LifeLine loan app is an online loan platform that provides Nigerians with quick micro and medium loans. Users of the Android app can borrow between N1,000 and N500,000 unsecured, with no collateral and minimal documentation. When a customer submits an online application, the computer checks their credit score and makes them an offer, giving them access to loans 24 hours a day, seven days a week.
Unsecured loans are those that do not require collateral or a down payment to be obtained. It is typically short-term with extremely high interest rates.
Be cautious when taking out a loan from this app because the majority of the reviews on their Google Play page are fake. App developers who purchase phony reviews are usually up to no good.
This app has received over 10,000 downloads on Google Play, with mixed reviews. It collects information from prospective customers, such as phone records, banking transaction alerts, and BVN, using loan software to build each borrower’s credit score.
Because lending decisions are made by computer, keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps to qualify for higher amounts!
Because they are unsecured and require little documentation, online loans like these are usually much more expensive and have very high interest rates.
Table of Contents
How to Download APK and get a loan from LifeLine Loan app
- Download the LifeLineLoan App available on the Google Playstore and install it on your Android phone.
- Register an account with your phone number.
- Preferably the phone number connected to your BVN as a one-time password will be sent to it for verification.
- Fill in your basic Know-your-customer KYC information, including your residential address, next of kin and employment details.
- You will also be required to provide your Biometric verification number BVN.
- You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
- A one-time password OTP will be sent to your phone to confirm your details.
- After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
- The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account in about 5 minutes.
- Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identification.
Is LifeLine loan app legit or a scam?
Yes, LifeLine loan app is a legitimate loan app that provides borrowers with micro and medium-term loans up to a maximum of N500,000, but it has high interest rates and bugs that prevent smooth registration. Before taking out an online loan, exercise extreme caution. Before applying for a loan in Nigeria, always read other customers’ reviews.
You should be aware that these loan apps are not registered or regulated by the CBN or any other Nigerian government agency. You are solely responsible for the safety of your transactions with them, and there is no recourse for poor customer service.
Furthermore, its availability on the Google Play store does not guarantee the security of transactions made on it. The Play Store merely serves as a repository for downloads; you are solely responsible for your safety while using loan apps in Nigeria.
Requirements to obtain a LifeLine loan
- Have a bank account and bvn; your eleven-digit BVN will be used to check your credit score.
- Have source a of income
- Have a good credit score; if you have a history of late payments with other loan apps you might be denied a loan or be given a very high-interest rate.
- Reside in Nigeria
- Have a smart phone with which to download the app; the app is only available on the Google play store accessible only with an Android smartphone.
Interest rate?
Credit limit amounts: 3,000 to 300,000 naira
Service fee: 0.1% to 0.35% per day
Interest rate: Maximum APR is 20% per year
Repayment Period: 91 days – 365 days Â
Example: for a cash loan with the principal amount of 20,000 naira with a 150 days loan period, the total service fee is N20,000*0.14%=N28, the total interest is N20,000*8.2%=N1640, and the total amount due would be N20,000+N28+N1640=N21668
Note that this interest rate and loan duration is just an example, expect your actual loan and duration to be much lower, but you can improve it by paying back your loan on time and keeping a good credit record.
Lifeline loan app customer service number
- Consumer hotline: 09049567810
- Customer Service Email: Â liifeline@gmail.com
- Office:Â 23 awolowo way , ikeja Lagos