LCredit Loan App Review [Legit or Scam?]

We know that online loans can be a lifesaver in many situations. But sometimes, it may not be worth it, especially if you are dealing with a shady loan app. So, as part of the objective of this website, the Instant Money App, this post will be a review of the LCredit loan app. We can liken LCredit to a friend you run to for money when in need. However, this app is not perfect, and you’ll have to judge its imperfections to determine if you really want to borrow money here.

LCredit is a fully approved loan app by the FCCPC (Federal Competition and Consumer Protection Commission) under Cashigo International Limited. It is a perfect app for small loans. But if you need cash for your business, LCredit is not it at all due to its high interest rates. This honest review will introduce you to the important information you need to know about this app, so stick around and learn here.

LCredit Loan App Review: is it Legit?

LCredit is legit because it is a ‘fully approved app’ by the FCCPC. Even though it’s regulated, it is not a perfect loan app, so you still have to be careful on your part. Let’s start with the reviews. Now, this credit app does something that a lot of small lenders fail to do, which is reply to reviews, even the 1-star ones. And unlike many loan apps we have reviewed on this website, its ratings are not fake, or at least, do not look like some of those AI-generated, paid reviews.

When you go to install this app, one of the first features you’ll see is ‘instant approval’ but is it really instant? That will depend on what LCredit thinks about your credit history, but the loan disbursement is not as fast as it makes it out to be. LCredit even promises loan approvals in just 5 minutes. Hmm, if wishes were horses, what would beggars do? Now you know the answer.

You will actually find many different loan options here. but you’ll typically qualify for small loans. LCredit promises that you can borrow up to 600,000 naira but the chance is that you won’t be able to borrow this amount due to its low credit limit.

One other downside of this app is that the loan repayment is upfront, and also the interest rate is very high for small loans. For example, if you borrow 6,000 naira, you’ll be credited 4,000 naira. The interest is 2,000 naira. Overall, it’s not a bad loan app. LCredit still has some fixing to do, but they are not a terrible lender at all.

How Does LCredit Work?

You will have to be between 20 and 55 years old and a Nigerian to be eligible to borrow money from LCredit. Now, let’s talk about the loan structure.

Let’s say you borrow 50,000 naira to repay in 120 days. Here is what the math would look like:. 50,000  naira x 0.08% x 120 days = 4,800 naira in interest. So, the total you’d have to pay back, including both the loan and the interest, would be 54,800 naira. This is just an example, and you should expect a shorter term and a higher interest rate, depending on your loan amount.

LCredit will sometimes allow you to pick a payback time. Make sure what you accept in the agreement is what you get. Do not be bullied into accepting just any term outside what you selected. Whether you’ll receive the money fast into your account or not will depend on some factors. An example could be the availability of staff to review your application. Do not have high hopes that you’ll be funded as soon as you apply.

How to Get a Loan with LCredit App

1. First, download the LCredit app from the Google Play Store.
2. Sign up with your phone number. You’ll receive a one-time password to verify your account.
3. Submit your ID card (voters card, national ID, passport, etc.) and other required documents, including your BVN.
4. Select a loan that you can afford to pay back.
5. Enter your correct personal details and apply for the loan.
6. If LCredit approves your loan application, the loan amount will be sent to your bank account.

Pros and Cons of LCredit Loan App

Let’s start with the pros.

Pros

• Available on the Google Play Store.
• Fully approved by the FCCPC.
• LCredit does give small loans.

Cons

We have mentioned again and again that this loan app is not perfect. Below are some of its cons.

• It’s a loan shark.
• Cannot properly track loan disbursement to borrowers.
• Loan interest repayment is upfront.
• High-interest rates.
• It does not have a web app like Irorun loan app.

Is LCredit App Safe?

It’s really subjective when it comes to safety. But in the end, it’s down to your gut. LCredit has not had any reports of abusing borrowers’ information. However, it’s not enough to say that your personal details are safe here. Now, the personal information that LCredit will collect includes your name, job, information about your earnings, email address, birthday, phone number, address, bank details (such as  BVN), emergency contact, and information about your education.

LCredit will also track your exact location when you install the app. They will even access messages about money from your bank account, your calendar, and Bluetooth.

Like any lender, LCredit ‘promises’ not to sell your information to anyone else. However, they can share your information with other companies they work with, including credit bureaus, partners, etc. Just so you know, you have the right to withdraw consent for your information. If you believe you have been treated unfairly, don’t hesitate to report LCredit to the FCCPC.

Conclusion

LCredit does not have a bad reputation, so you should feel confident borrowing money from this lender. However, do so with care. If you ever stop borrowing money from LCredit, contact its customer support to delete your personal information from its database before closing your account, and uninstalling the app.