Categories: Term Loans

Review of LCredit Loan: What You Should Know

If you have been looking here and there for Loan apps that can provide you with a low-cost loan with a minimal rate of interest and a loan without collateral, and you still haven’t seen the one that will match your needs, then we have good news for you!

We found you just that perfect loan app that will provide you with everything you seek. And that is the LCredit Loan app.

LCredit loan app is a unique loan provider created by a rapidly growing fintech company in Lagos State Nigeria. As of the time of writing this article, the Loan app should be serving Nigerians with loans for not less than 2 years.

The LCredit loan app is very reputable and trustworthy. You can confirm this by reading their reviews on social media and even on the google play store where they have more than 100,000 positive reviews.

LCredit Provides its  customers, with instant, swift, and timely loans to individuals for personal use. They do not provide business loan to people. If you collect the loan to fund a business, it will be treated like a personal loan with a short-term repayment period.

Right in this article, we will be giving a full review of the LCredit Loan app. This review will expose you to everything that’s not known to you about LCredit loan app.

What are the Requirements to Get LCredit Loan?

To get the LCredit Loan, you need to put some things in place. They are:

Have a smartphone

All of the activities of LCredit takes place on a mobile app. To use this app, you need to have it downloaded on your smartphone. So, if you do not have a phone that you can use, then you’re not ready to get a loan from LCredit.

Be a resident of Nigeria

Since LCredit  loan app is a moneylending company registered and working in Nigeria, you must be living in Nigeria to be eligible for this loan

Other Requirements include:

  • You must have a recognised government issued identification Card
  • You must have a Bank Verification Number
  • You must have an active bank account
  • You must have an outstanding credit record
  • Your account must not have limit to the amount it can receive
  • You must have a bank debit card
  • You must be a minimum of 20 years old and not older than 59 years

How Do I Apply for the LCredit Loan?

To apply follow the steps below:

  • Proceed to Play Store to download and install the LCredit Loan App
  • After installing, Open the app and create an account
  • You will be required to fill in some important banking and personal information. Carefully follow the prompts and you are good to go.
  • After Creating the account, go to your dashboard to select your preferred loan option
  • Type any amount with the range you’re eligible to borrow
  • Apply to get the loan and it will be disbursed into your bank account in less than few minutes

How Much Can I Borrow from LCredit?

The minimum you can borrow is ₦5000 while the up to the amount amount ₦50,000. The amount you can borrow will keep increasing as long as you have a great credit score. If you are patronising them for the first time, you will only get small money. Eventually, you might even be eligible for getting as high as  ₦100,000 or ₦200,000.

How much interest Rate is Charged?

The interest rate varies from 39% to 300% under 12 months  depending on the repayment term of the loan  If you pay your loan very early.

What is the Repayment Period of the Loan?

The repayment period is up to 12 months. You can pay before this deadline in order to cut down the cost of interest rate.

What Happens if I Default?

When you don’t pay your loan back even after the agreed payment deadline, your debt will keep increasing exponentially. This is because the interest rate charged will start increasing without caution.

Can I apply with USSD?

No, you cannot apply with USSD. LCredit Loan app only operates through Mobile application for now.

Can I Use iOS to download the App?

Presently there is no version of the LCredit Loan app that is supported on iOS. Only Users of Android phones can use their service.

Is LCredit Loan App Legit?

This loan app is very legit. They have accounts on various social media channel with over hundred thousand reviews from users nationwide that have used their loan. They even have a head office in Lagos, Ikeja. They also have an active customer support that you can contact if you need help.


It is important to know that this is not a business loan. The LCredit Loan interest rate is not friendly at all. They need to work on that as that is the only fault customers might have issues with?






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