Icoin loan app gives you a loan instantly in Nigeria without any collateral or paperwork and you don’t need to leave the area and using your mobile phone you can obtain the loan.
Their loan processing is rapid. Within an hour of submitting an application the loan will be processed and distributed.
With this application, you could get up to 100,000 dollars in a single transaction it depends upon your credit rating.
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To get a loan, you must meet the requirements of the loan app icoin
To get a the loan you need from this loan, there are certain conditions you must be able to meet. They are
Have a great credit score
Are you able to earn a living?
You must be over 18 years old
Have a bank account and bvn
Reside in Nigeria
After you’ve met the necessary information, you are able to get a loan from them.
How do you apply for a an application for loan form in the Icoin loan application
The first step is to visit the Google Play Store to download and install the lending application
Sign up with your name, your bvn, and other information
You will be asked to tie your ATM card to avoid a 30 dollars in fee. Do this and then proceed
Once you’ve completed registration, you will be able to login to your account.
In your dashboard, locate and click on the loan
You will be able to see the what amount of loans you can get
Click it and then wait for the payment to be made
How much can you borrow from the app for icoin loans?
Maximum amount that you are able to receive from this loan app is $100,000, however for first-time users you are not in a position to get more than this. However, as you use the app, the amount you can receive will increase.
Icoin application for loans with interest rate and repayment term
The rate of interest is 5 to 15% based in the sum of the loan and the time frame for repayment. The time for repayment ranges from 7 days to 90 days. It dependent on the amount loan received.
If you’re taking out a loan in the beginning,, your interest rate is likely to be high , and your repayment time is short. This will decrease as you make use of the application.
Repaying the loan you received from ICOIN
To pay back your loan, make sure you are on your dashboard
Click on the loan repayment button
You will be presented with a an option to defer repayment of the loan
Click on one to pay
After you have made your payment, it will be reflected on your dashboard
If not, you need to get in touch with them.
What happens If I default or do not pay back
If you default , you’ll be penalized with an increase in the rate of interest on your loan which could reach 2.2%.
If you don’t pay the loan, your name and Bvn will be sent to the credit bureaus for blacklisting, which means you won’t be able to apply for loans another time in Nigeria until you repay and have cleared your name with the credit bureau.
This process generally time-consuming. Your best option is to pay your loan when it is it is due.
Is icoin loan legit
Although Icoin loan app does not have authorized by CBN or insured by NDIC However, they are sure to offer you a loan, and they’re legit
Our final opinion on the the icoin loan app
Icoin loan app will offer you a loan without collateral. They have loaned numerous people from Nigeria.
They have an excellent review and rating on their plays store. Their only drawback is that they do not have a license by CBN and therefore you must be cautious in borrowing from them.