Rebuild your credit history with CredPal Secured card

CredPal — Thu, 07 Apr 2022 15:40:01 +0000

Getting declined after applying for any form of credit – credit cards, or loans – could be a result of bad credit history, low credit score, or history of late repayments. This can hinder your access to obtaining credit from any financial institution. As a credit financing company whose goal is to make credit accessible for consumers in Africa, we have built a product that allows you to fix your credit reputation with our Secured Credit Card.

What is a Secured Card?

Just like the name implies, a secured credit card is a card that helps you fix your bad credit history. It’s a card that gives you access to credit in exchange for a cash deposit of the same amount as your credit limit.

CredPal Secured Card

Our Secured credit card helps you to build your credit reputation and gives you access to unlock our buy now, pay later services, which also makes it easier for you to access loans in the future.

How to apply for a CredPal secured card

Deposit cash collateral of a minimum of N10,000 (The higher the amount you deposit, the better your chances of improving your credit score)
Unlock CredPal credit card of the same value.
Use the funds on your credit card and repay monthly for a period of 4 months.
CredPal would report your monthly repayment to the Credit Bureau to rebuild your credit score.
Withdraw collateral at any time after successful repayments without default.

After 4 months, your credit reputation will be rebuilt and you can access credit facilities easily from financial institutions.

To get started, simply deposit into the CredPal account below:

Account Name: Crednet Technologies Ltd

Account Number: 1016259279

Bank: Zenith Bank

Once the deposit has been made, send your proof of payment to securedcard@credpal.com or call 017007999.

Benefits of using a CredPal Secured Card

You do not need a good or perfect credit history to qualify
Your credit limit is tied to the amount you deposit
Your credit history is fixed in 4 months if credit is properly used.
The higher your deposit, the higher your credit limit is, and the faster your credit is fixed

If you’ve been struggling to get approved for credit, loans, or buy now, pay later services, then a Secured card is what you need. This is because your bad credit history cannot fix itself and doing nothing about it will obstruct you from accessing any form of credit.

Make a cash deposit to the account details above, or login to the CredPal app today to get started.

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Buy now, pay later with bad credit history

CredPal — Sat, 26 Mar 2022 11:55:28 +0000

If you are an online shopper or internet user, you would have probably heard of Buy Now, Pay Later (BNPL). It is a payment option that allows customers to pay for an item in installments. It can otherwise be defined as an option that allows a person to buy things on credit and pay for them over time. No doubt buy now, pay later is becoming more popular. But is it safe to say that anyone can be approved of BNPL even with a bad credit history? Let’s find out.

What is credit history?

Credit history can be defined as a record of a borrower’s responsible repayment of debts. A credit report on the other hand is a record of the borrower’s credit history from a number of sources. Including banks, credit card companies, collection agencies and governments.

Can you be approved of BNPL with a bad credit history?

Because a credit history is a reflection of how well you’ve handled credit in the past, It definitely plays a role in getting approved to use buy now pay later one way or another. Although It can also be hard to say you will be completely written off because of this. The chances of being accepted solely depends on conditions given by the service provider.

Options to consider if you have a bad credit history

We recognize that not all customers will have a good credit history and so we give you the option of rebuilding your credit reputation with our secured credit card. Our Secured credit card is a card that helps you to build your credit reputation and gives you access to unlock our buy now, pay later services, which also makes it easier for you to access loans in the future.

How does the secured credit card work?

First off, you would have to deposit cash collateral of a minimum of N10,000. This will then help you to unlock CredPal’s credit card of the same value. After which you can then use the funds in your credit card and repay monthly for a period of 4 months. It is also important to note we would report your monthly repayment to the credit bureau to rebuild your credit score. After 4 months, your credit reputation will be rebuilt and you can access credit facilities easily from financial institutions.

Device Financing

Another option to consider if you have a bad credit history is device financing. Device financing is a way of spreading out payment for the purchase of a mobile device. We have introduced a plan that allows customers to get a phone instantly while spreading the cost in up to 6 months. You do not need to go through a thorough credit application process. All you need is to make a 40% down payment, fill out basic information and get your phone immediately.

How to get started

If you want to give this a try. Head over to gomobile.ng, select your preferred device and add to cart. Make a 40% down payment, and get your phone instantly with no hassle.

In conclusion, as much as having a bad credit history isn’t a deal breaker, it is also important to ensure that you take preventative measures to avoid a bad credit history. Because nothing beats having a clean record.