your phone.
It should be noted that the app is only available for android mobile devices on Google PlayStore.
It will, however, be available on other platforms like IOS for iPhone users with time.
So get the QuickCheck app and install, then you’ve would have completed your first step in obtaining a loan from one of Nigeria’s most famous loan platform.
However, it should be noted that if your android version is below 4.1, the app won’t work on your device.
This is hardly the case since most devices now run on android 8.1.
The app will not also work if the settings in your phone prohibit the installation of apps from unknown sources, in that case, you have to go to your settings and allow the permission of installation for third-party apps.
Step 2: Sign up
After installing, you can then open the app and if you can read and write, signing up will be easy, since it’s user-friendly.
All you need do is to follow the instructions you will find on-screen, provide the details that are required of you and sign up without stress.
You will need to verify your phone number by confirming with the code that will be sent to your phone.
You also need to turn on your location on your android phone so the app can access your location.
Step 3: Proceed to Apply for the Loan
Now that you’ve signed up, you are now eligible to apply for the loan which you can do by tapping the “apply for loan” tab.
You will need to fill in the amount you are applying for and some other details that might be required of you.
You also need to state the reason why you are applying for the loan.
Step 4: Wait for Processing Before Getting the Loan
After applying, you need to wait for the QuickCheck app to access your eligibility before granting you the loan.
The company uses machine learning to speculate your borrowing behavior and to ascertain if you are fit to receive a loan.
Your credit score is being accessed among other things.
This might take a while to complete so you might need to exercise some level of patience.
After the assessment is complete, you are then granted the loan you are seeking.
The cash will be sent to your bank account in a matter of minutes after the application is successful.
There is a stipulated time for payment, endeavor to pay within that window so you can be trusted with future loans.
It is important that you keep to the deadline.
The payment window ranges from 4 weeks to 1 year depending on the amount you are getting from the platform.
Terms and Conditions
Some of the terms and conditions involved with the QuickCheck app includes;
- 30 days’ time interval to repay the loan, could be less depending on the amount you are borrowing. If you don’t pay this loan on time, the consequences are very grave. It could hinder you from accessing further loans, not just from the QuickCheck platform but from other loan platforms. The QuickCheck company will have to report you to other credit institutions for violating their terms and conditions. This will send out the message that you are not to be trusted with loans and finally, a bad credit score for you.
- You might not be permitted to borrow more than N10, 000 if it’s your first time of borrowing. The higher amount comes with consistency and your ability to pay back within stipulated deadlines
- Interest rates start from 5% monthly on your very first loan. It could get to 30% though
Repaying the Loan
When it’s time to pay back the loan you took, you can use a couple of options to achieve this.
Firstly, you can simply pay back by going to the app and tapping on the “loan payment” tab, then the money will be withdrawn directly from your account.
This why you need to provide the app with your ATM card details so it can access your funds when the time comes.
You can also pay back with your bank’s USSD code or you can use the QuickCheck loan USSD code to pay back by dialing *402*00100843*amount# if this is not enough, you can simply do a bank transfer or make a deposit in the bank.
You can choose to repay weekly by selecting installments when you are applying for the loan and it will enable you to pay your loan on a weekly basis.
Why You Might Not be granted a QuickCheck Loan
There are some reasons why you might be denied a loan application from the QuickCheck loan platform.
This could be tied to any of the following reasons or all of them.
- You are applying for a loan above N10, 000 and it’s your first time
- You have a bad credit score. Previous records have shown that you were not faithful with meeting up to payment deadlines
- You failed to meet up with all the requirements needed to obtain the loan
Some other things to Note about the QuickCheck Loan
- The QuickCheck loan has its head office situated in Lagos at #23, Agodogba Avenue, park view estate, Ikoyi. If you live in Lagos and you have some challenges accessing their loan, you can visit their head office for assistance
- There is no customer care service for the QuickCheck Loan, so if you have any difficulties you could just send them an mail with the address firstname.lastname@example.org or visit their head office in Lagos if you are in the city.
- They have a website; quickcheck.ng where you can find more information about their loans. They are also on social media (Facebook and Twitter)
The QuickCheck loan is here to stay and provides an alternative loan platform for some Nigerians who can’t meet up the rigid terms and conditions associated with obtaining a loan from the bank.
Collateral also comes as one huge challenge when dealing with traditional banks for a loan and that’s why the QuickCheck loan platform is thriving since it’s capitalizing on the no-collateral bait.
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It has since inception, grown to become a popular loan platform in Nigeria with thousands of Nigerians downloading the app daily while dropping their positive reviews.
If you are in need of emergency cash, this comes in handy. If you need a loan to fund your small business, this is a great option.
Just remember to pay back on time and do not request an amount you aren’t certain you can pay back within a month or less.
Overall, the QuickCheck loan is a fantastic idea and has saved lots of Nigerians from financial turbulent times.
It is going to stay around for a lot longer and possibly scale up.