For those who frequently rely on loan apps, LCredit might ring a bell. LCredit, a widely recognized online loan platform in Nigeria, has gained prominence for its swift provision of emergency loans within a mere 5 minutes. In this discussion, we will delve into the intricacies of this online loan platform and explore its functionality.
An Overview of LCredit Loan App
LCredit loan app emerges as a digital mobile application that facilitates rapid access to loans. Cashigo International Limited operates and established this company, which has been operational for over 2 years. In this short span, it has managed to establish a strong presence in Nigeria, becoming a familiar name among many Nigerians seeking loans.
Signing up on this platform is refreshingly simple, and the process typically culminates in the loan being disbursed within just 5 minutes. The credit platform currently flaunts an impressive app rating of 4.2/5.0 on the Google Play Store, garnering over 1 million downloads. Additionally, it boasts a review count exceeding 70,000, underlining its popularity. Much like other loan platforms, LCredit evaluates your creditworthiness by assessing and utilizing data from your phone.
How can I get a loan from LCredit?
To get a quick and instant loan from the LCredit loan app, follow these instructions:
1. Launch the Google Play Store app on your Android smartphone. Note that this loan app is only available for Android devices.
2. Next, search for “LCredit”. Download and install this mobile app.
3. Thereafter, open the loan app and follow the instructions you see on your screen to register.
4. The platform will ask you to provide your full information such as your full name, phone number, BVN, and your valid account number to complete the registration process.
5. You will receive an OTP to help verify your new account.
After your LCredit account verification is successful, the platform will automatically direct you to its homepage. Request for your loan on the menu option you find on this page and wait for the platform to deposit it to your bank account within 5 minutes. The chances of your loan getting approved instantly is 80%.
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What is the LCredit Interest Rate?
Basically, LCredit charges users interest rates ranging from 0.1% to 1% for a duration ranging between 91 days to 180 days. This is an okay offer compared to other loan apps in Nigeria.
What is LCredit loan requirement?
Before you become eligible to borrow loans from this loan provider, you must have the following:
1. A functioning android smartphone, where you will download and install the mobile app.
2. Bank verification number (BVN)
3. A functioning bank account where you can receive the loan.
Also, borrowers of this platform must be between the ages of 20-55 before they can approve your loan. Lastly, you must be willing to grant them access to your contacts and other financial records on your phone.
The financial records on your phone will help them to gauge your creditworthiness and know the amount of loan to offer you. As for your contact, they collect these details to disturb them if you default on your loan.
What is LCredit USSD Code?
Unfortunately, the LCredit loan platform does not make use of USSD banking yet. Hence, the only way you can borrow a loan is via their mobile app. You can get this app on Google Play Store.
How much money can I borrow from LCredit? What is the amount limit?
Basically, borrowers can take out a minimum of N5,000 on the LCredit loan platform. On the other hand, the maximum loan amount you can borrow is NGN 50,000. Hence, you can borrow within the ranges of NGN 5,000 to NGN 50,000 until you build your credit report. If you borrow and pay back regularly, they will increase your loan limit to NGN 200,000.
What is the loan tenor?
According to the website, the loan repayment duration ranges between 4 – 52 weeks (i.e one month to one year). Hence, the loan duration can either be a month, two months, six months, or 12 months.
However, according to reviews, the loan duration is just 14 days, after which the platform asks them to pay extra late payment fees. So, don’t bank on the 4 – 52 weeks. If you take out a loan from this platform, pay it back before 14 days elapse.
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How can I repay my loan on LCredit app?
There are primarily three ways you can reimburse your LCredit loan. They include:
1. Pay with bank transfer
This method provides you with a virtual account (VA) that you can transfer your loan to. Follow these steps:
- First, open the LCredit app and tap on “Repay Loan”
- Next, select the bank transfer payment method and tap on “Repay now”.
- The platform will generate a Sterling bank or Wema bank account number for you.
- Copy the account number and pay back your loan to it. Upon successful repayment, your loan will be cleared automatically.
Note that you have to pay back your loan to this account number on time, as it is only valid for a specific time. If you delay, it may expire and you have to start the process over again to regenerate another account number.
2. Pay with ATM card
If you decide to use the ATM card method to pay back your loan, LCredit will charge you directly from your bank account. Follow these instructions to use this method:
- First, open the LCredit app and tap on “Repay Loan”.
- Next, select the “Pay with Card” option and tap on “Add Bank Card”.
- Add your bank card to the platform by entering the Expiry date, Card number, and CVV of your card.
- Thereafter, the platform will ask for your card pin. Submit the pin and you will receive an alert showing the OTP code you need to enter to complete the transaction.
- Lastly, input the OTP code to finish off the transaction. The amount will be deducted from your account balance automatically.
If you have already added your ATM card details on the platform, just click on “Pay with Card”, tap on the added card, and then enter your card pin. To complete the transaction, just input the OTP code you receive. Note that if you don’t receive any OTP code, cancel the transaction and use another repayment method to reimburse your loan.
3. Pay with bank
To use this method, do this:
- First, open the LCredit app and tap on “Repay Loan”.
- Next, select the “Pay with bank” method.
- Select the name of the bank you want your loan to be deducted from and input the account number.
- Lastly, tap on “Verify Account”.
You will receive an OTP code, which you have to input to complete the payment transaction. Once you enter the OTP code, tap on “Authorize” and the platform will deduct your loan amount from the stipulated bank account.
How can I contact the LCredit loan app?
Here are some ways you can reach out to the LCredit loan app platform:
Phone Number: +234 1 631 0555
Email: support-ng@cashigo.ng
Website: www.lcredit.ng
Conclusion
The LCredit loan app is legit and offers fast loans to Nigerians to offset pressing needs. However, note that you must make preparations to pay back your loan before you borrow from this platform. If you don’t repay your LCredit loan on time, you may face very harsh penalties. Also, late payment attracts very high extra fees. The bottom line is to map out your repayment plan before borrowing.
