Lcredit Loan App Review – Instant loans in Nigeria is a Fintech app that offers Nigerians quick loans of between N5,000 to 50,000 naira without requiring any collateral. The app using artificial intelligence, collects and analizes your data including credit score, SMS alerts, contacts and other banking details to disburse your cash loan in less than just 10 minutes.

This Lcredit loan app review was written based on personal experience of using the app to answer our readers questions regarding this money lender.

Online loans can be helpful for emergencies, but they should not be relied upon to fund one’s lifestyle as they can be very expensive with high interest rates.


  • Offers higher loan amounts up to 500k depending on your credit score.
  • Has been around for a while and therefore has a reputation. It also has a website and reachable customer service.
  • Charges maximum of 10% interest rate monthly.
  • completely online with no collateral required.
  • Easy and smooth registration process.


  • It is a loan shark that threatens customers when they default on loan repayment.
  • has short repayment tenure starting from 7 days and high interest rate.
  • takes time to clear dashboard even after repayment

Lcredit fancies itself as a ‘quality financial service platform’ for Nigerians to get loans, anywhere, anytime in any emergency, whether it is day or night, you can get the loan within minutes. And the app is very popular too with over 1 million downloads so far on Google Play Store.

Strictly speaking, Lcredit offers lower interest rates on its instant loans compared to conventional banks and the app does not require collateral for loan disbursement, which makes it even more appealing over borrowing from commercial banks.

Please do not take a Lcredit loan to fund your lifestyle or service long-term debts. Short-term loans are helpful in emergencies but can quite expensive when compared to long-term loans and should be used with care.

How to Download APK and get a loan from LCredit loan app

Lcredit is a completely digital platform, which operates exclusively on Android smartphones. To sign up, you’ll need to download and install the app from the Google play store.

  • Download the Lcredit personal Loan App exclusively available on the Google Playstore and install on your Android phone.
  • Register an account with your phone number.
  • Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
  • Fill in your basic Kwow-your-customer KYC information, including your residential address, next of kin and employment details
  • You will also be required to provide your Biometric verification number BVN.
  • You’ll be charged N50 to bind your ATM card to your account to increase your chances and get a higher loan amount.
  • A one-time password OTP will be sent to your phone to confirm your details.
  • After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
  • The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
  • Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.

The N50 charged to bind your ATM card to your account is refundable, but can take from 7 to 12 business days for the money to be refunded back to your bank account.

Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.

Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.

When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.

Requirements for an Lcredit loan

  • Be a legal citizen or legal Resident of Nigeria
  • Be at least 18 years old.
  • Have a Monthly income source.
  • Bind your ATM card to your account
  • Provide details of two of your next of kins including their phone numbers.
  • Have a good credit score with no outstanding loans from other lenders.
  • Have an active bank account.
  • Your phone number must be the one connected to your BVN.
  • Have a valid government issued ID card.

What is the interest rate of Lcredit?

LCredit Online Loan app Offers
✔️ Loans Online amount: from ₦5,000 to ₦50,000
✔️ Flexible repayment Plan
✔️ Interest and service rate: With a minimum of 0.1% up to 1%
✔️ Loan period range from 91 to 180 days
✔️ Annual interest rates from 36.5% to 300%. The interest rate is calculated on a daily basis.
If you choose 91-day loan, payment terms have an origination fee of 39% and an interest of 2.7%. For the loan processed with a principal amount of NGN 3,000, the origination fee would be NGN 1,174, the interest would be NGN 81, the total amount due would be NGN 4,255

This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.

Is LCredit Loan app legit or scam?

Yes, LCredit loan app is legit, tho the app is still relatively new on the play store it does give out loans to customers but caution should be taken before taking any online loan. Always read other customer’s reviews before you apply for a loan in Nigeria.

You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.

Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.

What LCredit loan app can improve?

The loan duration and interest rate on LCredit is high, you typically get 14 days to repay a loan of almost 50% interest rate.

Note that high interest rates is usual for short term payday loan apps, but some do offer longer repayment tenure, starting at 2 weeks and UpTo a month.

The app also doesn’t have the option to select the loan amount you want. Ones an amount has been approved for you, you can’t select a lower or higher amount based on your needs, you have to accept what ever amount the system approved for you.

Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.

LCredit will bully and send embarrassing message to your contacts should you fail to repay your loan on time. Be careful while doing business with this app.

If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.

How do I repay LCredit loan?

Their are several ways to reapy a LCredit loan.
1、Pay with bank transfer. When clicking Pay with bank transfer .the app will take you to next page .Please confirm that the bank account information shown on the page matches the transfer information you entered. After making the bank transfer please click on ‘I have made the bank transfer’.Automatically update your billing information in a few minutes.

2、Pay with bank /Card. ‌After checking the bank account, click on Repayment now,sometimes the app will take you to the next page, you will see two repayment options, pay with bank or pay with card. ‌Card method: Click Pay with Card to add your Card information on the next page (you will only be given three chances to submit your information so you have to be careful while inputting the card details, if you input the wrong info the app will freeze for 24 hours).
(1)Card Number (16 or 19-digit in front of your card).
(2)Card Expiry Date (Month and Year in which your card expires). (3)CVV (a 3-digit number at the bank of your card.
(4) after you have filled in the details, click ‘Pay NGN +amount’. (5)The last step is to enter the OTP sent to the phone number for authorization. Please note that no fees will be charged for this transaction.

Bank method: On the repayment page, select the Bank account you want to repay with. There are two options:
(1)If the bank account shown on the repayment page is not the one you want to use, you may choose to change the bank account, Add your bank account again and go to the next page and take 1 naira, which will automatically dock from your bank account the next time.
(2)Click on the Repayment now button and it will take you to the next page. Click on Pay with bank and Select a bank account, click continue to move to the bank page to complete payment.

Note:If you check the bank account on the repayment page, click the Repayment now button to take you to the next page, it is not recommended to choose Pay with bank.

Lcredit customer care number

  • Customer Service Hotline: 07088953673
  • Lcredit Nigeria office address is in Lagos at Lekki phase 1, 22A Rasheed Alada Williams street, Lagos Nigeria.
  • Twitter:
  • Instagram:
  • Facebook:

Frequently asked questions (FAQs)

How to increase my loan amount on Lcredit?
Just like every instant loan, repaying your loan on schedule unlocks higher amounts. Maintain a stable loan record and repay the loan as scheduled, they will increase your loan amount from time to time.

What happens if I refuse to repay my Lcredit loan?
If you fail to repay your loan, LCredit will report you to the credit investigation bureau and you will not be able to process another loan again on your BVN until you pay your debt. Some customers have also reported that their friends and family were contacted and told about their debt. Seriously if you have no intention of repaying your loan it’s better you don’t borrow from LCredit or else you will be shamed before everyone you know.

What information should I supply to apply from a loan?
Your phone number and BVN are the most important information the app will ask for, though the app will ask for permission to access your contacts which is how they will shame you if you refused to repay.

How much can I borrow from LCredit?
LCredit app offers short-term quick loans of between N5,000 to 50,000 Naira.

Why is my LCredit loan application rejected?
Your application will be rejected if you provide false information about yourself of you have a bad credit score, meaning you have outstanding loans from other lenders that you are yet to repay.


A writer! Columnist and an academic researcher
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