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

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

Life line loan app will give you instant loan in Nigeria without collateral or paper work.

Their loan processing is very fast within one hour of submitting application your loan will be disbursed, and you don’t need to visit any location before you will obtain the loan, with your smart phone you are good to go


With this loan app you can obtain up to #300,000 loan at a go.

Requirement to obtain loan from lifeline loan app

Before you can obtain loan from this app you need to meet up with some requirements which are

  • Have good credit score
  • Have bvn and bank account
  • Have regular source of income
  • Be above 18 years of age
  • Have smart phone with which to download the loan app

Once you meet up with this requirement, you can go ahead and apply for the loan.


How to apply for life line 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 lifeline loan app

With lifeline loan app you can obtain up to #300,000 at ago, without collateral or paper work, but as first timer, you will not get up to this, as you continue to take loan form this app and pay back on time the amount of loan you can obtain will be increase.

Lifeline loan app interest rate and repayment period

Lifeline interest rate is between 5% to 20% depending on the amount of loan obtain and the repayment period. Their repayment period is between 7 days to 180 days also depend on the amount of loan obtain.

If you are applying for the first time you will be given high interest rate and your repayment period will be short. As you continue to use the app, this will improve.

Repaying your life line loan app

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 life line loan app legit

Yes, lifeline loan app is legit, they will surely give you loan but they are not license by CBN nor insured by NDIC.

Our final verdict on lifeline loan app

Lifeline loan is new, as at the time of writing this article they have over 10k download on play store. They have good review and rating but this may be due to the low number of reviewer.

They do charge loan processing fee but they have no hidden charges.

Since they are not license by CBN nor insure by NDIC, I will advice you to exercise caution when dealing with this loan app.


Above is how to obtain loan from lifeline loan app, as you have read above they will surely give you loan but do not take more than you can pay back try to avoid embarrassment.

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