Last Updated on December 21, 2022
LCredit loan app is a product of CASHIGO INTERNATIONAL. This loan app in Nigeria lets anyone receive rapid loans. Lcredit is becoming a fast-rising lending app for fast obtaining loans as the platform is secure and safe.
LCredit has been around for a while now, and Nigerians use it often. The site’s registration process is simple, and accessing loans via the platform takes less than 5 minutes.
With over 1 million downloads and 70,000 reviews, the LCredit lending app has a 4.2/5.0 rating. The programme, like many others, analyses your phone data to assess your creditworthiness.
Is LCredit Loan App Legit? Should you take a loan from LCredit?
In this article, we shall learn more. The interest rate, amount loanable, payback period, repayment penalties, and reputation among their customers are all factors that indicate whether or not a loan provider is trustworthy.
This LCredit loan app review will help you decide whether you should borrow a loan from the platform to avoid being humiliated by loan providers.
See: How do I apply for a Fairmoney Loan
Requirement for an LCredit loan
Before you can borrow money from any app-based lender, you must first have a smartphone on which to install the app. Your bank verification number and, of course, the account into which you want your loan to be disbursed are also required. In addition, LCrecit stipulated that you must be between the ages of 20 and 55 to be eligible for a loan.
The software is used by fast loans providers since it allows them to monitor not just you but also your phone’s contact list. That is why many complain about loan companies calling their friends and relatives when they fail to pay back their debts on time.
LCredit Loan App Download – How to +Links
The LCredit Loan App is simple to download and takes less than 5 minutes. You just need to complete the following steps:
- Search for LCredit on the Google Playstore or App Store. The LCredit loan application will appear.
- You may also download the app from the Google Play Store or the App Store using this link.
- Install the LCredit Loan app on your device.
- To register, open the app for the first time and follow the onscreen prompts.
- You’ll be asked for details such as your complete name, BVN, phone number, and account number.
- To authenticate that you own the phone, an OTP will be delivered to your phone number.
- You will be routed to the Homepage after providing the requested information.
- Request your loan, and it will be sent to your bank account within minutes.
In general, your phone’s data is utilised to assess your loan eligibility, including SMS, installed applications, location, and phone information. You do not need to be concerned if you intend to repay your loan before the conclusion of the term.
However, if you do not make your payments on time, LCredit may use your phone number to contact you to remind you to settle your debts.
Some LCredit customers have reported that texts were sent to some of their phone contacts branding them as fraudsters and that this had given them a negative image. This hazardous behaviour is not practised by all respectable lending platforms.
How to Register on LCredit Loan App
Accepting an invitation to collect your N1000 bonus as indicated in the image above is the first step in registering for LCredit; you must accept an invitation to get the bonus; follow the guidelines below to get started.
To access the extra page, just click here.
You will see two boxes as shown in the image above; in the first box, input your phone number (the phone number associated with your BVN) and click the obtain code button shown in the image above.
An OTP will be sent to the phone number you supplied; verify it and input it in the second box.
After entering the OTP, click the Get Reward option, which will instantly change to Download App.
Now, go ahead and click the download app option to get the LCredit app and finish your registration.
LCredit Loan USSD Code
Unfortunately, LCredit does not provide USSD banking services. The only way to get a loan is to utilise their mobile app, which you can get from the Play Store or App Store.
LCredit Loan Interest Rate
LCredit, like many other lending organisations, earns a modest fee in return for lending you money, which is referred to as interest. The interest rate and the length of the loan determine the amount of interest you will pay.
The yearly interest rate on an LCredit loan ranges from 39 per cent to 300 per cent. For starters, the highest amount that may be borrowed is NGN 5,000, with a monthly interest rate of 39%. For example, if you borrow NGN 5,000 and pay NGN1950 in interest, you will owe NGN6950 at the end of the month.
LCredit Loan App Maximum Amount
The lowest loan amount on the LCredit Loan app is NGN 5,000, and the highest loan amount is NGN 50,000. You may borrow anything between NGN 5,000 and NGN 50,000; if you have a strong credit history with LCredit, your loan limit can be extended to NGN 200,000.
Repayment Period of an LCredit Loan
The loan payback duration spans from 4 to 52 weeks, according to the LCredit website (i.e. a month to a year). The loan may be paid back in a month, two months, six months, or twelve months.
However, many users have discovered that the loan period for new users is just 14 days, after which they are required to pay late payment penalties, which have a higher interest rate. When compared to other lending apps accessible in Nigeria, the interest rate is quite high.
Late Payment Penalties for LCredit
If you do not return your loans by the due date, you may be charged additional recurring costs as a penalty. Many loan providers employ this strategy, which is outlined in their terms and conditions. However, certain lending applications, such as Branch, do not levy penalty fees.
Late repayment penalties on the LCredit lending app are a disadvantage of utilising the app. For as long as you haven’t paid your fee, the app will charge you an additional 2% every day. With time, the amount you’ll have to repay might become extremely large.
Overpayment issues on LCredit Loan
If you overpaid your debts, you can only get your money back by contacting LCredit customer service. When you scroll down, you’ll find the customer service contact information on this page.
How to repay your LCredit Loan
Users of LCredit have three options for repaying their debts. You may pay back your loans with a debit card or a bank transfer. Any method will work, but using your debit card may result in LCredit obtaining your debit card information. Some users have complained that LCredit debited their accounts without notifying them right after their loan was due.
As a result, I recommend that you pay back your Lcredit loans via bank transfer.
LCredit Loan Code
Lcredit doesn’t seem to have a verified loan code at the moment. But you can find here are other top Loan ussd codes.
Contacts for LCredit Loan
- Official website: https://www.LCredit.ng/
- Hotline: +234 812 139 4395
- Email: [email protected]
- Facebook: https://www.facebook.com/LCredit.ng/
- Linkedin – https://www.linkedin.com/LCreditng
- Twitter: https://twitter.com/LCreditng
How to make money from LCredit App, Aside from Getting Loans
There are several opportunities in the app, but the most common method to earn money is by referring people to download, register, and take out a loan through the LCredit loan app.
Imagine earning a staggering amount of 2000 naira for each person you introduce to the app. If you can suggest only five individuals, you may earn a total of 20,000 Naira without investing or spending a single cent.
Aside from the referral incentive, you will get a 1000 Naira to sign up bonus as soon as you complete your registration on the app and seek a loan. The N1000 may be withdrawn straight to your bank account at no additional cost, and you will be paid as soon as you request the withdrawal.
Additionally, every time you recommend others to the app and they register with your link, regardless of whether they seek a loan or not, you will get a 200 coupon code, which will be detailed in full before the conclusion of this tutorial.
I Can’t Get A Loan Because My Profile Wasn’t Approved?
This is a common problem on the app, and as a result, the criteria necessary for your account to be accepted are only known to LCredit.
The best advice we can provide you is to carefully follow the procedures in this tutorial and, most importantly, to use the correct information when registering.
How long will LCredit take to approve my application?
On LCredit, there is no set time for profile approval; some individuals will be authorised right away after registering and may acquire a loan right away; others will be approved after a few hours; others will be approved after a few days; and in some situations, it may take weeks.
My Account Was Not Approved By LCredit, Why?
My attention was raised to the fact that LCredit refused to accept certain users who registered on the app, preventing them from receiving the aforementioned sign up bonus.
As a consequence, they are unable to get a loan. This fact has prompted several people to inquire as to why LCredit did not accept my application.
To be honest, they are the ones who know why you can’t acquire a loan from LCredit.
However, we’ve compiled a list of plausible reasons why LCredit would deny you a loan and what you can do to improve your chances.
The Final Word on the LCredit Loan App
If you’re the sort that always makes sure to pay back your debts on time, LCredit is a good option. When individuals fail to pay back their debts, they usually encounter problems with the loan source. In addition, if you do not pay it back on time, your payback cost will be doubled.
If you’re not sure you’ll be able to return your loan on time, you may either extend your payback period, which will result in an additional repayment cost, or you can avoid using the LCredit app altogether.
If you don’t pay back your loan on time, you’ll start getting a lot of messages from LCredit, and some of them could be fun. “We will send messages to your contacts notifying them of the debts you owe,” said the majority of loan app perks.
Customer service with LCredit is atrocious. They keep calling you before and on the due date of your loan to keep you informed. The remaining calls you get beyond the due date are a menace.
It would be helpful if you remembered all of this before applying for an LCredit loan. You may also read about reliable lending applications in Nigeria, such as FairMoney and Branch, in our review. In the comments box below, you may express your thoughts about LCredit.
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