A person may not like to share their current financial difficulties. That’s why AcornCredit is the best solution for you to address these challenges. It is an automated loan application with the fastest approval results possible. However, the AcornCredit app has received unreliable reviews. This article will provide you with information to clarify the situation:
Understanding the AcornCredit App:
AcornCredit is a credit organization that allows customers to access short-term loans and complete them as quickly as possible. Operating with smart technology, the entire application process is automatically approved, and results are provided on the same day.
You won’t have to wait long as the system can handle thousands of applications simultaneously. Therefore, it is a fast disbursal app suitable for urgent financial needs.
AcornCredit offers free account registration and consultation support. Therefore, you won’t incur any costs if your loan application is declined.
Advantages of the AcornCredit App:
- Borrow money through the AcornCredit app without the need for face-to-face meetings, just using your phone from the comfort of your home.
- The credit organization does not require collateral.
- Acceptance of poor credit history within certain limits.
- Support available in all provinces, regardless of your location.
- Immediate loan disbursement to your bank account within 30 minutes of approval.
- No need to provide proof of income or assess related relatives.
Disadvantages of Acorn Credit:
Despite having several advantages, the Acorn Credit app also has its own disadvantages that you should be aware of:
- Relatively high interest rates.
- Staff members lacking respect, especially when customers are late with payments.
- Occasional difficulty accessing the app due to frequent maintenance.
- Associated with unsecured loan products.
AcornCredit’s loan product is an unsecured loan, and here are some detailed information about it:
Loan Amount Range: GHC100 – GHC150,000. Loan Duration: Typically ranging from 91 to 365 days. Interest Rate: 1.6% per month (19.2% per year). Other Fees: 0%. Service Fee: 5-10% of the loan amount.
For first-time customers using the unsecured loan service in the Acorn Credit app, the organization provides a 0% interest rate for a period of 10 days. If payment is not made after the due date, the organization will start applying the prescribed interest rate.
AcornCredit Loan Process:
Smartphone with internet connectivity > Access Google Play, search for “AcornCredit,” and install the app > Register for a loan and update your profile > Automated approval process > Receive loan application result > Receive the loan if approved.
The entire process, from registration to receiving the loan, takes only 30 minutes. In some cases, you may experience longer wait times, but it should not exceed 24 hours.
Acorn Credit Loan Repayment Instructions:
The loan agreement specifies the interest rate and repayment deadline. AcornCredit currently offers two payment methods:
- Payment through partner banks: AcornCredit supports payments through all domestic banks in Ghana.
- Convenient payment via e-wallet.
You need to contact the hotline to obtain transfer information and follow the instructions provided by the staff. Never request third-party transfers and make sure to keep the transaction receipt.
Reasons for Loan Application Rejection:
Your loan application may be rejected due to the following reasons:
- Providing inaccurate information.
- Invalid or expired identification documents accompanying the portrait photo.
- Incorrect bank account information for receiving funds.
- Registering with a non-registered SIM card.
- Monthly income below the required threshold.
- Changes in the organization’s policies.
Tips to Increase Loan Approval Rate:
Follow these tips to improve your loan approval rate:
- Use a registered SIM card that has been active for at least 3 months. Longer SIM card activity demonstrates more transaction history, such as calls and text messages.
- Don’t disclose your actual monthly income. Enter a higher income figure, as declaring higher income is one of the factors that can increase your loan approval rate.
- Take clear and well-lit photos of your documents. Ensure that all personal documents are complete and legible.
- If possible, provide a contact person for reference (not mandatory). The staff may occasionally contact the reference person for verification, although this is rare.
Is the Acorn Credit app trustworthy?
AcornCredit, as a loan service, has specific office locations and a hotline for customer support. If you have any concerns about their service, you can report them through the hotline or visit their office. However, the reliability of the app’s information has not been verified. Therefore, it is not possible to draw a conclusion regarding the organization’s trustworthiness.
Many customers have expressed concerns about AcornCredit potentially mishandling customer information. However, you can cancel your registration to ensure the safety of your information if your loan application is not successful.