HenCredit for Android

Quick summary

HenCredit is a free business lending app from ORANGE LOAN AND PURPLE CREDIT LIMITED that delivers fast, low-cost loans to borrowers in Nigeria. The platform is designed to let approved users request and receive funds within minutes, with flexible repayment options and transparent charges.

Loan amounts and repayment options

• Loan range: ₦8,000 up to ₦150,000.
• Repayment terms: from a minimum of 91 days (three months) up to 12 months (one year).
• No collateral required for personal loan disbursements.
• Funds are transferred directly to your bank account after approval.

Eligibility requirements

• Must be a Nigerian resident.
• Applicants should be between 20 and 55 years old.
• A valid bank account is required for disbursement and repayments.

Application process

1. Create an account and supply the required personal information.
2. Activate your available credit limit within the app.
3. Submit the loan request and wait for approval.
4. When approved, withdraw the funds straight to your bank account.

Fees, rates and transparency

• Annual interest rates range from 24% to 36%.
• There is no service fee and no hidden transaction charges.
• The platform emphasizes clear, up-front cost information so borrowers know what to expect.

Example repayment calculation

If you borrow ₦50,000 and repay after 100 days with an annual rate of 36%, the simple interest for that period is calculated proportionally:

• Interest ≈ ₦4,932
• Total repayment ≈ ₦54,932

(Interest is calculated on a pro-rata basis of the annual rate for the number of days borrowed.)

Why people use HenCredit

• Rapid access to funds—approval and disbursement can happen within minutes.
• Flexible terms to match different cash-flow needs.
• Clear pricing with no hidden extras, aimed at making borrowing predictable and affordable.