Lucky loan app: How to apply. Interest rate, is it legit

Lucky loan app will give you loan without collateral or paper work, their loan disbursement is fast and you don’t need to visits any physical location with just your phone, you will secure the loan.

What is lucky loan app

Lucky loan is a new loan company in Nigeria, they give loan to anybody without collateral or guarantor. Their loan process is fast within two hours of registration you will get the loan.

Requirement to get a loan from lucky koan app

You must be a Nigerian and reside in Nigerian

You should have a source of income

You should be above 18 years of age

You must not have defaulted on any loan before

You should have a good credit score

You should have a smart phone

How to apply for lucky loan

To apply for the loan head over to play store and download the app

Launch the app and register with your name and other details

You will be ask to submit your BVN, do so and proceed

Once you are done with registration you will be login automatically

On your dashboard locate and click on loan

The nest page will show you loan that you are eligible for

Click on the loan and wait for disbursement
It should not take more than 1 hour before you will receive alert.

How much you can loan from this loan app

You can obtain up to #500,000 loan without collateral and paper work, but as a first timer your loan amount will be small compare to this.

You might no be eligible for more than #10,000. As you continue to use the app, the loan amount will increase and you will be able to take more loan.

Lucky loan interest rate and repayment period

Their interest rate is between 5% to 25% depending on the amount of loan and the repayment period which is between 7 days to 3 months.

The repayment period depend on credit score and loan amount. For the first timer you will be given lower repayment period and high interest rate but don’t worry it will improve over time.

Repaying your lucky loan

You can pay your loan back with ATM card or ask for their account number and transfer to it. Ensure you have their correct account detail before you make transfer to avoid story that touch.

Is Lucky loan legit.

Yes, It is legit, they have many positive review on play store and good rating which shows that they are “doing well”. But they are not license by CBN nor insured by NDIC so you should exercise caution when taking loan from them.

Conclusion

Lucky loan is a new loan app, exercise caution when taking loan, do not take more than you can pay back to avoid embarrassment.

Do you like this article?
Feel free to share it