Frequently Asked Questions

IS RAPAID REGISTERED?

Yes, we have a collaboration with Sparkle Microfinance bank.

AM I ELIGIBLE FOR LOAN?

To qualify for a loan, you must fill the application form, have a verifiable source of income, live/work in cities where we are licensed to operate and have an account with a commercial bank in Nigeria.

HOW MUCH CAN I BORROW?

You can borrow up to NGN 2,000,000 or more depending on your source of income.

I RECEIVE MY SALARY IN CASH, CAN I APPLY FOR THE LOAN?

We will require evidence of income via your bank statement to process your application.

I HAVE SHARED ALL THE INFORMATION REQUIRED, WHEN WILL I RECEIVE FUNDS?

Once your application is approved, you will receive funds in your TomX Credit wallet immediately after approval.

CAN I ACCESS A LOAN FROM ANYWHERE IN NIGERIA?

Our loans are available in selected cities in Nigeria. We’re working to increase the customers we serve and will communicate once we expand our reach.

WHAT DOCUMENT DO I NEED TO APPLY FOR THE LOAN?

You will be required to submit your bank statement, Government Issued ID, Work ID and Utility bill to apply for a loan with TomX Credit. Once we receive the application, we will determine if any additional information is/will be required.

WHY WAS MY LOAN REJECTED?

We evaluate all information you provide, most likely, you didn’t meet our minimum requirement. You can always re-apply.

WHY WAS I OFFERED A LOAN LESS THAN WHAT I APPLIED FOR?

Your debt-to-income ratio may not be able to accommodate your loan request. We will make an offer that will make repayment convenient for you.

I AM A BUSINESS OWNER WITH A GOOD CASH FLOW, WHY WAS MY LOAN DECLINED?

Please contact us if you need a business loan.

HOW LONG DOES A LOAN APPLICATION TAKE?

You’ll have money in your bank within three days after you have provided the required information and gotten approved. Also note that, depending on the loan amount and application time frame, there may be a waiting period before you receive funds.

HOW DO I APPLY FOR A LOAN?

Applying for a loan with us is easy! All you have to do is visit our website or contact us at customer.service@tomxcredit.com

CAN I STILL BORROW MONEY WITH A POOR CREDIT RATING?

No, you cannot.

HOW LIKELY AM I TO BE ACCEPTED FOR A LOAN?

This will depend entirely upon the nature of your loan request and your credit history.

WHAT PURPOSES CAN I OBTAIN A LOAN FOR?

• Salary advance

• To meet mounting financial responsibilities

• To upscale your existing business

• Putting a deposit down to acquire a vehicle for personal or commercial use

For more inquiries, contact us at customer.service@tomxcredit.com

WHAT IF MY FINANCIAL CIRCUMSTANCES CHANGE DURING A LOANS TERM?

You will need to discuss details of this with TomX Credit.

HOW MUCH SHOULD I BORROW?

The minimum and maximum borrowing limits are set by TomX Credit and the amount of your personal loan limit depends on your creditworthiness.

WHAT IS THE INTEREST RATE ON THE LOAN?

Interest rates on TomX Credit loans differs. The standard interest rate is 5% monthly.

HOW DOES THE LOAN REPAYMENT WORK?

With TomX Credit, repayment plan is usually daily, weekly or monthly within a 6 months duration. Your payment will also depend on the amount of the loan, interest rate, and term of the loan

WHAT IS THE DURATION OF THE LOAN?

The duration of our loan repayment plans are 1-6 months.

ARE THERE ANY FEES FOR LOAN APPLICATION?

Yes. There is a registration fee of 1,000, and processing fee of 3% of the loan amount.

DO I NEED TO PAY COMPULSORY SAVINGS?

Yes, except if you request a salary loan.

DOES THE LOAN REQUIRE A GUARANTOR?

With TomX Credit all loans requires that you provide a signed guarantor’s form.

HOW CAN I INCREASE MY CHANCE OF GETTING MY LOAN APPROVED?

We use the information provided by the client to make a lending decision. To increase the chances of getting a loan approved, ensure accurate details are provided.

DO I NEED TO VISIT A BANK/OFFICE TO REQUEST A TOMX LOAN?

You don’t need to visit a bank to get a loan from us. From the comfort of your home, you can conveniently apply for a loan.

DO I NEED TO CALL A TOMX AGENT TO APPLY FOR A LOAN?

No. You can apply for your TomX Credit loan directly from our website. We’re however, happy to assist if you have any questions, call us on (phone number not available yet) or send us an email at info@tomxcredit.com or customer.service@tomxcredit.com

WHAT DO I NEED TO START A SAVING PLAN ON RAPAID?

To start a savings plan you must be at least 13 years old, you must have an email address and a phone number.

WHAT DO I NEED TO START A SAVING PLAN ON RAPAID?

To start a savings plan you must be at least 13 years old, you must have an email address and a phone number.

WHAT IS THE DURATION FOR SAVINGS?

The duration of our savings plan depends on the customer’s preference.

HOW MUCH INTEREST CAN I GET WITH SAVINGS?

We have different interest rates from 3% - 18% depending on your savings duration. Different savings rate will be displayed while trying to subscribe to a plan.

HOW DOES SAVINGS WITH TOMX HOLDING WORK?

There is physical savings where our relationship officers go out to collect funds within the areas of our different branches.

We also having savings on the mobile app (Rapaid).

HOW DOES SAVINGS WITH RAPAID WORK?

With Rapaid you can save daily, weekly, monthly and get interests on your savings.

TYPES OF SAVINGS ON RAPAID

Save Basic is a flexible saving for emergencies with interest rate of 5% for 3months

Save Classic is an automatic strict saving plan with interest rate of 12% for 6months

For more inquiries, contact us at customer.service@tomxcredit.com

HOW DO I START SAVING ON RAPAID?

To start saving open the Rapaid App, select from the list of available saving products that suit your needs. Fill the form correctly by putting personal information, enter the saving amount, duration of savings, and confirm your transaction. Kindly note that the minimum amount you can save is N ( hundred Naira).

WHAT IS THE AVAILABLE SAVINGS PLAN ON RAPAID?

For now, we have three savings plans namely, Save Basic, Target Savings and Fixed Savings.

HOW DO I FUND MY SPARKLE WALLET?

You can fund your sparkle wallet via bank transfer, or activating auto-debit on your account.

WHAT IF I HAVE ADDITIONAL QUESTIONS ABOUT BILLING, PAYMENTS OR CREDITS?

We are happy to assist if you have any questions, call us on 07031165967 or send us an email at customer.service@tomxcredit.com

HOW DO I FUND MY ACCOUNT?

Login to your Rapaid app, click on fund wallet, select fund with debit/ATM card, input the amount, and follow the prompts to fund your wallet or you can make transfer from your other bank account.

CAN I MAKE THIRD-PARTY TRANSFER?

Yes, you can through your wallet.

CAN I WITHDRAW OR LIQUIDATE MY SAVINGS BEFORE THE TERMINAL DATE?

Yes, on the SaveBasic feature by calling customer service to help lift the restrictions.

IF I FORGET MY PASSWORD, HOW DO I RETRIEVE IT?

Launch the Rapaid app, input your phone number or email address and click on forgot password. A password reset link will be sent to your email address.

WHAT SHOULD I DO IF MY PHONE GET STOLEN?

Contact us at customer.service@tomxcredit.com

WHAT IF I DON’T HAVE ACCESS TO ANOTHER SMARTPHONE?

Contact us at customer.service@tomxcredit.com

WHICH MOBILE PLATFORMS SUPPORT THE RAPAID APP?

IOS and Android.

IS MY FUND SECURED ON RAPAID?

Yes, your fund is 100% secured.