Lcredit Loan app is a mobile app that allows you to get instant loans online. The app is available for download on both Android and iOS devices.
To get started, you’ll need to create an account and provide some basic information, such as your name, email address, and phone number. You’ll also need to provide your bank account information so that Lcredit can deposit the loan funds directly into your account.
Once your account is created, you can apply for a loan. The amount of money you can borrow will depend on your credit score and other factors. Lcredit offers loans ranging from NGN5,000 to NGN100,000.
If you’re approved for a loan, the funds will be deposited into your bank account within minutes. You can then use the money for any purpose you need, such as paying for unexpected expenses, covering a shortfall in your budget, or consolidating debt.
If you are looking for a quick and easy way to get a personal loan in Nigeria, you might have heard of Lcredit loan. Lcredit is an online lending platform that offers instant loans up to ₦ 50,000 with no collateral or paperwork required. All you need is a valid BVN and an Android phone to apply.
In this blog post, we will review Lcredit loan and tell you everything you need to know before you apply, such as:
– How to apply for Lcredit loan
– How to repay Lcredit loan
– What are the interest rates and fees of Lcredit loan
– What are the pros and cons of Lcredit loan
– How does Lcredit compare with other online lenders in Nigeria
How to apply for Lcredit loan?
Applying for Lcredit loan is very simple and fast. You just need to follow these steps: Lcredit Loan app Download
– Download Lcredit Loan app from Google Play Store and register with your phone number and BVN.
– Fill in your personal and bank details and upload a selfie.
– Choose the loan amount and duration that suits your needs. You can borrow from ₦ 5,000 to ₦ 50,000 for 7 to 30 days.
– Submit your application and wait for approval. You will get a notification within minutes if your loan is approved or not.
– If approved, you will receive the money in your bank account within 24 hours.
See also: NairaPlus Loan App: Get a Quick and Easy Loan in 2023
How to repay Lcredit loan?
Repaying Lcredit loan is also easy and convenient. You have four options to choose from:
– Pay with bank transfer: You can make a transfer to a virtual account (VA) that will be generated for you on the app. You can copy the account number and make a transfer using your bank app or through a POS agent. The loan will be cleared automatically once the transfer is successful.
– Pay with card (ATM card): You can link your ATM card to the app and authorize the repayment to be deducted directly from your bank account. You will need to enter your card details, PIN and OTP to complete the transaction.
– Pay with bank or USSD: You can choose to pay with your bank account or USSD code through Paystack, a payment gateway. You will need to select your bank name, enter your account number, verify your account and authorize the repayment with an OTP.
– Pay before due date: You can also repay your loan before the due date and enjoy a discount on the interest rate. You can do this by clicking on “Pay now” on the app and choosing any of the above methods.
What are the interest rates and fees of Lcredit loan?
Lcredit loan charges an interest rate of 0.1% to 0.5% per day, depending on your credit score and repayment history. This means that if you borrow ₦ 10,000 for 14 days, you will pay back ₦ 10,700 to ₦ 11,400.
Lcredit also charges a service fee of 10% of the loan amount, which is deducted upfront from your loan disbursement. For example, if you borrow ₦ 10,000 for 14 days, you will receive ₦ 9,000 in your account and pay back ₦ 10,700 to ₦ 11,400.
Lcredit does not charge any late fees or penalties for overdue loans. However, failing to repay your loan on time will affect your credit score and limit your chances of getting another loan from Lcredit or other lenders.
What are the pros and cons of Lcredit loan
Lcredit loan has some advantages and disadvantages that you should consider before applying. Here are some of them:
Pros:
– Fast and easy application process
– No collateral or paperwork required
– Instant approval and disbursement
– Flexible repayment options
– No late fees or penalties
– Discount for early repayment
Cons:
– High interest rates and service fees
– Low maximum loan amount
– Short repayment period
– Requires BVN and Android phone
– Affects credit score if not repaid on time
Is Lcredit a scam?
Lcredit is a legitimate company that offers loans to Nigerians. The company is registered with the Corporate Affairs Commission (CAC) and is regulated by the Central Bank of Nigeria (CBN).
Lcredit has been in business for over 5 years and has helped thousands of Nigerians get the money they need to improve their lives. The company has a good reputation and is known for its quick and easy loan process.
However, there have been some complaints about Lcredit, such as high interest rates and hidden fees. If you’re considering taking out a loan from Lcredit, it’s important to read the terms and conditions carefully and understand all of the fees involved.
Is Lcredit safe?
Lcredit is a safe company to borrow money from. The company is registered with the Corporate Affairs Commission (CAC) and is regulated by the Central Bank of Nigeria (CBN).
Lcredit has been in business for over 5 years and has helped thousands of Nigerians get the money they need to improve their lives. The company has a good reputation and is known for its quick and easy loan process.
However, it’s important to note that any loan carries some risk. If you’re not able to repay your loan, you could end up in financial trouble. It’s important to make sure that you can afford the monthly payments before you take out a loan.
Is Lcredit a good option for me?
Lcredit is a good option for Nigerians who need quick and easy access to cash. The company offers competitive interest rates and flexible repayment terms. However, borrowers should carefully consider their financial situation before taking out a loan.
Lcredit Loan Code?
The lcredit loan app does not have a USSD code for transactions; you must download the app on your Android device to use any product.
Lcredit Loan Customer Care Support Number
If you have any questions or complaints about Lcredit Loan, you can contact them through the following channels:
- Email address: support-ng@cashigo.ng
- Phone Number: +234 016310555
- Facebook: https://www.facebook.com/lcreditloanng/
- Twitter: https://twitter.com/LcreditNg
- Linkedin: https://ng.linkedin.com/company/lcredit
- Website: https://www.lcredit.ng/
How does Lcredit compare with other online lenders in Nigeria?
Lcredit is one of the many online lending platforms that offer personal loans in Nigeria. Some of its competitors include:
See also: Swift Naira Loan: How to Apply for a Loan
– Carbon: Carbon offers loans from ₦ 1,500 to ₦ 1 million for up to 64 weeks at an interest rate of 1.75% to 30% per month. Carbon also charges a service fee of 4% of the loan amount. Carbon requires a valid ID card, bank details and selfie to apply.
– FairMoney: FairMoney offers loans from ₦ 1,500 to ₦ 500,000 for up to 12 months at an interest rate of 5% to 28% per month. FairMoney also charges a service fee of 10% of the loan amount. FairMoney requires a valid ID card, BVN and selfie to apply.
– Branch: Branch offers loans from ₦ 1,000 to ₦ 200,000 for up to 40 weeks at an interest rate of 15% to 34% per month. Branch also charges a service fee of 8% of the loan amount. Branch requires access to your phone contacts, SMS, call logs and bank details to apply.
As you can see, Lcredit has some similarities and differences with other online lenders in Nigeria. Depending on your needs and preferences, you may find one more suitable than another.
Conclusion
Lcredit is an online lending platform that offers instant personal loans up to ₦ 50,000 with no collateral or paperwork required. All you need is a valid BVN and an Android phone to apply.
Lcredit has a fast and easy application process, flexible repayment options, no late fees or penalties and a discount for early repayment. However, it also has high interest rates and service fees, low maximum loan amount, short repayment period and requires BVN and Android phone.
Before you apply for Lcredit loan, make sure you understand how it works, what are the costs involved and what are the alternatives available. Always borrow responsibly and only what you can afford to repay on time.
