iCredit Loan App Review – secure and flexible loan in Nigeria

iCredit is an online loan service in Nigeria that offers you flexible and secure loans ranging from N1000 to N50000 with no long queues, no long wait times, and no collateral or guarantors needed. You can run the whole process from start to finish just on your smartphone, and get a loan disbursed to your bank account in less than 5 minutes.

iCredit makes loan decision simply by using the data on your phone including your SMS history to verify your identity and create a credit score.

How to apply for a loan from iCredit?

Getting an iCredit loan can be done easily online by:

  • Download and install the iCredit mobile loan app from Google play store or Apple store if you’re on iOS.
  • Share some information about yourself, including your employment, ID card, BVN number etc
  • Verify the information you have provided
  • Get money in your bank account once you’re approved. The whole process should not take more than 10 minutes.

iCredit interest rate

Expect The interest rate offered on your loan to be between 5-30% monthly, with a one-time origination fee ranging between N1000 and N6000 advertised.

Representative Example of the total cost of the Loan:
-If you apply amount ₦ 4,000 with total 91days (45 days 1st installment & 46 days 2nd installment) loan on 22 Mar 2021.
-You will get the loan amount ₦ 4,000 on 22 Mar 2021.
-The 1st installment due date is 5 May 2021 with amount ₦ 2,000, Interest ₦ 90 and origination fees ₦ 810, due repayment is 2,000+90+810=₦ 2,900
-The 2nd installment due date is 20 Jun 2021 with amount ₦ 2,000, Interest ₦ 46 and origination fees ₦ 414, due repayment is 2,000+46+414=₦ 2,460
-The total repayment should be 1st installment due repayment ₦ 2,900 + 2nd installment due repayment ₦ 2,460 = ₦ 5,360.

Note: expect both your loan amount and loan tenure to be significantly lower as individual interest rate, loan amount and loan tenure are calculated based on the applicant’s credit score and credit worthiness. Keep a good credit score and repay your loan on time to qualify for higher amounts. See why loan apps limit funds for first time borrowers and how to increase your loan limits.

Advantages of iCredit loans

  1. Loan amount of up to ₦50,000
  2. 5 minutes online loan approval
  3. Loan without collateral. Free registration. Calculation of loan limit is free
  4. Revolving line of credit
  5. Easy loan in three steps
icredit loan app  reviews

Get revolving credit limit

Revolving credit means iCredit will borrow you a higher amount Everytime you repay your previous loans. You just have to pay back your loans on time to qualify

Is iCredit legit or a scam?

iCredit loan is legit. A lot of customers have testified to receiving a loan from them. Read other customer’s reviews on Google Play. However, this app will call your contacts and embarrass you if you default on your loan. iCredit needs permission to access your camera, location, storage, and phone contact list. The requested content is meant to provide KYC information (part of which is needed to determine your creditworthiness), due to a lack of a centralized address verification database in Nigeria.

What will happen if I default on my loan?

Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, they report to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.

loan eligibility

  • The loan is exclusively for Nigerian citizens or legal Nigerian Residents.
  • You should be aged between 20-60 years old.
  • You should have a verifiable Monthly income source.

iCredit customer care number

  • If you have the need to contact customer care service call:
  • +2348021810034
  • Email:
  • Office Address: 9 Oluwole Omole Street, off Esomo Street off Toyin Street Ikeja. Lagos Ikeja, 100001, Lagos, Nigeria


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