Is Lcredit Legit or a Scam? CBN Approval and Licensing Status Examined

Lcredit is a popular online lending platform in Nigeria that promises quick and easy loans to individuals and small businesses. However, many people are skeptical about the legitimacy of Lcredit and question whether it is approved and licensed by the Central Bank of Nigeria (CBN).

Before you borrow money, I really think you should read this LCredit loan app review so you don’t fall for something you didn’t expect.
Recently, there have been a lot of mobile loan apps that help people when they need money quickly.

But some Nigerian loan apps have turned out to be fake, and since personal and private information is needed to get a loan, people should be careful.
Scams have happened on the internet more than once, and the number keeps going up. This is the main reason why you need to be sure of what you are doing and who you give your information to.

The CBN is responsible for regulating and supervising financial institutions in Nigeria to ensure they operate in a safe and sound manner and protect the interests of customers. Therefore, it is important for borrowers to know whether Lcredit is approved and licensed by the CBN to avoid falling victim to fraudulent lending activities. In this article, we will explore the legitimacy of Lcredit and whether it is approved and licensed by the CBN.

Overview of Lcredit

Lcredit is an online lending platform that provides loans to individuals and businesses in Nigeria. The company claims to provide quick and easy access to credit with flexible repayment terms. However, before taking out a loan with Lcredit, it is important to understand the company’s licensing and approval status.

According to Lcredit’s website, the company is approved by the Central Bank of Nigeria (CBN) and is licensed to operate as a non-bank financial institution. The website also states that Lcredit is a member of the Association of Non-Bank Microfinance Institutions of Nigeria (ANMFIN).

However, it is important to note that while Lcredit may be a member of ANMFIN, this does not necessarily mean that the company is fully licensed and approved by the CBN. It is recommended that potential borrowers verify Lcredit’s licensing and approval status with the CBN before taking out a loan.

In addition to its lending services, Lcredit also provides financial education resources and tools to help borrowers manage their finances. The company claims to use advanced technology to provide secure and efficient lending services.

Overall, while Lcredit may provide a convenient option for those in need of quick access to credit, it is important to thoroughly research the company’s licensing and approval status before taking out a loan.

Is Lcredit Approved and Licensed by CBN?

What is CBN?

The Central Bank of Nigeria (CBN) is the apex regulatory body for all financial institutions in Nigeria. It was established in 1958 and is responsible for maintaining monetary and price stability, regulating the banking sector, and promoting economic development.

What Does it Mean to be Approved and Licensed by CBN?

To be approved and licensed by CBN means that a financial institution has met the necessary requirements and standards set by the regulatory body to operate in Nigeria. This ensures that the institution is credible, trustworthy, and operates in compliance with the laws and regulations of the country.

Is Lcredit Approved and Licensed by CBN?

According to our research results, there is no clear evidence that Lcredit is approved and licensed by CBN. It is important to note that all loan companies in Nigeria are required to be registered with CBN to operate legally. However, registration is not the same as approval and licensing.

Why is it Important for a Loan Company to be Approved and Licensed by CBN?

It is important for a loan company to be approved and licensed by CBN because it provides credibility and assurance to customers that the company is operating legally and in compliance with the laws and regulations of the country. It also ensures that the company is held accountable for its actions and can be penalized for any illegal or unethical practices.

PEOPLE LOVE READING;  Twitter Monetization Countries: How to Earn Money from Your Twitter Content

In conclusion, it is important to verify the credibility and legitimacy of any loan company before engaging in any business with them. While it is unclear whether Lcredit is approved and licensed by CBN, customers should exercise caution and carry out due diligence before applying for loans with them.

What is the loan app LCredit?

LCredit.ng is a FinTech app that gives Nigerians instant loans of between N5,000 and 50,000 naira without any security.

Before giving you a cash loan in less than 10 minutes, the app saves and analyses your information, such as your credit score with your bank, SMS alerts, contacts, and other important information.

LCredit gives out loans in a few minutes and says it is a “quality financial service platform” for getting quick loans, especially in crises.

They have low interest rates compared to other Nigerian loan apps that don’t require security. This makes it one of the best Nigerian loan apps.

Who is LCredit’s owner?

Cashigo International Limited is the one in charge of LCredit.

LCredit’s phone number and address

Their office is in Lagos, Nigeria, at Lekki phase 1, 22A Rasheed Alada Williams street.

List of Loan Apps Approved by CBN

The Central Bank of Nigeria (CBN) is responsible for regulating and supervising financial institutions in Nigeria, including loan apps. The CBN maintains a list of approved loan apps that have met its requirements for licensing and operation. This list is important because it helps borrowers identify legitimate loan apps and avoid scams.

What is the Importance of a List of Approved Loan Apps?

The list of approved loan apps is important because it helps borrowers avoid scams and fraudulent loan apps. The CBN ensures that loan apps on the list meet its requirements for licensing and operation, including adequate capitalization, sound management, and adherence to consumer protection laws. Borrowers can have confidence that loan apps on the list are legitimate and safe to use.

What are Some Loan Apps Approved by CBN?

Some loan apps approved by CBN include:

  • Carbon (formerly Paylater)
  • Renmoney
  • FairMoney
  • Palmcredit
  • Kiakia
  • Aella Credit
  • QuickCheck
  • KwikMoney
  • Lidya
  • Page Financials

Is Lcredit on the List of Approved Loan Apps?

As of May 2023, Lcredit is not on the list of approved loan apps maintained by the CBN. Borrowers should exercise caution when using loan apps that are not on the list of approved loan apps, as they may be fraudulent or operate outside of Nigerian laws and regulations.

Other loan apps that are not on the list of approved loan apps include Easemoni, Sokoloan, and Branch. Borrowers should be wary of loan apps that are not on the list of approved loan apps and should do their due diligence to ensure the legitimacy of any loan app they use.

List of Registered Loan Companies in Nigeria

A list of registered loan companies in Nigeria is an essential tool for individuals and businesses seeking financial assistance. It provides a comprehensive directory of licensed and approved lenders in the country. This section will discuss the importance of a list of registered loan companies, some registered loan companies in Nigeria, and whether Lcredit is on the list of registered loan companies.

16 Advantages and Disadvantages of Using PayPal (Complete Guide)

What is the Importance of a List of Registered Loan Companies?

A list of registered loan companies in Nigeria is important because it helps borrowers identify legitimate lenders. The Central Bank of Nigeria (CBN) regulates and supervises financial institutions in the country, including loan companies. By law, all loan companies must be registered with the CBN and obtain approval before offering loans to the public. The list of registered loan companies is periodically updated by the CBN to ensure that only licensed lenders are operating in Nigeria.

PEOPLE LOVE READING;  How To Remove PalmPay Security Plugin From Your iPhone

What are Some Registered Loan Companies in Nigeria?

There are several registered loan companies in Nigeria, including:

  • RenMoney
  • Page Financials
  • KiaKia
  • Zedvance
  • FairMoney
  • C24
  • CreditVille
  • FINT

These companies offer various types of loans, including personal loans, business loans, payday loans, and more.

Is Lcredit on the List of Registered Loan Companies?

Lcredit is a loan company that claims to offer loans to individuals and businesses in Nigeria. However, it is not listed on the CBN’s website as a registered loan company. This raises concerns about the legitimacy of Lcredit and whether it is a scam. Borrowers are advised to exercise caution when dealing with unregistered loan companies and to always verify the registration status of a lender before applying for a loan.

Best Payment Platforms for Freelancers: PayPal vs Payoneer vs Transferwise vs Bitwage

LCredit Loan requirements

Here are the things you need to do to get a quick loan through the LCredit loan app:

  • The BVN is the Bank Verification Number.
  • 18 to 55 years old.
  • Email address
  • Number to call
  • Good score for credit.

When you apply for a loan through LCredit, you don’t have to do much. If you have a good credit score, you should be able to get a loan from the site.

Review of the LCredit Loan App: Is it Real or a Scam?

LCredit is a rip-off. They are one of the loan apps in Nigeria that people have used to get loans with high interest rates.
And you can be sure that LCredit is not real. They have high rates of interest. The app is no longer available in the Google Play Store.
Even though a lot of people have complained about the high interest rates, fees, and charges.
When you get a loan from LCredit, please pay it back on time to avoid extra fees, which some users may find annoying and not take well.

READ ALSO: Legit or Scam: Is EasyCredit Approved and Licensed By CBN?

What Did LCredit Loan App Do?

Play Protect, a security system for Google Play Store apps that checks for malware and other dangerous bugs and fake apps, took LCredit off the store.
Google had told people not to download the LCredit app because it was trying to steal their financial information, banking contacts, recordings, images, and other private data from their phones, according to the Google Privacy Statement.

How to get a loan from LCredit

  • Using the LCredit loan app to apply for a loan is easy and can be done in just a few minutes.
    LCredit is a digital platform that works on Android tablets. To use it, you just need to download the app from the Google Playstore and start the app.
  • Use Google Playstore to get the LCredit loan app.
  • Type in your phone number, which is tied to your BVN.

A One-Time Password (OTP) will be sent to your phone number, which you will need to enter to finish signing up.

What is the interest rate for an LCredit loan?

 

For loans with terms of 91 to 180 days, LCredit charges 1% per day in interest, and yearly interest rates range from 36.5% to 300%. The interest rate is calculated every day.
A 91-day loan has payment terms that include a 39% initial fee and a 2.7% interest rate.
Customers are not happy that LCredit has one of the higher interest rates and high fees.

READ ALSO: Legit or Scam: Is EasyCredit Approved and Licensed By CBN?

How to return a loan from LCredit

There are different ways to pay back an LCredit loan. These are some of them:

  • Bank transfer is how money is paid.
  • Your LCredit loan can be paid back through a bank transfer. Before you move on, you need to make sure that the account information is correct.
  • When the transfer works, you will click “I have made the bank transfer,” and your loan payback will be complete.
  • Pay with bank/Card: This seems to be the best way. When you’re ready to pay back your loan, click on “Repayment Now,” and you’ll be taken to a page where you can pay with a card.
  • Be careful when entering your card information so you don’t put in the wrong information. The needed information is your card number, the date your card will expire, and your card’s CVV, which is a three-digit number on the back of your debit or credit card.
  • The bank way: The bank method is another way to pay. This way, you’ll have to choose the bank account you want to use to pay back the loan.
    When you choose the bank account you want to use to pay back the loan, the money will be taken out of your account and the loan will be paid off.
PEOPLE LOVE READING;  How to use Afterpay on Walmart (Step-by-Step Guide)

50 Best Mobile Banking Apps For Androids, Features, Ratings (FREE DOWNLOAD)

Is Lcredit Approved and Licensed By CBN?

No, Lcredit is not approved or licensed by CBN, because of it’s alleged violations of human rights. According to our research, Lcredit is not a Legit Company, you’re advised to avoid the lending company.

Is Lcredit Loan Legit or Scam?

Lcredit is a scam and not a legit company you can associate with, because it is not registered with the Central Bank of Nigeria (CBN).

READ ALSO: Legit or Scam: Is Speedy Choice Approved and Licensed By CBN?

List of Fake Loan Apps in Nigeria

What is the Importance of a List of Fake Loan Apps?

The proliferation of fake loan apps in Nigeria has become a major issue for many people seeking financial assistance. These apps often promise quick loans with low-interest rates, but in reality, they are scams designed to defraud unsuspecting users of their hard-earned money. A list of fake loan apps is important because it helps people identify these fraudulent apps and avoid falling victim to their scams.

What are Some Fake Loan Apps in Nigeria?

There are several fake loan apps in Nigeria that people should be aware of. Some of these apps include:

  • Cashbox
  • Quick Loan
  • Kwikmoney
  • LoanPaddy
  • Easy Cash

These apps often require users to provide sensitive personal information, such as bank account details and BVN, before granting them loans. However, once the information is provided, the scammers behind the app disappear, leaving users with no loan and a compromised bank account.

Is Lcredit a Fake Loan App?

Lcredit is a loan app that claims to offer quick loans to users in Nigeria. However, there have been concerns about the legitimacy of the app, with some people questioning whether it is a fake loan app or not. It is important to note that Lcredit is approved by the Central Bank of Nigeria (CBN) and is licensed to operate in the country.

While Lcredit is a legitimate loan app, users should still exercise caution when using it or any other loan app. It is important to read the terms and conditions carefully, understand the interest rates, and only provide necessary personal information. Users should also check for reviews and ratings from other users before using any loan app to ensure that it is legitimate and trustworthy.

How To Effectively Use Opay App, Login, Transfer, Merchant, Rider

Conclusion

The LCredit loan app is one of the fake loan apps in Nigeria, and Playstore has taken it down. Users who need money quickly to solve their problems have been able to get loans from them.
But their interest rate and how they work aren’t clear, which makes it hard to trust.

About Samuel 637 Articles
Samuel is an SEO technician and Content developer with over 5 years of work experience. He is known for his love and passion for helping others achieve their financial goals and dreams. This lead to the birth of Finwealthonline. His love for many has to lead him to help thousands of students seeking financial loan advices, app reviews with the right information. Samuel being the CEO and founder of Finwealthonline will continue his good work on helping people with the right information that will lead to achieving their financial dreams and goals.

Be the first to comment

Leave a Reply

Your email address will not be published.


*