Not all digital lenders in Nigeria are honest about their interest rates, loan tenure, and the loan amount disbursed. In this review, we will scrutinize LinkCredit loans, an instant digital lender to know if it’s legit or a scam.
LinkCredit is a lending app owned by Eric Vsta Limited. It is legit and fully approved by the FCCPC (Federal Competition and Consumer Protection Commission). The address is 350 – 360, Ikorodu Road, Maryland (Ikeja, Lagos). It has a CAC (Corporate Affairs Commission) registration. The website is linkcredit.ng.
Is LinkCredit Loan Legit or a Scam?
LinkCredit loan is fully approved by the FCCPC. However, LinkCredit app is not excellent. LinkCredit is the same as Moniepot, Urkash, Kashon, and Powerkash. So, if you come across any of these loans, it’s the same company.
Often, lenders like this with so many different loan apps have a terrible borrower experience. What Eric Vista should do is focus on one lending platform, and see how to make it better.
LinkCredit’s interest rate is very high. We are talking up to 100% interest rate. This is one of the loan sharks we’ve reviewed that has so much interest rate. That’s like half of the money you borrow, and you have only 7 days to pay back.
For example, if you apply for a loan of 50,000 naira, LinkCredit will credit you 32,000 naira to pay back 64,000 naira in 7 days. Notice how they deduct from the total amount you applied for. That’s to say that this lender takes some of the money upfront. LinkCredit’s explanation is that the money taken out is for service charges, disbursement charges, and audit service fee. That’s outrageous.
LinkCredit also reaches out to people to borrow from them. Their agent might call and sweet-talk you into installing the app and borrowing from them. However, once you proceed to borrow, you no longer receive quick customer response anymore.
Another problem with this lender is that the call or send messages about repaying the money before your loan is due.
There is no guarantee that you’ll be given this loan after submitting your BVN, NIN, etc. So, after applying for the loan, you may receive a notification to try again in 30 days.
LinkCredit is in the business of messaging people to take a loan. But when you have issues, the same customer support will hardly get back to you. It’s easily the worst loan app in terms of customer service. They hardly also respond to messages and emails.
How Does LinkCredit Loan Work?
LinkCredit gives loans from 2,000 naira and above. Don’t install this app with the hope of collecting a loan of up to 150,000 naira as they promise—you may not get it. You’ll also be charged an interest rate starting from 50% and up to 100%. For example, if you apply for a loan of 50,000 naira, LinkCredit can credit you 32,000 naira to pay back 64,000 naira in 7 days. LinkCredit’s explanation is that they will take out service charges, disbursement charges, audit service fee.
How to Apply for LinkCredit Loan
- Download the LinkCredit app from the Google Play Store
- Open an account with your personal and bank information
- Submit your registration information
- Apply for a loan. If your application is rejected, you’ll be notified to try again after 30 days
If your loan application is approved, the money will be credited to your bank account. As for the eligibility, you have to be a Nigerian and up to 18 years old but not older than 55.
Pros and Cons
Pros
- FCCPC approved
- Has a CAC (Corporate Affairs Commission) profile
- Available on Android
Cons
- A loan shark
- You have only 7 days to pay back
- Not available on iPhone
- Very high interest rate
- Worst customer service (typical loan shark type)
- Has a history of harassing defaulting borrowers
- Contacts borrowers before due date
- Typically contacts borrowers before due date
Is Your Personal and Bank Data Safe with LinkCredit Lender?
Eric Vsta Limited has had complaints of harassing defaulters through SMS. There are also reports of this lender contacting people in your phone list about you owing them.
You can submit your personal and bank information to this loan app since it’s fully approved by the FCCPC. However, the experience as discussed in this review is likely what you’ll have. Note that this app can view any information you share with them, and it’s up to them to treat your information according to their privacy policy.
Personal information collected includes your name, age, email address, phone number, personal description, marital status, photograph, username, NIN, and home address (such as utility bill). Bank information collected by LinkCredit includes BVN (bank verification number), debit/credit card number, and bank account number.
When you install the LinkCredit app, information collected from your device, either with your permission or no permission, includes your installed apps, device ID, device type, IMEI, GPS information, device operating system, IP address, personal contact numbers, call logs, SMS logs, Facebook friends and other social media accounts, photos, and videos or other digital content. LinkCredit can also contact someone in your phone list, SMS, call list, etc.
Verdict
This lender is legit but borrower experience is terrible. If you can’t afford 50+% interest rates, don’t bother borrowing money from LinkCredit. In this review, LinkCredit gets a 2 out of 5 rating for high interest rates, 7 days loan tenure, and sometimes sweet-talking people into borrowing from their app.
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