Lcredit loan review -What you should know before you apply for this loan
November 15, 2021
Lcredit loan review – Digital age of the 21st century has made life beautiful, easy and interesting than it used to be, should anyone disagree with this assertion they probably have their own reasons but I’ll always stand by this till superior invention and ideas take over.
The invention of online loan app has helped mankind in sourcing loan, not only that, such loans are timely without collateral like the traditional borrowing system does.
Accessing loans online today is a call-away, you can meet up with your emergency or budgeted financial demands without mountain of paper works whatsoever in just a few minutes.
In this guide I will tell you in bit and pieces about one of these online loans in Nigeria, it’s Lcredit loan review aimed at unmasking a number of factors you should know before you go ahead to apply or receive a loan from this company.
About Lcredit loan
Lcredit is a fintech company in Nigeria that provides facility to Nigerians, it leverages on mobile internet security technology to make its services available to end users just like any other homegrown fintech company.
Without paper work you can access a loan amount of about N50k, not even collateral is required to grant its facility.
While Lcredit loan is available for grab, however you are required to meet certain basic requirements which include,
- You must be a Nigerian
- Aged 18-55 years old
- Your BVN
Against most loan principles, the Lcredit loan does not require paper work or collateral of any kind to get started.
How to apply for Lcredit loan
You are required to download and install the Lcredit app on your Android phone.
- Having downloaded the app, kindly take a step further by signing up
- You are required to provide your BVN information
- Apply for the loan and on approval
- Your account will be credited in less than 10 minutes.
What is Lcredit interest rate?
The loan interest rate offered by Lcredit is 1% daily with a loan tenor of 91 days to 180 days.
Where the annual interest rate is around 36.5% to 300%, however a 91 days loan has an origination fee of 39% and interest rate of 2.7%.
The origination fee is always higher than the interest charged.
For instance, if you apply for a loan of N10,000 your origination fee will be 39% of N10,000 for 91 days and interest 2.7% of the same principal.
10,000 x 39/100 = N3,900
Origination fee = N3,900
Where interest rate is 10,000 x 2.7/100 = N270
Interest payable = N270
Origination fee + interest payable = N3,900 + N270 = N4,170.
Hence, for a loan of N10,000 Lcredit will charge N4,170 (N10,000 – N4,170) = N5,830.
Lcredit will credit your account with N5,830 for a loan of N10,000.
How to increase your loan amount on Lcredit
There’s no magic to increasing a loan amount than to repay your loan on or before the due date, by this practice you are increasing your credit score.
The company will increase your limit by implication.
How to repay my Lcredit loan
You can either repay your loan via ATM card or by using bank transfer
Repayment via ATM card
From your Lcredit app interface click on “Repayment”
- Having navigated for possible options, click “Pay with card”
- Add your card information (usually the 16 digit PAN, CVV and date of expiration)
However, inputting the wrong card detail will have the app freeze for 24 hours. This is a security measure in place to avoid unauthorized access into your Lcredit account.
Freezing however occurs having failed to supply the right details after three attempts.
- Click on pay NGN + amount
- You will receive a “One Time Password” to your phone, insert the OTP in the advised column and complete your payment.
Repayment via bank
Having arrived the interface usually the repayment page,
- Select the bank account you wish to repay with
There’s a provision to change the bank account if the account displayed is not your preferred one.
- Navigate and click on the repayment now button, you will be navigated to the next page
- Click on pay with bank and select a bank account
- Thereafter click on continue and move to complete your payment.
Why your loan application was rejected
Your application will be rejected if you provide falsified information about yourself, as well having a bad credit score could affect your chances of accessing a loan.
Credit score usually goes bad when you by any means are owing any credit institution, it is paramount that you settle them in full before you proceed to access loan with another company.
What users are saying about Lcredit
I find it necessary to tell you some downsides with loan apps in Nigeria, if you miss or fail to repay your loan you may receive more than you bargained for.
For example, upon registration their app infiltrates your phone to access your contact, messages and so many information.
They may put a call to your contacts calling you unprintable names like thief, etc.
So know this beforehand.
Kindly follow this link to read what users are saying about Lcredit loan review.
Lcredit customer care
Phone: 16310555, 01 8887857
Office address: Lekki Phase 1. 22A Rasheed Alaba Williams Street Lagos Nigeria
Lcredit loan review is aimed to educate you on what to expect before you proceed to accessing the facility. However you can access between N5,000 to N50,000 with basic requirements tied around your BVN and age limits.
The loan is measured on a 1% daily rate where both the origination fee and interests are charged before disbursement finally.
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
In need of highly purposeful driven articles that will resonate with your audience,
Want this kind of article that engages, converts and compels your readers to buy from you,
If you want search Engines like Google, Bing and Yahoo to send and open the floodgates of readers to your website/blog on daily basis,
Want to rank your website/blog
Head over to my Hire Me page and see which of my services you’d like to have.