Are you doubting if Aella Credit app is legit? Or whether you want to download and check the interest rate of this financial institution. If so, this article is for you.
Aella Credit is an online lending company based in Nigeria that provides quick loans to individuals. Many people are curious whether Aella loans are legit or if it’s a scam. In this comprehensive guide, we’ll break down everything you need to know about Aella Credit to determine if it’s a trustworthy lending platform.
Is Aella Credit Legit?
Aella Credit was founded in 2016 and is licensed by the Central Bank of Nigeria. They have physical locations and customer support centers across major cities in Nigeria. From the research we’ve done, Aella appears to be a legitimate lending company.
They are transparent about interest rates, terms, and payment schedules. Customer reviews online also suggest Aella delivers on what they promise. While no lending platform is risk-free, most signs point to Aella being a genuine lender.
How Does the Aella Loan Application Process Work?
Here are the basic steps to apply for an Aella loan
Download the Aella Credit Mobile App
The application process is completely digital. Start by downloading the Aella Credit mobile app from the Google Play Store or Apple App Store.
Enter Personal and Employment Details
Open the app and provide your full name, date of birth, ID numbers, proof of residence, and employment details like your job title and monthly income.
Provide Bank Account and Phone Number
Link your bank account details along with a valid mobile number for verification during the application and repayment process.
Choose Loan Amount and Tenor
Select how much you need between ₦5,000 to ₦300,000 and the repayment period which ranges from 112 months.
Submit Supporting Documents
Upload clear images of your ID, recent bank statement, and payslips as supporting documents.
Application Processing
The application will be reviewed instantly. If approved, funds are deposited within 24 to 48 hours.
Aella Loan Interest Rates
Aella Credit offers interest rates ranging from 33-45% depending on your loan amount and credit history. These are considered quite high compared to traditional banks but not unreasonable for online lending. The interest is calculated daily on the outstanding balance.
Loan Repayment Process
Repayments are made via a standing instruction from your linked bank account. The total repayment amount reflects the principal plus applicable interest. You can track payments and loan status within the Aella mobile app. It’s important to pay on time to avoid any penalties.
Customer Support
If you have questions at any stage, you can reach out to Aella’s customer support team through the following channels
- Live Chat: Available within the mobile app.
- Email: support@aellacredit.com
- Telephone: +234 700 223 4567
They are responsive and aim to address issues promptly. Make sure to note your customer ID for reference when contacting support.
Key Things to Consider Before Applying
While Aella Credit is a legitimate lender, there are a few factors worth weighing carefully
- Only borrow what you can comfortably repay within the scheduled timeline. Late or missed payments incur penalties.
- Have all required documents ready to speed up the application process.
- Understand the repayment schedule and interest charges upfront to avoid surprises later.
- Consider if a loan is really needed or if alternate options like friend/family loans could work better.
- Build your credit history first by starting with smaller loan amounts if this is your first online application.
- Doing your research and being cautious helps minimize risks when choosing to take out any type of loan. Let me know if you need any clarifications on the application or repayment process with Aella Credit.
Conclusion
To summarize, Aella Credit appears to be a legitimate online lender in Nigeria, provided you borrow responsibly and understand all terms upfront.
Start with a smaller loan if new to digital borrowing. Their processes are transparent and customer service accessible. With care and diligence, Aella could be a good financing option for qualified applicants. Let me know if any questions by commenting below.
Frequently Asked Questions
Is Aella credit registered?
Yes, Aella Credit is a legitimate company registered with the Corporate Affairs Commission (CAC) of Nigeria under the registration number. Aella Credit is also authorized to operate in Nigeria and is able to conduct financial transactions and money lending thanks to permission from the FCCPC (Federal Competition and Consumer Protection Commission)
What happens if I can’t repay the loan on time?
Aella Credit charges a penalty fee of 10% if you miss or delay repayments. It is wise to only borrow what you are certain you can repay based on your monthly cash flows. Contact support well in advance if foreseeing issues to explore your options.
