Lcredit is a loan app that provides quick loans to customers across Nigeria. The company offers an easy loan application process that can be done via their website or mobile app. Lcredit provides loans ranging from ₦1,500 to ₦500,000 repayable in 1 to 180 days.
Here is a look at how to access Lcredit loans using their USSD code, mobile app download and the requirements to apply for a loan.
Lcredit Loan USSD Code
To access Lcredit loans using USSD, dial *9287# on your mobile phone. This will bring up the Lcredit menu where you can check your loan status, request a new loan or make loan repayments.
The Lcredit USSD code only works with the phone number you used to register your Lcredit account. Make sure to dial from your registered mobile number to access the USSD menu.
Downloading the Lcredit App
You can also apply for Lcredit loans directly via their mobile app. To download the Lcredit app:
- Go to Google Play store on your Android phone
- Search for \”Lcredit\”
- Download and install the Lcredit app
- Open the app once installed and register for an account
The app provides easy access to loan application, disbursement and repayment right from your mobile phone.
Requirements to Get a Loan
To qualify for a loan from Lcredit, you must meet the following requirements:
- Be a Nigerian aged 18 years or older
- Have a valid means of identification
- Have a bank account where the loan can be disbursed
- Provide contact details such as mobile number and email
- Have a stable source of income to repay the loan
Meeting these requirements makes you eligible to apply for a Lcredit loan of up to ₦500,000.
Frequently Asked Questions
- What is Lcredit?
Lcredit is an online lending company that provides quick, short-term loans to customers in Nigeria.
- How does Lcredit loan work?
You can apply for an Lcredit loan through their website or mobile app. Provide your personal and contact details, ID, bank info etc. If approved, you get the loan amount directly in your bank account within minutes.
- What is the minimum and maximum loan amount I can get?
You can borrow between ₦1,500 to ₦500,000 from Lcredit based on your eligibility. First time borrowers are given up to ₦25,000.
- What are the interest rates and how are they calculated?
Interest rates range from 5% to 25% depending on the loan amount, tenure and customer\’s credit factors. Interest is calculated daily on the loan principal.
- What loan repayment tenors are available?
Lcredit offers flexible repayment tenors ranging from 1 week to 180 days. You can choose a tenure according to your repayment capability.
- What documents do I need to apply for a loan?
You need a valid ID, bank account details, proof of income, phone number and other basic personal information. No collateral required.
- How long does it take to get the loan amount?
Once approved, the loan amount is instantly credited to your bank account within 5 to 10 minutes.
- How quickly is my loan application processed?
Lcredit prides itself on quick processing. Loan application decisions are made within a few minutes to hours after applying.
- Can I apply if I don\’t have a job?
You need to have a stable source of income whether from job, business, pension, rental, investments etc. to qualify.
- What happens if I miss my repayment date?
You will be charged an additional late repayment fee. It can range from 5% to 25% of loan amount depending on days past due.
- Is there a penalty for early repayment?
No, Lcredit does not charge any prepayment penalties. You can pay back all or part of loan before due date.
- How do I contact Lcredit for any queries or complaints?
You can call their customer care number, email them or visit their office. Details are on their website and app.
- Can I apply for another Lcredit loan if I have an existing loan?
Yes, you can. But loan amount eligibility will depend on your credit score and repayment of existing loan.
- How does Lcredit verify the information in my loan application?
They use appropriate fintech methods and data sources to verify your identity, income sources, contact details, bank account etc. before approving loan.
- How does Lcredit use my personal data and ensure security?
Lcredit uses encryption and other measures to protect your data privacy as per regulations. Data is not shared without your consent.
- What happens if I default on my Lcredit loan repayment?
If you default, Lcredit will first contact you and try to understand the issue. If unpaid, they will initiate recovery proceedings including contacting your guarantor.
- Will defaulting on repayment affect me getting other loans?
Yes, it can negatively impact your credit score leading to difficulties in securing loans from other lenders.
- Can I get the Lcredit loan amount in cash?
No. Lcredit instantly credits the approved loan amount directly to your bank account digitally.
- How quickly will I get a loan if I have borrowed before from Lcredit?
Existing or repeat customers have a higher loan eligibility. If you have good repayment history, you can get repeat loans approved faster, sometimes instantly.
- Can I apply for an Lcredit loan from any location in Nigeria?
Yes, Lcredit provides loans pan-Nigeria. As it is a digital loan, you can apply from any state or city.
- Does Lcredit provide loans to businesses?
No, Lcredit currently provides only personal loans aimed at salaried individuals. Business loans are not offered.
- What network can I use to apply for a Lcredit loan?
You need to have a stable internet connection. Lcredit app works seamlessly across mobile data, WiFi and all networks – Airtel, Glo, 9mobile, MTN etc.
- How do I upgrade my Lcredit loan limit?
By maintaining a good repayment record your credit score improves over time, increasing your eligibility for higher loan amount.
- How long does Lcredit take to disburse a repeat loan?
For repeat customers with excellent repayment history, loan amount is disbursed almost instantly after approving loan application.
- What happens if I change my phone number?
Update your phone number immediately under your profile in the Lcredit app/account. This ensures you can access your account without issues.
- Is a guarantor or collateral required for getting Lcredit loans?
No, Lcredit does not require any guarantor or collateral for their quick personal loans.
- Will my credit score be affected by borrowing from Lcredit?
Yes, making timely repayments will positively impact your credit score while defaults can negatively affect your credit rating.
- What are the charges involved in getting a loan from Lcredit?
The only costs are the fixed interest rate which ranges from 5% to 25% depending on loan terms and your eligibility. There are no hidden charges.
- What is the minimum age to apply for an Lcredit loan?
You need to be at least 18 years old to be eligible to apply for a loan from Lcredit.
- Does Lcredit deduct the repayment amount automatically from bank account?
Yes, Lcredit deducts the repayment amount and interest directly from the bank account you provided at the time of loan application.
Conclusion
Lcredit provides quick and easy loan access to Nigerians through their USSD code, mobile app and straightforward application process. Check that you meet their requirements before applying for a loan. Compare costs and terms before taking a Lcredit loan to ensure it is affordable for you.