The demand for loans in Nigeria has been on a constant rise due to economic reasons. Fortunately, several loan service providers have risen up to the occasion, one of which is the iCredit loan app. iCredit is one of the real-time loan service providers that’s transforming the old method of long queues and collateral or grantors. In this article, we covered the loan service provider, how you can apply as well as other important things you need to know.
Let’s dive in!
An Overview of iCredit Loan App
iCredit loan app is an online loan service in Nigeria that offers secure and flexible loans from as low as N1,000 to as high as N50,000 in a matter of minutes. Basically, the whole process can be completed on your smartphone in a matter of 5 minutes. However, the exact amount of loan you can borrow depends on your credit score. The iCredit loan app estimates your credit score using information obtained from your phone to verify your identity.
What are the Types of Loans Available in the iCredit Loan App?
The iCredit loan app offers the following loans:
- Direct personal loans
- Mortgage loans
- Car loans
- Credit card loans
- Medical loans
- Loans on two wheels
- Travel loans
- Mini money loans
- Loans against guarantee
- Sustainable consumer loans
- Mobile phone loans
Get a loan up to N100,000 at the best affordable rates in Nigeria
Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today
How do I download the iCredit loan App?
The app is available on both Android and iOS and you can download it following the steps below:
- Visit the Google Play or Apple store
- Search for iCredit loan app on the search bar and send
- This would load a page with results, of which you would select iCredit loan app
- Click install on the detailed page of the iCredit loan app
- Open the application and register
How do I apply for an iCredit Loan?
You can apply for an iCredit loan by following the process below:
- Download, install and register on the iCredit app following the steps above
- Login to your account and supply the basic necessary information, then submit
- Select apply for a loan and supply all the necessary information
- If your credit score meets the requirement, your loan would be approved and the money deposited into your bank account
- Lastly, note that your loan limit increases for every loan your borrow and repay on time
What is iCredit Loan Interest Rate?
The exact interest rate of iCredit loans varies between 5% and 30% per month with an advertised one-time origination fee that ranges between N1,000 and N6,000.
What happens if I Default on my loan?
For every deadline you miss on your loan repayment, the interest automatically increases by 2% per day. Therefore, it is important that you don’t default on your loan. Also, there is the negative effect it has on your maximum loan amount, as it reduces the total amount of loan you can borrow.
In addition, iCredit could also report you to the Credit Bureau if you default for too long, which may lead to a blacklisting of your BVN. This action would affect your ability to borrow loans from other lenders in Nigeria.
What are iCredit loan eligibility criteria?
You must satisfy the following requirements to be able to borrow from iCredit:
- Must be a legal citizen or resident of Nigeria
- You must have a verifiable source of monthly income
- Must be a minimum of 20 years and a maximum of 60 years old.
How can I Contact iCredit?
You can contact iCredit through any of the following means:
The iCredit loan app is one of the easiest ways to afford quick loans in Nigeria. Basically, all you need to do is download the app, register, and apply for a loan. If approved, you’d be embursed in minutes. However, be sure to repay on time to avoid penalties and for access to higher loans in the future.
Need a loan? Kindly check out this platform that allows you to compare loans from several lenders in minutes. This would help you make the best decision for you.