Elcredit loan app is another loan app in Nigeria that give quick loan without collateral or paper work.
This loan app is very fast within one hour of submitting application your loan will be disburse.
You don’t need to leave your location before you will obtain this loan with your phone you are good to go. With elcredit loan app you can obtain up to #100,000 loan at a go.
Requirement to obtain loan from this app
Before you will obtain loan form this app you need to meet up with the following requirement
Have good credit score
Have bank account and bvn
Have source of income
Be above 18 years of age
Have smart phone with which download the loan app
How to apply for elcredit loan
The first step to take is to head over to play store and download the loan app
Register with your name, bvn and other details
You will be ask to bind your ATM card which might attract #30 fee, do so and proceed
Once you are done with registration you will be login to your account
On your dashboard locate and click on loan
There you will see amount of loan you are eligible to obtain
Click it and wait for disbursement
How much you can obtain from elcredit loan app
With elcredit loan app you can obtain up to #100,000 loan at a go. As a first timer you will not be able to obtain up to this, as you continue to use this app the amount of alon you can obtain will be increase
Elcredit loan app interest rate and repayment period
Their loan Interest rate is between 5% to 20% depending on the amount of loan obtain. Their repayment period is between 90 days to 180 days, also depend on the amount of loan secure.
As a first timer your loan interest rate will be high and your loan repayment period will be short. As you continue to use the app this will improve.
Paying back your elcredit loan
To payback your loan head over to your dashboard
Click on loan repayment
There you will see deferent option to pay back your loan
Click on one and make payment
Once you make payment it will reflect on your dashboard
If it does not you should contact them.
What will happen if I default or refuse to pay back
If you default you will be punish by Increase in your loan Interest rate which might be up to 2%.
If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.
Is elcredit loan app legit
Yes this loan app is legit, they have given loan to many people in Nigeria, but they are not license by CBN nor insure by NDIC.
Our final verdict on elcredit loan app
Elcredit loan app will surely give you loan in Nigeria, they have given loan to many people. They don’t charge loan processing fee which is a good thing, also they are one of the fastest loan disbursement app in Nigeria.
Since they are not license by CBn nor inure by NDIC, I will advice you to exercise caution when taking loan from this app.
Conclusion
Elcredit loan app will surely give you loan in Nigeria, they are a legit loan app. But take loan that you can pay back to avoid had I know and embarrassment.
To much of loan is bad, it is better to obtain loan from friends than all this loan app.
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