FAQs

About CredPal
How do I sign up for CredPal?
CredPal account is free and easy. Download our mobile app and follow the signup process. Users without android devices can easily signup for CredPal account through any of our listed merchants.
What is required to have a CredPal account?
There are no requirements to open a CredPal account; however there are requirements to access credit.
What is required to make credit purchases?

To make credit purchases with CredPal, the following are required:

- Work and live in Lagos, Nigeria

- Most recent three months bank statement of account

- A valid means of identification (Driver’s license, National ID, International Passport)

- Provide Utility bill (Nepa bill, Waste management bill, etc.)

Why is my account statement required?
We use your account statement to validate information provided to us, and to also compute a safe credit limit you can access on CredPal.
Are there any interests or fees associated with CredPal loans?
Yes. CredPal charges an interest rate of between 4 - 10% per month on all credit purchases. We don’t charge service fees, prepayment fees, or any other hidden fees. We strive always to be more transparent and fair than any other form of financing.
What are my payment options?

CredPal allows flexible means of payment which includes:

-Cheque - POst-dated cheque written and signed for pending repayments.

-Card - Card setup for pending repayments.

Do I have a credit limit with CredPal?
Yes. At signup for a CredPal account, various pre-assessments are carried out to determine your credit limit.
Does CredPal perform a credit check?
Yes. CredPal carries out credit check to ensure credit worthiness of our customers
Does CredPal report to credit bureaus?
Yes. CredPal report every credit it processes to credit bureaus as instructed by federal authorities, also to ensure our customers conduct themselves in a responsible and credit worthy manner.
Is my personal information secure with CredPal?
We are pleased to inform you that your personal information is safe with CredPal. We do not divulge customers’ information to third parties and our site guarantees high level security of personal information submitted to us.
Buy with CredPal
How do I buy with CredPal?
-You can easily buy with CredPal using our mobile app, or you can navigate directly to our partner merchants online or offline and checkout with CredPal anytime.
Where can i use Buy with CredPal
You can buy with CredPal from any of our listed merchants.
Are there any payments to be made when I order with CredPal Credit?

Yes, a 30% upfront is required for orders made with CredPal payment.

The upfront payment can be made on delivery of items or paid via user’s account. The 30% upfront does not carry interest.

Why was I prompted to set up my debit card?

Your card will be used to bill for your repayment.

You can also select the cheque option during account setup if you prefer to pay with cheque.

Why was my CredPal credit application declined?

our application might be declined for a number of reasons. Please contact our support if your application ever gets declined. The following are most common reasons:

- If you do not reside or work in Lagos

- If your bank statement is discovered to be false or fraudulent

- If your means of identification are invalid

- If your bank statement does not reflect stable income

Why is my loan still being processed?
We prioritize order approval and work tirelessly to ensure you receive your order promptly. Regardless, there are exceptional cases that might require extra attention. This might lead to a slight delay.
Credit Repayments
How do I repay my loans?

Cheque - You can pay for your loans by issuing us post-dated cheque on delivery. The cheque should be dated to be collected on dates of your repayment or earlier.

Debit Card - You can set up your debit card for repayment via our mobile app. This can be done with the pay now option or the add card option

Bank Transfer - You can do a direct transfer into our account and inform us about your payment. We will then confirm and acknowledge your payment via mail.

Will you send me repayment reminders?
CredPal will send you emails and SMS to remind you of upcoming payments.
When are my bills due?
Your first monthly payment will be due 30 days from the date your loan is processed. We will send you an SMS to confirm all of your due dates.
What happens if I don't pay my bill?

We encourage you to make your loan repayments on time because late or missed payments would hurt your credit and affect your ability to get CredPal credit in the future.

While we hope we never have to do so, we reserve the right to refer delinquent accounts to repossession agencies. This means in case of default, CredPal will go after defaulters with the full extent of the law, and also repossess financed items from them

For any questions about this, or if you are unable to pay your balance, please contact us. You may review our Terms of Service here.

What if I need more time to pay my bill?
We advice you pay your loan as soon as possible as delayed payments might attract a late fee penalty.
Are there any penalties for paying off my loan early?
No. On the contrary we advice you pay up your loan early, as this allows you access unique incentives based on our discretion.
What is CredPal’s privacy policy?
You can find our privacy policy here.
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