Lcredit loan review

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Lcredit loan review -What you should know before you apply for this loan

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.

Read also: Sokoloan Review – Should you go ahead with your loan application? Read this first

Without paper work you can access a loan amount of about N50k, not even collateral is required to grant its facility.

Requirements

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.

Read also: Renmoney review – [Before you process this loan, take a look at this…]

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

Email: support-ng@firchinternational.com

Office address: Lekki Phase 1. 22A Rasheed Alaba Williams Street Lagos Nigeria

Conclusion

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.

2 comments on “Lcredit loan review -What you should know before you apply for this loan

[…] lender like most other online loans is an unsecured loan which is aimed at helping members of these communities to meet their emergency […]

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