Clear answers about our products, process, rates and requirements. If you still need help, contact our team.
Application & Approval
How long does the approval process take? +
For personal loans with complete documentation, most applicants receive a decision within 24–48 hours. Business loans and mortgage applications typically take 3–5 working days because of additional verification of business records or property documents. We keep you informed at every stage.
What documents do I need to apply? +
Generally: valid government-issued ID (NIN, driver’s licence or international passport), proof of address, recent bank statements (3–6 months), and proof of income (payslips or business financials). For mortgages we also require title documents and valuation reports. Our application form lists the exact requirements for each product.
Can self-employed people or freelancers apply? +
Yes. We accept applications from self-employed professionals, freelancers and business owners. You will need to provide bank statements, invoices or management accounts that demonstrate consistent income over a reasonable period.
Is there a minimum credit score required? +
We do not publish a rigid cut-off. We assess the full picture — income stability, existing obligations, repayment history and the purpose of the loan. Applicants with thinner credit files can still be considered if other factors are strong.
Rates, Fees & Repayment
How are interest rates determined? +
Rates depend on the product, loan amount, tenure, and your risk profile. Personal loans currently start from around 14% per annum; business and mortgage rates are quoted individually. The exact rate is always shown clearly in your offer letter before you accept.
Are there hidden charges? +
No. CredShield discloses all applicable fees (management, processing or early repayment where relevant) in the offer documentation. You will see the full cost of credit before signing.
Can I repay the loan early? +
Yes. Early repayment is permitted on all products. Any fee associated with early settlement is stated in your contract so you can plan accordingly.
What happens if I miss a payment? +
Contact us as soon as you anticipate difficulty. We prefer to work with clients on realistic solutions rather than immediately escalate. Late payment fees and credit-bureau reporting apply according to the terms you signed; we explain these clearly upfront.
Products & Eligibility
Do personal loans require collateral? +
No. Our personal loans are unsecured. Approval is based on your income and credit assessment.
What can business loans be used for? +
Working capital, inventory purchase, equipment, shop fitting, expansion into new locations, or bridging seasonal cash-flow gaps. We discuss the intended use during assessment to ensure the structure fits your business.
Do you finance off-plan properties? +
Yes, on a case-by-case basis for reputable developers. We require clear title documentation, construction timelines and developer track record before approving mortgage funding for off-plan purchases.
Security & Regulation
Is my data safe with CredShield? +
Yes. We apply strong technical and organisational measures to protect personal and financial data. Access is restricted, transmission is encrypted, and we comply with applicable Nigerian data-protection requirements.
Is CredShield a licensed institution? +
Yes. CredShield Limited operates as a licensed financial services provider in Nigeria and is subject to the relevant regulatory framework governing lending institutions.
