XCredit Loan App Review – Reliable mobile loan in Nigeria

XCredit is a mobile finance provider that is among the set of tested and reliable loan apps in Nigeria. The app has been on Google play store giving out loans to Nigerians since at least November 2019. XCredit loan app offers business and personal loans starting from ₦5,000 to a maximum ₦500,000.

With some details and your ID card, you can qualify to get the loan online.

The app has so far gained over 10k downloads on Google play store with mixed reviews. Most costumers seem impressed with the app’s simple and smooth registration process. It uses a loan software to collect prospective customers information including phone records, banking transaction alerts, BVN to build the credit score of each borrower.

To qualify for higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!

Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all Within a few hours.

How to apply for a loan from XCredit?

Getting an XCredit loan can be done easily online by:

  • Download and install the XCredit mobile loan app from Google play store or Apple store if you’re on iOS.
  • 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.
  • Share some information about yourself, including your employment, ID card, BVN number etc
  • Verify the information you have provided.
  • You’ll be charged N50 to bind your ATM card to your account to increase your chances and get a higher loan amount.
  • 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.
  • Get money in your bank account once you’re approved. The whole process should not take more than 10 minutes.
  • 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 anywhere 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.

XCredit Loan App interest rate

Expect the interest rate offered on your Xcredit loan to be between 12% – 36%APR, with 0% service fee.
Example: If the loan amount is ₦5,000, the loan term is 180days, and the Interest rate is 12%, the total Interest should be ₦5,000 * 12% = ₦600.

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.

Is XCredit legit or a scam?

Xcredit loan is legit. A lot of customers have testified to receiving a loan from them. They’ve been around since 2019, Read other customer’s review on Google Play. However, note that this app will call your contacts and embarrass you if you default on your loan.

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.


  • Offers loan amount of upto 500k.
  • Has a website and multiple social media handles unlike most Nigerian loan apps.
  • has been around for a while, its tested and trusted.
  • The app is easy to navigate with customer service on hand to offer assistance.


  • Short loan repayment period and high interest rate.
  • Sometimes auto debits customers even before due date.
  • Takes time to disburse loans after approval, some customers take days even weeks before seeing alert.

When taking loan, be mindful of the repayment plan. If you take a 60 days loan with two repayment installments, the app might attempt to auto debit you on the due date of the first installment and even charge overdue charges before the end of your 60 days tenure.

You can change your ATM card password to prevent auto debit. This app has been reported to deliberately auto debit their customers even after they have made payments via bank transfer.

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.

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.

Is Xcredit loan app real?

Xcredit is a real and legit loan app that gives short term loans to Nigerians. The app has been on Google play store since 2019 with over 53k reviews and over 1 million downloads.

How good is Xcredit?

Xcredit is good enough to have an average of four stars from 53,766 reviews on play store. The app does provide a relatively better service compared to other loan apps in Nigeria.

What are the requirements?

  • 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.

Please do not take a Xcredit 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.

What will happen if I default on my XCredit 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.

XCredit customer care and CONTACT

  • Facebook page:
  • Email:[email protected]


A writer! Columnist and an academic researcher
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