Icoin loan app: interest rate, how to apply, is it legit - Startuppreneur

Icoin loan app: interest rate, how to apply, is it legit

Icoin loan app will give you instant loan in Nigeria with out collateral or paper work, you don’t even need to leave your location, with your smart phone you will obtain the loan.

Their loan processing is very fast within one hour of submitting application your loan will be process and disbursed.


With this laon app you can obtain up to #100,000 at a go though it depend on your credit score.

Requirements to obtain loan from icoin loan app

To obtain loan from this loan there are some requirements you need to meet up with which are

Have good credit score


Have source of income

Be above 18 years of age

Have bank account and bvn

Reside in Nigeria

Once you have all this requirement you can proceed to obtain loan from them

How to apply for loan form icoin loan app

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 icoin loan app

The maximum amount you can obtain from this loan app is #100,000 but as a first timer you will not be able to obtain up to this, as you continue to use the app the amount of loan you can obtain will increase.

Icoin loan app interest rate and repayment period

Their interest rate is between 5% to 15% depending on the amount of loan obtain and the repayment period. The repayment period is between 7 days to 90 days depends on the amount of loan obtain.

If you are taking loan for the first time your interest rate will be high while your repayment period will be short, this will improve as you continue to use the app.

Paying back your icoin 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.

Trust me this process is usually time consuming, your best bet is to pay your loan as at when due.

Is icoin loan legit

Though icoin loan app is not license by CBN nor insured by NDIC, they will surely give you loan, so they are legit

Our final verdict on icoin loan app

Icoin loan app will surely give you loan without collateral. They have given loan to many people in Nigeria.

They have good review and rating on plays store. The only problem with them is that are not license by CBN and as such you should exercise caution when taking loan from them


Above is how to obtain loan from icoin loan app, they will surely give you loan but ensure you take loan that you know you can pay back to prevent embarrassment and had I know.

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