Aella Credit – What you should know
Aella Credit is a financial technology company that provides instant loans, investments, bill payments, micro-insurance plans, and money transfers to individuals and businesses in Nigeria. It was founded in 2016 by Shina Akintunde and is headquartered in Lagos, Nigeria.
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- Download the Aella app on your Android or iOS device.
- Create an account by providing your personal information, including your name, email address, phone number, and Bank Verification Number (BVN).
- Once your account is created, you can check your eligibility for a loan by clicking on the “Check Eligibility” button.
- If you are eligible for a loan, you can apply for a loan by entering the amount you want to borrow and the repayment period.
- If your loan application is approved, you will receive the funds in your Aella Wallet within minutes.
Here are some additional details about each step:
- To download the Aella app, you can go to the Google Play Store or the Apple App Store.
- When creating your account, you will need to provide your full name, email address, phone number, and BVN. Your BVN is a unique identifier that is used to verify your identity. You can get your BVN from your bank.
- To check your eligibility for a loan, you will need to provide your income and employment information. Aella will use this information to determine how much you can borrow.
- To apply for a loan, you will need to enter the amount you want to borrow and the repayment period. The repayment period is the length of time you will have to repay the loan.
- If your loan application is approved, you will receive the funds in your Aella Wallet within minutes. You can then use the funds to pay for your expenses, such as bills, groceries, or travel.
How much can you get and what is their interest rate?
The amount of money you can get on Aella Credit depends on your credit score and income. The minimum loan amount is N2,000 and the maximum loan amount is N1,000,000. The interest rate ranges from 2% to 20% per month, which is equivalent to an annual percentage rate (APR) of 22% to 264%.
Here is an example of how the interest rate works:
- You take out a loan of N100,000 for 6 months (180 days).
- The monthly interest rate is 10%.
- This means you will pay N10,000 in interest per month.
- In total, you will pay N180,000 for the loan, including the principal and interest.
Aella Credit does not charge any late fees or hidden charges. However, you will be charged a flat fee of N15,000 for the loan, which is due at the end of the tenor.
If you repay your loan on time, you will build your credit score and be eligible for higher loan amounts and lower interest rates in the future.
In Conclusion:
Taking out a loan from Aella Credit can be a convenient way to meet your financial needs. With a monthly interest rate of 10%, you can expect to pay N10,000 in interest per month. Over the course of the loan’s tenor, which is typically 6 months, you will end up paying a total of N180,000, including both the principal and interest. It’s important to note that Aella Credit does not charge any late fees or hidden charges.
