CredoApply

Credoapply is a digital origination app published by credolab Pte Ltd that allows customers to select and apply for a loan in real-time. Built on credolab’s powerful alternative credit scoring technology, the credoapply is packed with mobile intelligence to help manage all steps of the onboarding process in a user-friendly and intuitive way. The credoapply guides customers through the application form, performs anti-fraud checks, and calculates a digital score in a few simple steps and without any hidden fees.

The credoapply allows you to apply for different types of loans depending on the customers’ needs: personal loans, appliances, business, or other needs.

The loans have the following characteristics:
Loan amount: $50-$3000
Interest rate calculation: (Loan amount / 100) * Loan interest percent * (Loan term* 0.5)
Processing fee calculation: (Loan amount / 100) * Loan processing fee percent * (Loan term*0.5)
Loan interest percent: 4.5% - 7% p.a
Loan processing fee percent: 1.7% - 2.7%
Maximum Annual Percentage Rate (APR): 49%
Loan repayment: between 3 and 24 months

APR Sample:
For example, if a customer borrows a personal loan of $1,000 and chooses to repay in 3 months, she shall pay $105 in interest and $38 as a processing fee. As such, the customer receives $962, while the total amount due is $1,105.

Credolab respects your privacy
We always ask permission from you before accessing the information on your phone; all information requested is relevant to creating a credit score. You may choose not to provide the information requested. However, your credit score may be inaccurate or unavailable for your application as a result.
We process the information and the company of your choice receives some limited information about you including the results of the credit assessment in relation to the loan you are applying for. While the information remains attributable to you, it cannot be reverse-engineered to produce the original raw information collected.

For more information on our data practices, please refer to https://www.credolab.com/privacy-policies/gdpr-privacy-policy.