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Frequently Asked Questions?

General Information

Q1. I’m receiving an error: “Network Error Occurred”. How do I resolve this?

Please ensure that location settings on your mobile device or web browser.

Q2. I don’t know my BVN. What do I do?

Just dial *565*0#
Please note: This will only work if you are making the request from the same phone number currently linked to your bank account

Q3. How long does it take to process a PayCredit loan?

The entire process can be completed in no time! Once you complete our short application form and accept the loan offer provided, your information is reviewed, and a loan decision is typically provided within minutes. If approved, funds will be received within a few moments of the application process being completed..

Q4. Is Paycredit a bank? Where are you located?

No, Paycredit is not a bank. We do not receive deposits from the general public nor do we offer savings or current accounts for now. PayCredit is a fully digital lending platform. Providing both salary advance and business loans. Even though we offer a service that is 100% online, you can still reach us whenever you need via our in-app live chat, telephone or any of our social media platforms.

Q5. Why is my Bank Verification Number (BVN) required?

We request your BVN as this is used to verify that the individual applying for a Paycredit loan is the same as the owner of the provided bank account. This is to ensure that your details cannot be used to apply for a loan without your authorization in the event that a 3rd party has access to your account details. Please note: Your BVN does not provide access to your account. If in doubt, we encourage you to confirm this from your bank before you proceed

Q6. How do I apply?

You can apply via our website, click on login in if you already have an account, click on register if you are a new customer. Enter all required details,validate your card, then proceed to apply for a loan.

Q7. Who should I contact to submit a comment, question or complaint?

You can send us a message using our in-app chat service, and an agent will respond swiftly. You can also mail us on support@paycredit.ng or call us on 090 1527 8663.
Feel free to reach out to us any time via the in-app live chat or find us on social media (Facebook, Twitter, Instagram and LinkedIn). We will always do our best to attend to you as quickly as possible

Q8. My current loan offer is too small! Can I get a higher loan amount?

Yes, you can. However, the loan offer displayed to you is what we can provide at the time of your application. This can increase in future as we learn more about you and there are records as to your repayments with us. If you still believe you require a higher amount and that you earn enough to access higher amounts; kindly mail us on support@paycredit.ng or call us on 090 1527 8663
Account Information

Q1. I have submitted my application but I have not yet received any notification on my loan status?

Notifications are typically sent via in app notification and/or email immediately after your loan application is sent. If you have not received either of these, please check the ‘Loan History’ menu in the app to confirm the current status of your request.

Q2. Why was my loan application rejected?

There are a few reasons behind loan application rejections. The most likely reason is that our system did not receive sufficient data to score your application. Please ensure you are signed into Paycredit using your main mobile device, and also keep your data on while using the app in order for us to determine the best possible loan offer for you.

Another possible reason is that you may not have shared all of the information required in the application or provided invalid details.

However, there can be other reasons. As a responsible lender, we take steps to ensure we only extend credit to applicants who can afford it, so that our clients won’t become too indebted. It is possible that at this time, you don’t match the profile of individual we normally lend money to. Negative repayment patterns on previous obligations (including Paycredit loans) can also limit access to credit, or make it more expensive to obtain.

Whatever the situation, we recommend keeping the app installed and retrying in 1 – 2 months, as the criteria of these decisions are constantly refined.

Q3. My loan status shows ‘Disbursed’, but I am yet to receive funds in my account?

Funds are typically received in your mobile wallet within a few minutes of receiving disbursement confirmation. We recommend checking your wallet balance by logging into our app with your credentials, as we do not process transfers to 3rd party or personal accounts.

Q4. How do I check my account status and repayment due date?

Please log in to your Paycredit account to view all details concerning your loan.

Q5. My loan status is showing as ‘Pending Approval’ after I have submitted my application. How do I proceed?

This status indicates that our system is processing your application. You will receive a notification on your loan decision within 24hrs.

Q6. I was approved for a loan, why have I not yet received my funds?

If this is your first loan, your ATM card needs to be setup in order for your funds to be disbursed to your wallet. Please click in the app and add a card to be used for repayment. For your convenience, we’ll deduct your repayment automatically on your due date.

Please note: you may need to have at least NGN50 in the account linked to the card for setup to be successful. Card setup is only required once, as long as your card is valid
Loan Repayment

Q1. What happens if I don’t pay back my loan?

We want to keep you as a customer, please make every attempt to pay us back on time. If you find yourself in a situation that makes it difficult to make your scheduled repayment, please contact us immediately by sending us an in-app chat message or calling 090 1527 8663.

We do our best to help our customers avoid these situations and the resulting consequences which can include:
  • Suspension of your access to our lending service
  • Reporting your account delinquency to multiple credit bureaus
  • Involvement with external collection agencies
  • Reaching our to your contacts to ensure the debt is settled
  • Possible legal action
Remember, a positive outcome for you is a positive outcome for us, so let us assist you with work through and finding a solution to any issues you may face during the loan period.

Q2. Can I reschedule my loan repayment date?

Please note that due dates are fixed when your loan is approved. You can use the rollover feature on our app to help push your loan to a new month by paying the interest of the current month. Please ensure that you make your repayment on/before your agreed due date in order to continue having this service available to you.

Q3. What happens if I can’t make a payment on my due date?

We understand that financial circumstances can change suddenly, however, it is important to note that you can use the rollover feature on our app and you should only take a Paycredit loan if you are reasonably certain you have the means to repay within the agreed period. There may be fees associated with late repayments. In addition, defaulting loans are reported to national Credit Bureaus and this can severely affect your ability to access loans in future. We therefore advise you take every effort to meet your obligations on time.

Q4. I just paid back my most recent Paycredit loan. How soon can I apply for another loan?

You can check your current status by logging into your account. If you have successfully paid off your previous loan on time, you can re-apply for another loan within 24 hours and may qualify for higher credit at a lower rate.

Q5. How do I repay my loan?

Repayment is automatic, when loan is due the amount would be automatically taken of validated account, you can also topup your wallet and transfer to our bank accounts with details available on our mobile app and web portal.