If you are looking for a Lcredit Loan Code that will give you access to a loan quicker, then you are in the right place.
Credit Loan Code permits users to obtain loans quickly, and CASHIGO INTERNATIONAL offers the service. This loan service is among the top to get loans fast and is secure and secure.
LCredit has been in existence for a while, and Nigerians frequently use the loan application. The registration process is simple and takes just 5 minutes to get loans on the platform swiftly.
The LCredit loan application scores 4.2/5.0 with over 1 million downloads and 70k reviews. Like other loan applications, it utilizes your phone’s data to assess your creditworthiness.
Should you borrow money through credit, and if not, should you? We’ll discuss this answer in this post. What determines if a lending company is trustworthy is their interest rate, the amount of loanable the loan, repayment period, penalties, as well as the reputation they have with their customers.
This LCredit loan application review will allow you to determine whether you’re eligible to get an LCredit loan to avoid being a victim of loan companies who cannot help you.
Table of Contents
Credit Loan Code requirement
Before taking out loans from any lender Lcredit Loan Code, you’ll require an iPhone or a tablet to install the application. Other requirements include having a Bank verification number and, of course, an account for where the loan you wish to be paid. Additionally, LCrecit mandated that you be between 20 and 55 years old before being accepted for loans.
A quick loan provider makes use of the app because they can monitor not just you but also the number of contacts on your phone. This is why you hear complainers about family members and friends being summoned by loan lenders for refusing to repay their loans in time.
credit loan code
How do I install the LCredit Loan App?
Downloading the LCRdit Loan Application is a simple job that takes just five minutes. All you need to do is
- You can visit Google Playstore or App Store and look up LCredit. The needed LCredit loan application will be displayed.
- Alternatively, click this link to download the app from Google Play Store or App Store.
- Install the LCredit Loan app.
- Open the application the first time, then follow the on-screen instructions for registering.
- You’ll be required to give information such as your complete name, BVN telephone number, and account number.
- The OTP will be sent to your number to verify you own the phone.
- Once you have entered the necessary information After entering the required information, you will be redirected to the Homepage.
- Make an application for the loan you want; then, the money will be credited into your account at a bank in a few minutes.
Most of your phone’s information, which includes the number of SMS messages, apps installed, location, and phone information, are used to assess the creditworthiness of your loan. If you plan to pay your loan by the expiration date, you shouldn’t be concerned. However, if you still need to make the payments when it was due, LCredit might use your telephone number to remind you to make your loan payments.
We’ve heard of LCredit customers complaining that emails were sent to a few of their contacts on the phone, naming them fraudsters, and others complained that it gave them a poor reputation. Some of the most reputable loan platforms do not use this harmful method. Take a look at the top loan applications available in Nigeria.
LCredit USSD Code
Unfortunately, LCredit does not utilize the option for USSD banking. The only way to get the money is through their mobile application, which you can download from the Play Store or the App Store.
LCredit Loan Interest Rate
LCRedit and other financial institutions that offer loans are paid a small amount of money in exchange for loaning you money, also called interest. The rate of interest and loan term will determine the amount you pay.
The LCredit loan interest rate is between 39% and 300% annually. For starters, the maximum amount that can be borrowed is NGN 5,500 with an interest of 39% over a month. If, for instance, your loan is NGN 5, your interest rate will be NGN1950, which means you’ll be able to repay NGN6950 after the month’s expiration.
LCredit Loan Amount Limit
LCredit Loan app’s minimum loan amount is NGN5,000, and the maximum sum is NGN 50,000. You can borrow any amount between NGN 5 to NGN 50,000. If you’re in good standing with LCredit, your loan limit will be raised to a maximum of NGN 200 000.
LCredit Loan Repayment Duration
According to the LCredit website, the loan repayment period is between 4 and 52 weeks (i.e., from a month to a full year). Thus, the loan is repaymentable for a month, two, six, or 12 months.
However, many have discovered that for first-time users, the loan period is just 14 days, and then they have to pay penalties for late payments and a higher interest rate. Its interest rates are significant compared to other loan apps available in Nigeria.
LCredit Late Repayment Penalties
If you do not repay your loans by the date you have agreed to, the loan is due on additional fees recurring as penalties. Numerous loan providers use this practice, and it is a feature in their conditions and terms. But, there are loan apps such as Branch that don’t charge penalty fees.
Late payment penalties can be one of the downsides when using the app. The app will charge you an additional 2 percent daily when you still need to repay your loan. The amount you’ll be required to repay could become very large.
LCredit Loan OverPayment
If you’ve overpaid for your loans, The only way to receive the money-back is to contact LCredit customer service. Contact details for customer care are listed on this page as you visit.
How to Repay LCredit Loan
LCredit offers its customers three ways to repay their loans. You can pay off your loans through a transfer of funds to a bank account or by debit card. All methods work; however, using your debit card may mean LCredit holds your debit card information. Many customers have complained LCredit took charge of their account within minutes after the credit was due without providing notification.
Therefore, I would recommend that you repay your loan via the transfer of funds from your bank.
LCredit Loan Contacts
Website– https://www.lcredit.ng/
- Hotline– +234 812 139 4395
- Email– ae******cc1@0***5.com
- Instagram– https://www.instagram.com/LCredit.ng/
- Facebook– https://www.facebook.com/lcreditNg
- Twitter– https://twitter.com/LcreditNg
LCredit Loan App Verdict
If you’re sure to pay back your loans within the time specified, then the LCredit option is secure. Many customers need help from their lenders when they fail to repay their loans. In addition, your repayment fees will increase unless you repay the loan in time.
If you need more confidence that you will be able to repay the loan in time, you could extend the time you pay back, which will result in additional fees for repayment, or you should not utilize the LCredit app in any way.
If your loan isn’t due on time, you’ll start receiving a lot of messages from LCredit as well as some of them could be an opportunity to treat yourself. The most popular rewards loan applications offer are “We will send messages to your contacts informing them of the loans you owe.”
LCredit client service could have been better. They continue to inform you by phone calls before the due date for your loan and also at the time of the due date. The day after the deadline, all remaining calls constitute an opportunity to take action.
It would be best to have all these in mind before applying for an LCredit loan. We also have a review of trusted loan apps in Nigeria, such as FairMoney or Branch. Sharing your thoughts about LCredit in the comments section below is possible.
