Due to the economic challenges in Nigeria, many Nigerians have resorted to borrowing money from loan service platforms to meet their urgent financial needs. Interestingly, there are different loan service platforms that have risen to offer these lending services to those in need of it and one of such loan services apps is iCredit loan platform.
Icredit offers different kinds of loan services like personal loans, car loans, travel loans, mortgage loans, medical loans etc which can be accessed in a matter of a few minutes.
However, as it is with other loaning platforms, iCredit has terms and conditions that regulate their mode of operation. Hence, it is best to understand their terms before opting for their services. Not only that, they also have eligibility criteria that an intending applicant must meet before they can access their loan.
For more information on the mode of operation of iCredit loan platform, let’s proceed with the discussion.
Overview Of iCredit Loan Nigeria
iCredit is one of the popular digital loan platforms that operates in Nigeria which offers flexible, secure and collateral free loans to their customers.
The company uses your phone data and BVN to run a credit check on your account to determine your creditworthiness. According to the iCredit website, they claim that they offer interest free loans within a repayment plan between 7-30 days.
As a customer at iCredit, you can borrow as low as N1,000 and up to N50,000 with just your smartphone. The good thing is that you can access this loan within a few minutes. If you repay your loan on time, you’ll boost your credit score which will translate to borrowing a higher amount in the future.
Available Loans On iCredit App
As we noted in the introduction, there are different types of loans you can borrow from iCredit. They include:
- Medical loans
- Loans on two wheels
- Travel loans
- Mini money loans
- Loans against guarantee
- Sustainable consumer loans
- Mobile phone loans
- Direct personal loans
- Mortgage loans
- Car loans
- Credit card loans
iCredit Loan App Download
As an intending applicant that wants to apply for a loan at iCredit, you must have the iCredit loan app before you can apply for the loan.
To get the iCredit loan app, you will need to go to the Apple Store or Google Play Store to download the app.
To download the iCredit loan app, just follow the steps below:
- Go to the Apple Store or Google Play Store for iOS and Android users respectively.
- On the search bar, search for iCredit loan app.
- A page with prompt with different apps but choose iCredit loan app.
- Tap on ‘’install’’ to install the iCredit loan app.
- After the app installation, open it and register with your details like your full name, address, phone number etc.
iCredit Loan Eligibility Criteria
Before you can get a loan from iCredit, there are basic requirements that you must meet. Some of the requirements are outlined below:
- You must be at least 18 years old.
- The intending applicant must have a functional account number with BVN.
- You must be resident in Nigeria.
- The applicant must have a functional phone number.
- The intending applicant must have a steady monthly income flow.
How To Apply For An iCredit Loan?
After downloading the iCredit lona app and going through their eligibility criteria and you’re qualified, the next thing is to apply for the loan.
To apply for the iCredit loan, follow the steps outlined below:
- Open your iCredt loan app and sign in with your relevant details.
- Once you login, choose ‘’Apply’’ for a loan and fill the application form by entering the necessary information.
- After the application, iCredit will run a credit check on your account. If you’re eligible for the loan, it will be disbursed to your account directly.
- Finally, repaying your loan on time will help to increase your credit score and the loan amount. Please be guided!
iCredit Loan Interest Rate
The iCredit loan interest rate is not fixed, it varies. Their interest rate ranges from 5% – 30% monthly with an additional one-time origination fee that may range from N1,000 – N6,000.
Hence, it is important to understand their mode of operation to know if it is okay by you before opting for their services.
Advantages Of iCredit Loan Platform
There are many advantages accruing from using the iCredit loan platform, they include:
- Collateral free loan.
- Simplified application process.
- Flexible repayment plan.
- Favorable interest rate.
- No hidden charges.
Disadvantages Of iCredit Loan Platform
Some of the drawbacks accruing from using the iCredit platform include:
- There’s a credit check.
- BVN requirement.
- There’s a high penalty fee(2%) for late repayment.
Consequences Of Not Repaying Your iCredit Loan
As it is with other lending platforms, failure to repay your iCredit loan as agreed attracts negative rewards which may be severe.
If you miss to repay your iCredit before the agreed deadline, it attracts a 2% fine daily. Hence, it is vital to repay your loan as agreed to enable you to build a good credit score with the platform.
Additionally, if you continue to miss payment for a long time, iCredit will be left with no other option than to report you to the credit bureau which may affect your BVN which would invariably stop you from borrowing money in future.
iCredit Loan Customer Care Representative
Perhaps, if you have any inquiry or questions to ask about the activities of iCredit, you can do that by contacting their customer care unit.
Their handle include:
Email address: email@example.com
Phone number: +2348021810034
iCredit offers flexible, secure and interest free loans to their customers to enable them to meet their urgent financial needs.
However, there are eligibility criteria that an applicant must meet before they can access the loan. Apart from that, they also have their terms and conditions that guide their mode of operation.
Hence, it is important to understand their loan conditions like their interest rate, repayment plan etc to know if it is okay by you before opting for their loan services.