Like other mobile loan app lenders, HalooCredit Nigeria offers unsecured personal and business loans for individuals and SMEs businesses. Also, HalooCredit is a loan App that you install on your Android smartphone to get access to their loan facilities.
As of when this post was written HalooCredit is only available on the Android mobile operating system. Haloocredit is yet to be available on other mobile operating systems such as the IOS.
How to Apply for a Loan?
It only takes 3 steps to complete your loan application. And these processes can only be completed by using your mobile phone with an internet connection. You don’t need to physically visit the bank or submit any paperwork to apply for a Haloocredit loan.
First, you need to have your mobile Android smartphone ready with an internet connection. Then, open the Google play store app on your phone to visit the play store.
Find the Haloocredit loan app by searching for it using the search bar. It only requires a little amount of megabytes to download the app.
Note: You don’t need to search separately for the Haloocredit apk file download. By downloading the Haloocredit apk file on its own to later install on your phone is a waste of time.
The Google play-store has everything you need. Unless your android mobile phone does not support Google play store. In that case, there is every possibility that Haloocredit loan app might not work on your phone.
Pro tip: Before downloading any app from the play store, consider going through other user’s reviews. This will save you time and megabytes on downloading apps you may not find useful
After downloading and installation complete, open the app on your phone to start registration.
HalooCredit Registration Requirements.
You only need your registered mobile phone number, make sure you’re using the same mobile number linked to your bvn. Then, get your bvn number ready. Bank account details. Mastercard for loan repayment purpose and authorization.
Dont worry, your card details is secured.
You must be aged between 18-60 years old to request loan from Haloocredit.
A verification code (OTP – one time password) will be sent to your mobile phone number for verification purposes. So make sure you’re using your mobile number.
If the sms verification code failed to arrive in time, you can request for voice call verification method instead. A human voice machine will call the verification code out for you to insert into the required field.
So pay attention and listen carefully to it.
After completing the registration process, you’ll see a credit limit on your home dashboard. You can only borrow within this credit limit. After taking a loan and you repay back on time, your credit limit will resume.
You can reapply again within this credit limit. As you continue taking loans and repaying on time, your credit limit will increase.
If your loan applications is rejected the firs time, there is no big deal in it. Like all other loan app lenders, just keep the app installed on your phone and you can reapply in a week or month time.
How to Repay Your Loan.
On the eve of your loan repayment date, make sure to have sufficient funds in your linked bank account. The app will attempt to automatically retrieve the loan repayments amount from your linked bank account.
If this option fails, in a situation where there are not enough funds in your account or for other technical issues. You can make partial payments in the app.
Log in and click on the repayment button on the page. After that, unchecked the small box by the right side of the page to leave empty space at the button of the page.
This is where you will input the partial amount you want to pay.
Although, it is writing on their website that loan tenor range from 91 to 180 days. But that’s not the case in the app. Well, maybe I haven’t taken bigger loans that qualify for such loan tenor.
If you’re applying for Haloocredit loan during this Coronavirus outbreak period, a service charge will be deducted from your loan amount.
For a loan of #3,000, a service charge of #480 was deducted. And an interest fee of #360 making a total #840 charges on a loan of #3,000.
This is too much to take on such a small amount of loans. Though, I did call the Haloocredit customer service care to complain. I was told it was due to the COVID-19 pandemic affecting the world and its impact on the economy.
But that’s just too much on a small amount of loan.
However, from my experience taking loans from HalooCredit, I think the company is just starting out and doesn’t have the financial capacity to give out larger loans. For six (6) consecutive loan repayment period, my credit limit remains #1,900.
And it was on the seventh occasion that I was given a loan of #3,000. This kind of operation is something I have noticed from most personal loan lenders that don’t have the capacity to give out large loans.
My advice is this…
If the financial situation you’re currently facing doesn’t demand urgent cash need, dont rush into taking a loan.
Taking loans should be the last option to consider. Ensure you’ve exhausted all possible means to save the situation before going for loans.