Credichola has strange customer service. The customer service agents will harass you with multiple calls and texts and even use bad language on you before the due date. That’s the worst behavior I have seen from any online loan app. If somehow you are okay with this, here’s everything I found about Credichola Loan App Zambia.
Credichola Loan App Interest Rates and Fees
The interest rate is high but bearable if you are borrowing a small amount. They charge about a 25% interest rate. For example:
- If you get K150, you will pay back K205.
- If you get K400, you will pay back K520.
The fees are not made clear until the very last page of your application.
Does Credichola Check CRB?
There is no evidence that Credichola Online Loan App checks CRB. However, it seems most of these loan apps coordinate with each other to block individuals who don’t pay back their loans.
If you have borrowed money from other loan apps that you have not paid back, you may be rejected. However, you should go ahead and try. I saw someone get two loans, one for K150 and another for K400 despite other loan apps rejecting them for failure to pay back.
How Long Does the Loan Run For?
Credichola promises bigger loans with longer periods than they actually give. For example, they claim a loan of K8000 with a repayment period of 190 days. That is false advertising.
As per my experience, your initial amount will either be K150, which should be paid back in 7 days. If you manage to pay that back in time, you will have access to about K400 to be paid back in 14 days.
Does Credichola Grab My Messages and Contacts?
Yes. They will ask for permission to access your messages, contacts, and call history. According to them, they have to do this so they can ascertain your credit score.
They do this by going through your messages to look for transaction notifications. This is why I say you would do well to use a phone with multiple recent mobile money or bank transactions.
However, they don’t just check these things. They also grab and store them. Reports indicate they then use your contact list to threaten you with embarrassing exposure.
How to Apply for a Loan From Credichola
Download and Code Verification
- Download the app from the Play Store.
- Provide your phone number. This should be the same line registered with your NRC number.
- Get the verification code. If the code does not come, request it again. Sometimes codes only come after the second request.
Credichola Loan App KYC
- Fill in your full name exactly as it appears on your NRC.
- Take a picture or upload pictures of both sides of your NRC.
- Provide your date of birth.
- State your province and town.
Other Details
- State your employment condition.
- State how much you make per month.
- State how many dependents you have.
- State whether you own your house or are renting.
- State your payday.
Quick Stats
- Play Store Credichola download link
- Number of downloads
- Play Store star rating: 4.5
- Number of reviews: 1000+
Pros of Credichola
- Easy application process
- No need for a selfie
- Three levels of borrowing
Cons of Credichola Loan App
- Periods are too short. Seven days is not enough.
- Interest rates are too high. Twenty-five percent in 7 days is not fair and probably illegal.
- Customer agents are rude. They will start harassing you before the due date.
What Customers Are Saying
A lot of the positive reviews are about the quick fund disbursement. The entire process is fairly easy.
However, there are also serious negative reviews with damning complaints. Some mention short loan periods, high interest, and low initial amounts of only K150.
The worst of these negative reviews revolve around customer agents.
What Happens if I Don’t Pay Back My Loan?
Two days before the due date, you will get reminders. Sometimes they get disrespectful at this time.
On the due date, they will call you, message you, and ask you to at least make a partial payment.
If the due date passes, you will get all sorts of threats and insults. They threaten you with arrest, legal action, and even physical harm.
Can They Put You on CRB?
Credichola does not seem to be a registered entity with the Bank of Zambia. They will not put you on a CRB blacklist as they have no legal right to do so.
However, it appears that these loan apps are able to communicate with each other and share details of defaulters. They will spread your details to other online loan apps in Zambia, and this will make it difficult to get any quick online loans.
Why Are Credichola Loan App Agents So Rude?
A lot of online loan apps offering cash in 5 minutes have rude customer agents when you default.
What makes Credichola particularly problematic is that the agents will start harassing you 2 days before the due date.
Not only will they harass you with endless calls and texts, but they will literally insult you. One person actually mentioned being compared to a dog even though the due date was at least a day away.
They have the habit of threatening to post your personal details to Facebook pages like Zed Kawalala.
The reason they do this is that they can get away with it since they are not registered with BoZ.
The agents are also incentivised to be as aggressive as possible since they are paid based on how much they recover in loans.
Can Credichola Post My Photo and Details to Facebook?
Credichola is not supposed to post your details to Facebook to embarrass you. In fact, they are not even supposed to make such threats and can be sued.
Although they make such threats, I have yet to see anyone actually get posted.
Will They Call and Message Your Contacts if You Fail to Pay?
They also threaten to contact people in your contact list just to shame you. This is something they have done before even though it’s illegal.
This is why you have to be careful when giving them permission to access your data. Be mindful that they may do such things.
Tips to Get Approved
- Make sure you use a phone with many recent mobile money and bank transaction SMSs. They will grab this information to determine your ability to pay back.
- If you use a phone with very little financial activity in the SMSs, you reduce the likelihood of being accepted.
- Your next of kin should be someone on your call records to show that they are real and reachable.
- Make sure your details are accurate and the photos of your NRC are clear with enough light when taking them.
Why Did Credichola Reject My Loan Application?
They might reject your loan application if:
- You have defaulted with other online loan apps in Zambia.
- Your details are not accurate.
- Sometimes they may reject you simply because they have no money at the moment.
Who Owns Credichola and What Are the Contact Details?
Credichola was first called Rapid Loan, then Rocket Money before the current name. According to their Play Store page, the app is owned by TALKSPHERE INVESTMENT LIMITED.
- Developer: Talksphere Investment Limited
- Address: Plot No. 160, Lilanda Estates, Lusaka, Zambia
- Email: help@credichola.com
- Phone: +260 77 9068762
Credichola Alternatives
Zamcash: The best online quick loan app. They have been operating for over 5 years in Zambia and are owned by BIU Capital, which is registered with the Bank of Zambia.
Zeed Loan: They are relatively new and have very flexible acceptance criteria. However, they also have rude agents.
Wamaka: A recent player in the quick online loan sector in Zambia. They are new, so they have not yet established a reputation, whether good or bad.
Afrimula-Cash: They also give loans easily but can have rude customer agents.
Comparison Table
| Loan App | Initial Loan Range | Typical Repayment Period | Interest & Fees | Customer Service Reputation | |
|---|---|---|---|---|---|
| Credichola | K150 to K400 initially | 7 to 14 days | About 25% | Very poor | |
| Afrimula-Cash | Small starter loans | Short-term | High | Mixed | |
| Zamcash | Up to K2000+ | 14 to 30 days | Moderate to high | Mixed | |
| Zeed Loan | Flexible limits | Short-term | High | Poor | |
| Wamaka | Small to medium loans | Short-term | Not clearly stated | Unknown |
How to Avoid Being Scammed
- Never pay an upfront fee to access a loan.
- You should not have SMSs containing your passwords because these may be read by agents, and there’s no telling what they might do with them.
- Don’t be blackmailed with threats of being posted on Facebook.
Disclaimer
This article is not financial advice and is for informational purposes only. We are not affiliated with Credichola or any other loan app. You are encouraged to do your own due diligence before getting a loan from them.