Lcredit Loan App Review: Access Instant Funds Without Collateral

Introduction The Lcredit loan application is among Nigeria’s loan apps that provide swift monetary assistance to individuals without requiring any collateral or guarantors. Beyond its lending services, this app also allows users to generate extra income by referring new individuals to join the platform.

Instant Loans Anytime, Anywhere With the Lcredit loan app, you can obtain immediate loans anytime and anywhere, eliminating the need to visit a physical branch or undergo complex procedures. The process of borrowing funds from the Lcredit app is simple and swift.

Advantages of the Lcredit Loan Users of the Lcredit loan app can enjoy numerous benefits, including:

  • Easy and rapid access to funds ranging from N5,000 to N50,000.
  • Competitive and low interest rates, with a maximum daily rate of 1% and an annual percentage rate of 36% – 300%.
  • Effortless registration process.
  • Responsive customer support available through the website, social media, and the app.
  • No need for collateral, guarantors, or extensive paperwork.

Drawbacks of the Lcredit Loan While the Lcredit Loan App offers several advantages, there are certain disadvantages to consider:

  • Limited compatibility, as the app is only available for Android devices.
  • In case of repayment default, the app employs aggressive measures towards the borrower and their contacts.
  • Delayed loan clearance on the dashboard even after repayment.
  • Shorter repayment time compared to other loan providers, starting from 7 days.

Requirements for Lcredit Loan The Lcredit loan app has minimal requirements, with users needing to provide basic details to initiate the loan application process. The prerequisites for obtaining a loan from Lcredit are as follows:

  • Bank Verification Number (BVN)
  • Exclusive availability on the Google Play Store
  • Age eligibility between 20 and 55 years.
  • Bank account particulars
  • Nigerian citizenship
  • Bank debit card
READ ALSO:  How to Repay Your Xcredit Loan in 3 easy steps

Applying for a Loan From Lcredit Loan Applying for a loan from Lcredit is a straightforward process, involving the following steps on your Android device:

  1. Download the app from the Google Play Store.
  2. Register as a new user within the app.
  3. Access the app’s home dashboard and click on “Apply Now.”
  4. Furnish accurate personal details.
  5. Specify the desired loan amount.
  6. Select the loan repayment duration and await approval.
  7. Approved loans are directly deposited into your account. In the event of rejection, reapplication is an option.

Repaying Your Lcredit Loan There are three repayment methods for Lcredit loans:

1. Bank Transfer

  • Log in to the app and access “Loan Details.”
  • Choose the “Pay” button.
  • Opt for “Full Loan Amount” for a lump-sum repayment or “Enter Amount” for installment payments. Provide the necessary information.
  • Select “Bank Transfer,” copy the account details, and deposit funds via your bank’s app, USSD code, or in-person.

2. Debit Card

  • Use your registered debit card to repay the loan through the app.
  • Follow the app’s instructions for the repayment process.
  • Choose the appropriate debit card linked to your Lcredit app.
  • If the card isn’t registered, add it by entering card details and PIN.
  • Initiate payment, and the app will deduct the amount from the card.

3. Bank Payment

  • Pay through your bank by following these steps:
  • Access the repayment method within the app.
  • Choose “Pay with Bank” and select your bank’s name.
  • Enter the account number and verify it.
  • Provide the OTP sent to your registered phone number and authorize the payment.
READ ALSO:  100 Best Instant Loan Apps without BVN in Nigeria

Lcredit Loan App’s Status Due to privacy concerns, Google Play Protect removed the Lcredit loan app from its store. The app reportedly misused user data to defame individuals by sending derogatory messages to their contacts following loan disbursement.

To safeguard user privacy, Google took down the app, rendering it unavailable on the Google Play Store. The app’s parent company is reportedly addressing these issues.

Availability of USSD Code The Lcredit loan app does not offer a USSD code for transactions. To utilize its services, downloading the app onto an Android device is essential.

For loan repayment, follow the provided steps: bank transfer, debit card, or bank payment.

Lcredit Loan Customer Support Contact Lcredit loan through various channels:

FAQs Can I Extend My LCredit Loan? Yes, loan extensions are feasible on the LCredit loan app for eligible users with a strong credit history and prior interactions with the app.

How Can I Prevent Lcredit from Accessing My Contacts? In your device settings, navigate to the app manager section. Access “Apps Permission,” locate the Lcredit loan app, and deny contact access.

How Do I Log In to LCredit? Launch the app, click “Log in,” and input your registered phone number and password or PIN.

In Conclusion The Lcredit loan app offers swift loans without collateral, typically disbursed within 5 minutes. However, its unavailability on the Google Play Store is attributed to privacy concerns.

To initiate the loan process, download the app from the Google Play Store.

READ ALSO:  EasyCredit Loan App Review: Requirements and how to Download

Categorized in:

Tagged in: