lucky loans is an app developed by Good Luck Technology LTD that offers emergency loans to Nigerians in excess of N500,000.
The app is fairly new to the Google Play Store and, like many loan apps, it utilizes Artificial Intelligence AI to analyze prospective customers ‘ financial records such as bank transactions SMS messages on their phones as well as their creditworthiness to other lenders. To get loans and obtain an amount that is high, always keep your bank transactions records stored on your smartphone.
The application for loans is fast and simple online loans without any paperwork! And no collateral required. You can get a revolving loan with a higher sum each time you pay back the previous loans.
If you require a quick loan may be for an item you simply cannot wait to make or to avail of a good deal prior to wasting the opportunity. Perhaps you’ve had an unexpected expense come to the forefront and you don’t want to sacrifice your life.
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How do you download and apply to Lucky loans application?
- Install and download the Lucky loans App from the Google Play Store.
- Create an account by entering your 11-digit BVN number and your mobile number
- Please provide some details about yourself, including your birth date and of birth
- Check your identity and confirm that the details you’ve entered are correct.
- You’ll need to tie the ATM credit card onto your account for an option to pay.
- The app will search through your contacts and maintain records of frequently phoned contacts. It will also keep track of your background calls
- Receive money direct to the bank account you have. loans are typically disbursed in a matter of minutes if you’re eligible.
What are the conditions?
- Have an Nigerian citizen or legal resident.
- You must be between 18 to 55 years old.
- A monthly source of income.
- Attach your ATM card onto your account
- Give the contact information of three friends or relatives that can be verified.
Lucky loans app interest rate?
The loan period is From 91 days to 365 day according to the terms in the app. The first time borrowers receive lower than seven days of loan duration.
The loan amount ranges From NGN 20000 to NGN 500 000.
Interest on loans: ranges from 4.5 percent to 34%, with the same monthly rate of interest at 3% to 29% with an APR between 29% and 365 percent.
If you opt for a six-month loan and you borrow NGN $1,000, AngelLoan charges an interest rate of 4.4 percent per month. The cost of interest is 26.4 percent. We will be charged GNN 263 in interest for the 6 months of repayment. The total amount of repayment will be NGN 1,263.
As an example, so expect the amount of your loan and its duration to be considerably less if borrowing for your first time. You could increase the amount by keeping accurate record and paying off the loan in time.
Is Lucky loans app legit?
Yes Lucky Loans app is genuine and provides loans to clients, however with exceptionally high interest rates especially for new customers. Check out other reviews from customers on the Play Store before you make an application for the loan.
Which Lucky loans app can you make better?
There’s a lot that can be improved in this loan application.
The first is that the interest rate for the app is very high , especially for first-time borrowers. It can also deceive people into accepting the high rate of interest. for instance, if you make an application for a loan, the app will determine the amount you are eligible for and give an offer for a loan.
The loan you are offered includes the interest. It is possible that you qualify for N11,000 however only N7,000 will be credited to your account over 7 days and the remainder of N4,000 will be will be credited as interest. Many customers have complained about hidden charges as well as other charges.
Luckys loan also contains bugs, and certain customers have complained about not being allowed to input their birth date.
This app can also be used to contact customers who aren’t able to pay back their loans in time and then send them frightening messages. They may even send messages similar to those you have sent.
The loan amount for first-time borrowers is very modest, starting from N2,000. It doesn’t get much better for repeat borrowers.
Lucky Loan App customer service number