LCredit loan app gives you an instant loan with a flexible repayment plan and a favourable interest rate. They offer:
- Loans 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 daily
If you choose a 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.
We should be quite familiar with how loan apps work by now, there are a whole lot of loan apps available for you to use starting from Palmcredit down to Quickteller. However, we won’t be looking at collecting credit loans from the LCredit loan app, instead, how we can try to earn from it.
How to earn from LCredit loan app
The best method you can earn from this app is from its referral program, you get N2,000 for every person you refer to download the app and complete their first successful loan. You can withdraw the cash to your bank account after your friend does the needful.
Another method you can use to make money from this app is by registering with an invite link. You’ll receive N1,500 cash which you can withdraw to your bank account; N200 when you sign up and N1,300 after completing the first successful loan.
How to register on the LCredit loan app
Click here to go to the rewards page and provide the phone number you want to use for registration, verify it to claim the N200 reward (Try as much as possible to use the same phone number attached to your BVN). You can now download the app, and log in to proceed to the next stage.
Kindly note that using the link provided above is your decision, the only disadvantage of not using a referral link is that you will risk losing the sign-up benefit but it doesn’t mean that you can’t earn from the app still.
As soon as you’re logged into your account, head on to My account > Credit limit. Provide all required details and submit. Wait for them to verify your details before you can think of transferring any cash reward to your bank account. Your information should be reviewed in 24 hours.
How to withdraw the N1,500 bonus
Provide your bank details and bind your card to your LCredit account and place a request for a loan of N1,500, if successful, you should see the cash in your account within some minutes. Sometimes, you won’t be eligible to collect a loan of N1,500 it could be higher in your case. Originally, the loan amount ranges from N5,000 to N50,000.
Immediately you collect the loan, repay the loan using cash from your bank account to unlock the N1,300 bonus making it N1,500 available for you to use. You should incur much loss if there’s any.
After repaying the loan and unlocking the full N1,500 bonus, head on to your profile section, tap Cash Coupon. You will see a N1,500 cash coupon available for you to withdraw to your bank account. Tap withdraw and complete the final steps to withdraw the cash to your bank account.
How to earn with LCredit referral program
Want to earn more from this app? The LCredit referral program should be the ideal choice. You get to earn up to N2,200 cash and discount rewards after a friend registers and collect a credit loan on the app.
If you want to get your invite link, go to the invite page and tap Copy Link. You can now share the link with friends and explain how the whole thing works.
If you don’t want to claim the N1,500 sign-up bonus, you can download the app from Google Playstore, create an account and participate in the referral program.
Other than that, this is where I’ll stop, if you have any questions regarding this program, feel free to drop them in the comment box below, I’ll be delighted to answer your queries.
Can I earn money when people I refer haven’t repaid there loans
He or she needs to repay the loan.