Link Credit loan app is an online lending company that is new in the game of granting personal loans to Nigeria without documents.
Link Credit Loan App allows you to get a quick loan online in Nigeria starting at N2000 and ending up to NGN500000. Online access to collateral-free loan products is possible.
Link Credit Loan App, which is relatively new in the lending business, has been downloaded just over 10k times on the Google Play store. It uses a loan program to collect information about potential customers, including phone records, bank transaction alerts, BVN, and BVN to help build credit scores for each borrower.
You will be able to get a loan or higher amounts if you keep accurate bank transaction messages and have no outstanding loans with other loan applications.
It’s easy to apply. Just download the app from the Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
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How to download APK and obtain a loan from Link Credit Loan App
- Install the Link Credit Loan App only available through the Google Playstore on your Android smartphone.
- Register with your phone number to create an account
- For verification, you should use the phone number associated with your BVN.
- Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin details.
- Your Biometric verification number BVN will also be requested.
- To bind your ATM card with your account, you will be charged N30. This will increase your chances of getting a higher loan amount.
- To confirm your details, a one-time OTP password will be sent to you.
- After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
- You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
- You will need to take clear selfies for identification.
Your BVN is tied to your credit score. If you have an outstanding loan from another lender or have not paid other lenders on time, your application will be denied.
This app allows you to access your phone contacts, SMS, and other information that it uses to improve your credit score.
Is Link Credit Loan App a scam or legit?
Yes, Link Credit Loan App is legitimate and offers loans to customers. However, the interest rates are very high for first-time borrowers. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN or any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on the Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
What Link Credit Loan App can help you improve your credit score?
UniCredit loan application contains many coding errors. You might have paid your loan late and still see that your in-app dashboard is not cleared. If this happens, keep your proofs of repayment handy to avoid being charged late fees.
These coding mistakes can also cause problems in registration. Some customers complain that OTPs sent to their phones are late or cannot bind their ATM cards to accounts.
For first-time borrowers, N3000 may be available to repay N5000 in 6 days. The term is too short and interest rates are ridiculous. Although the app promises a revolving loan of a higher amount and a longer term, it is not guaranteed that you will be approved.
Most of these apps are loan sharks and may threaten to send you messages calling your family members a fraudster if you default on your payment. If you have other options, it is better to avoid these apps.
Link Credit Loan interest rates
The loan term can be extended from 91 days up to 365.
The loan amount range is N5000-N500,000
The total interest range for loans is 2% to 244. Monthly interest ranges from 1% to 2.2%, and APR from 12% to 244.
Example Interest Calculation:
You can borrow 100,000, with a loan term of 365 days. The total interest you would have to repay would be 100,000 x 20% = 22,000
You will have to repay the principal plus interest equal to 100,000 + 20,000 = 120,000.
The interest that you must repay each month is 100,000 x 20 / 12 = 1,667
Your monthly payment is, therefore (100,000 plus 20,000)/12 = 10,000
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
What are Link Credit requirements?
- You can be a Nigerian citizen or legal Resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from any other lenders.
- Maintain active Nigerian bank accounts
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
Link Credit Loan App customer service number
Address: Room 205, Japaul House, Plot 5 Dr. Nurudeen Olowopopo Way, Central Business District, Ikeja, Lagos, Nigeria