The LCredit loan application has a score of 4.2/5.0 with over 1 million downloads and 70k reviews. Similar to other loan applications it utilizes your phone’s data to assess your creditworthiness.
Do you need to borrow money through LCredit and if not, should you? We’ll discuss this the 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 are unable to help you.
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Lcredit Loan Code requirement
Before you can take out loans from any lender Lcredit Loan Code, you’ll require an iPhone or a tablet to install the application. Other requirements include you have a Bank verification number as well as of course , an account in which where the loan you wish to be paid into. Additionally, LCrecit mandated that you have to be between 20 and 55 years old prior to being accepted for loans.
The reason that a quick loan provider makes use of the app is because they can monitor not just you, but also the number of contacts on your phone. This is the reason you hear complainers about family members and friends being summoned by loan lenders for refusing to repay their loans in time.
Open the application first time, then follow the on-screen instructions for registering.
You’ll be required to give information such as your complete names, BVN telephone number, and your account number.
The OTP will be sent to your number to verify you owned the phone.
Once you have entered the necessary information After entering the required information, you will be redirected on the Homepage.
Make an application for the loan you want then the money will be credited into your account at a bank in few minutes.
The majority of your phone’s information, which includes the number of SMS messages, apps installed as well as location and phone information, are used to assess the creditworthiness of your loan. If you are planning to pay your loan by the expiration date then you shouldn’t be concerned. However, if you failed to make the payments at the time 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 as 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 you can utilize to get the money is their mobile application, that you can download from the Play Store or the App Store.
LCredit Loan Interest Rate
LCRedit as well as other financial institutions that offer loans, is paid a small amount of money in exchange for loaning you money, also called interest. The amount you pay will be determined by the rate of interest and loan term.
The LCredit loan rate of interest is between 39% and 300% per year. For starters the maximum amount that can be borrowed is NGN 5,500 with an interest of 39% over a month’s duration. If, for instance, you loan NGN 5, your rate of interest will be NGN1950 which means that you’ll be able to repay NGN6950 after the expiration of the month.
LCredit Loan app’s minimum loan amount is NGN5,000 and the maximum sum is NGN 50,000. You are able to borrow any amount between NGN 5 up to NGN 50,000. If you’re in good standing with LCredit the limit of your loan will be raised the 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 2 months, 6 months or for 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 rate of interest. Its interest rates are large in comparison to other loans apps that are that are 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 that are recurring as penalties. This is a practice that is used by numerous loan providers and is a feature in their conditions and terms. But, there are loans apps such as Branch which 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 for the time you haven’t repaid your loan. The amount you’ll be required to repay could become very large over the course of time.
LCredit Loan Over Payment
If you’ve overpaid for your loans The only way to receive the money back is to contact the 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 the 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 a charge to their account within minutes after the credit was due without information being provided.
If you’re someone that is sure to pay back your loans within the time specified, then the LCredit option is secure. Many customers have problems with the lender when they fail to repay their loans. In addition, your repayment fees will increase if you fail to pay back the loan in time.
If you’re not confident that you will be able to repay the loan in time, you could extend the time you pay back that 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 offered by loan applications are “We will send messages to your contacts informing them of the loans you owe.”
LCredit client service has been poor. They continue to inform you by phone calls prior to 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 is recommended that you had all these in mind prior to when you apply for an LCredit loan. We also have a review of trusted loan apps in Nigeria such as FairMoney or Branch. It is possible to share your thoughts about LCredit in the comments section below.
Mr Olawale Olokede is a registered loan officer and worked for over 10 years as a senior financial consultant for accounting, finance and business management firms in Nigeria. Mr Olawale Olokede implemented and supervised financial and loan solution to Lagos based small and medium scale businesses after lecturing at the Lagos Business school. He is channeled his writing skills and passion for blogging to set up Lending Naija with over 50 reviews on different loan application and downloads.