Credpal Loan Review: How does Credpal Work? Is Credpal Credit Card Legit?

credpal review

last Updated on July 22, 2023

Need some financial flexibility without the fuss and endless paperwork? Well, you’re in luck because we’re about to go on a thrilling journey into the world of Credpal – the credit and credit card solution that’s got everyone talking!

Credpal is a fintech company in Nigeria that lets businesses and individuals buy items from merchants online and offline and pay for them in instalments by providing them with instant access to credit at the point of checkout.


It allows you to Buy Now Pay Later in Nigeria and Split payments into 6 (months). With this Buy Now pay later company you can enjoy a flexible payment option that allows you to buy items or products you want and spread the payments over 6 months.

Is Credpal a Loan App or A Buy Now Pay Later Platform?

credpal loan app

It is both. Credpal offers credit access for businesses and individuals across developing economies by issuing credit cards and loans.

Because Credpal offers consumers access to credit for their everyday needs and also for small and large ticket purchases. It is a loan app as well as a Buy Now Pay Later platform.

However, you should note that the loans from this company are only offered to working-class individuals

Is Credpal Legit?

Yes, it is a legit company, Credpal already has thousands of users using its services besides the merchants (partners) like Shoprite, Mykonos on the Roof, Airtel, EdenLife, Pointek & BurgerKing, which shows that it is a legit consumer financing company.

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Who Owns Credpal? Who is the CEO? When was it Founded?

Credpal was founded in 2018 by Fehintolu Olaogun and Olorunfemi Jegede. At the moment Fehintolu Olaogun is the CEO, while Olorunfemi Jegede is the COO.

At the point of writing this, the company has raised a total of $1.7M in funding over 9 rounds from 10 investors (Funds)

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How Does Credpal Work? (What Services does it Offer)

CredPal consumer financing service involves offering credit cards and loans to consumers. As well as Buy Now Pay Later service from Merchants on its Marketplace, where users can buy items and split payments into instalments and where merchants can increase revenue as well.

The Credpal-app allows you access to these services well as the ability to Pay Electricity Bills, Buy Airtime & Data subscriptions and Transfer to your Bank Account.

Also See: How to Convert Airtime to Cash on Patricia

Nonetheless we” dig deeper into the services this tech consumer financing company offers below:

Credpal Loans

Loans from this company have a minimum repayment tenure of 3 months and a maximum duration of 6 months. The minimum loan amount it offers is N100,000 and the maximum loan amount is N2,000,000. However, these limits are subject to a periodic review.

The interest rate for a loan is between 4%- 6.8% depending on where your workplace falls in the Credpal’s company’s categorization.

Credit Card

Credpal currently offers 4 credit card plans. They are:

  • BASIC: This is for users with less than or exactly N7k credit limit, with a 21% monthly interest rate and no annual fees.
  • STANDARD: This credit plan features a 14% monthly interest rate and no annual fees.
  • PREMIUM:This plan has a 6% monthly interest rate and a N5,000 annual fee.
  • PRESTIGE3.8% monthly interest rate and a N52,000 annual fee.

Some things to note about these credit cards are:

  • You cannot spread repayments on credit cards since you have to pay back what you spend on your credit card at the end of a billing cycle which is not up to 30 days.
  • Every Customer using a Credpal credit card plan (which can be free or paid depending on the plan you choose) should note that the charge for the plan is always added to the first repayment you make after using your credit card – this is referred to as a deferred card plan charge.
  • You’re are to pay back what you’ve spent on your credit card on your repayment date. Your repayment date is typically set around the day you receive your salary.

Corporate Mortgage Financing

While Credpal doesn’t offer Mortgage loans it offers corporate mortgage financing for real estate properties with a 24-monthly repayment plan and 30% equity downward payment of the property.

Pay for Business

Credpal-Pay is a service for Merchants and fast-growing businesses that can increase sales by over 32% by acquiring more customers and seamlessly receiving payments. You can increase conversion for your business by accepting a payment option that allows your customers to buy and pay later. So you can convert customers that would or might have been abandoned due to insufficient funds into paying customers.

It is a Buy Now Pay Later service that works online and offline

Here’s how CredPal’s Pay Buy Now Pay Later service works online:

  • Your customers can easily shop from you and spread payment over 6 months online by using use CredPal-Pay to check out their orders.
  • Credpal-Pay Checkout plugin can easily be integrated into your e-commerce store or on your website.
  • You will also get a Payment link for social media stores. You can copy your unique payment link and share it across your social media platforms and customers can shop from you when they click on your payment link.
  • You’ll get notified once an order is confirmed and Credpal will pay you 100% immediately.

Here’s how CredPal-Pay works In-store (physical store):

Credpal brands your store with a unique QR code and assets that increase customer conversions. Customers can enter your store and pay for items with the app or scan your unique QR code to pay. You get notified once an order is confirmed and we pay you 100% immediately.

Here are some of the benefits CredpalPay can offer you as a Merchant:

  • Increased sales: Your customers with insufficient funds have more purchasing power with the CredPal card which means increased sales for you.
  • Seamless processing: Orders are approved within 24 hours.
  • Business exposure: you can get access to millions of existing CredPal customers as a CredPal merchant.
  • Real-time dashboard: Every Merchant gets access to a standard merchant dashboard where you can keep track of all orders in your store.
  • Fraud detection: Credpal Pay can help you detect suspicious purchases when they happen.
  • Business Credit (Up to 1 million Naira ): This fintech company offers merchants the capital they need to grow and turn the business into a profit-making venture.
  • Payment cards for employees: You can generate virtual CredPal cards for all your employees.

Credpal App

You can download the app on Google Play or Download it from the App Store

Credpal Customer Care Phone Number

The customer care number for Credpal is 01 700 7999

Credpal Loan & Credit card Interest Rate

Credpal interest rate is 4%- 6.8%.

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