smartbusinessinfohubDo you want to know about the Xcredit Loan App, the safe and reliable with easy access to business loan without collateral?
If your answer is Yes … continue to read.
Today, technology advancements, has helped mitigate this long process by making it easier for people to apply for loans in minutes via mobile application.
In finance, a loan is the lending of money by means of one or greater individuals, businesses, or different entities to other people, organizations etc.
The recipient (i.e., the borrower) incurs a debt and is generally vulnerable to pay interest on that debt until it’s far repaid as well as to pay off the foremost quantity borrowed.
About Xcredit Loan
Xcredit is a mobile application platform developed by a Lagos-based fintech company. The platform is strictly online, but it has an office in Lagos, Nigeria. You don’t have to visit their office to enjoy their service.
Xcredit Loan App
At the time of this release, the Xcredit loan application is only available on Android devices in the Google Play store. The application gives you easy access to your personal loan.
To do this, they use the data on your phone, including your SMS history, to verify your identity and create a credit score.
Xcredit Loan Application
Applying for an Xcredit loan is pretty simple. You just need to follow the steps below:
Create an account
Apply for a loan
Receive your loan straight into your bank account
Build your loan limit each time you repay a loan
Is Xcredit Loan Legit?
Given that we’ve seen people borrow from them, it’s legal. A lending platform should be able to make loans that are considered legal, right? Well maybe not. Here is the best 6 Loan App to borrow money in Nigeria
Pros and Cons of Xcredit Loan
Pros
There is no collateral
Quick and easy access to loans.
There is no paperwork.
There is no service charge.
Cons
Xcredit is available for a maximum tenor of 180 days. This makes it suitable for only short term loans.
Their Maximum Loan offers is N500,000.
Minimum and Maximum Amounts you can borrow from Xcredit?
The Minimum loan amount Xcredit offers is N5,000, and a maximum of N500,000.
Xcredit Loan Interest Rate
Xcredit Loan App offers an interest rate of 12% of the borrowed amount. For example, if you borrow N10,000 for 120 days at maturity, your total interest will be:
N10,000 * 12% = N1,200.
Are there other charges applicable to Xcredit?
No there is none. Xcredit charges a 0% service charge for each loan you borrow. The loan amount will be sent directly to your desired bank account.
Xcredit Loan Requirements?
The Loan application is hassle free without any collateral. Here are few documents needed to apply for Xcredit loan:
- Your Phone Number
- Your Email Address
- Your Full Name
- Your Bank Account Number
- You need to be at least 18 years
- Your Last 3 Months Statement Of Account etc
XCredit Loan App download
Click Here to download the App. >>DOWNLOAD<<
How to Apply For Xcredit Loan
Please follow the steps below;
- Download the XCredit mobile application and install it from the Google Play store.
- Create an XCredit account and enter all the required information.
- Apply for the loan.
- They pay the loan directly to your bank account.
Keep in mind that each time you repay a loan, the loan limit increases.
How Quickly are Xcredit loan funds released?
It only takes a matter of 5 – 30 minutes from application to disbursement of the loan into your account.
How to Pay Back Xcredit Loan
Terms that apply to the repayment of Xcredit loans are:
An interest rate of 12% the amount borrowed.
A maximum tenor of 180days, after which the loan would have to be paid.
Xcredit Loan Customer Care Number
To contact them, you can search for their Facebook page ‘Xcredit’. The page has neither a customer care number nor any other Xcredit contact. You will need to send them a message on the platform.
Or send them Email: help@xcredit.cc
Visit their head office at Address:2ND FLOOR WING A, SOUTH ATLANTIC PETROLEUM (SAPETRO) TOWERS 1, ADEOLA ODEKU STREET, VICTORIA ISLAND LAGOS.(Lagos, LAGOS)
Conclusion
Taking loans is easiest with Xcredit. No collaterals, no paperwork, and it is accessible to anyone with a bank account. You should take advantage of this easy loan offered by Xcredit to meet emergency and unexpected needs as they arise.
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But You should know that if you are going to borrow money, especially for business sake make sure you have planned everything well so as not to enter debt and if you are borrowing for personal use make sure you have ways of paying it back on time because of Interest. You can also get a fast loan from Lcredit Loan App.
Meanwhile, you should know that there are going to be some terms and conditions attached to each loan apps/platform on which their services are based on.
You should be sure if the terms and conditions favors you.
Also, you should know that all the money borrowing platforms have their own terms and conditions and also they have different policies and different interest rates.
Frequently Asked Questions
1.How can I get access to XCredit loans?
Our lending platform can be accessed through Google Play. Open Google Play and search for “XCredit” APP, then download and start to sign-up with your phone number.
You can also click on this link to download directly.
2.How do I change my personal details?
To edit your personal details, click “My Profile” and click “Upgrade Credit”
3.Which networks does XCredit support?
In Nigeria, we support MTN AIRTEL GLO AND 9Mobile right now. We hope to expand our coverage in the near future.
4.Can I change my BVN number after I receive a loan?
Unfortunately, not. At XCredit, we conform to the highest standards of data integrity. This means that you cannot change information that was previously used to process a successful loan application.
You must double check the information before you click submit button.
5.Can I delete my account?
Per our Terms of Service and our Privacy Policy, we collect information from you to determine whether you qualify for a loan. We do not sell or distribute this information for any other purposes.
If you would like to discontinue your relationship with XCredit, you may uninstall the APP.
Eligibility Criteria
1.What is required to receive a XCredit loan?
Requirements are simple – all you need to apply is your MTN AIRTEL GLO AND 9mobile phone number, BVN and answering few questions. We will also request access to the data on your phone in order determine your eligibility.
2.How does XCredit make a lending decision?
XCredit uses data from your phone, including your handset details and financial transaction SMS messages to make lending decisions. We combine this with your XCredit repayment history to build an individualized credit score, which determines the loan offers you receive.
3.Why was I rejected for a loan?
If you don’t get accepted when you apply, don’t worry! Sometimes it may take several attempts to qualify for a loan. We encourage you to continue saving data on your phone and to reapply after the period stipulated.
4.How can I increase my chance of being accepted?
XCredit uses data from your phone as well as other sources to make a lending decision. To increase your chances of approval, please make sure to save the data on your phone, keep good credit with all other lenders, and correctly input your account details.
Loan Offers
1.How do I apply for a loan?
Open Google Play and search for “XCredit” APP. After download, you can open the APP and follow the process to apply for a loan.
2.How much can I borrow??
Currently our loan sizes range from Ngn 5,000 to Ngn 500,000. If you repay loans as scheduled, the amount that you can borrow will increase.
3.How long does the application process take?
It will take a few minutes.
4.What interest rate does XCredit charge?
Interest rates are determined by a number of factors, including your repayment history with XCredit and the cost of lending for us. Depending on these factors, the origination fee is charged 12% for a term of 180 days.
Borrowers are required to cover any mobile money transaction fees, such as Bank charges, associated with repaying the loan. Standard SMS and data charges by your mobile carrier may apply.
5.How to fill your family and emergency contact’s information?
Your family and emergency contacts are the person that can prove your reliability, credibility and honesty. We may contact him/her when we decide the loan. Please fill the contact’s information carefully.
Repayment
1.How should I repay XCredit loan?
You can follow these steps: 1. Open XCredit on your phone 2. Click My Loan 3. Choose one of your loan 4. Click the Repay In Advance
5. Confirm that all details are correct and press “Repay now” 6. Choose your Repayment method and press “Repay now” 7. Complete your Repayment
2.Where can I see my repayment plan?
To view your repayment information, kindly click “My Profile”, then choose “Borrow History”. You will be able to see your due date and the amount.
3.My repayment didn’t reflect. What should I do?
If you do not receive confirmation from XCredit that your repayment was received within a few hours, kindly send us the transaction confirmation message you received and the number you used to make the payment via “Customer Care”.
4.Can I repay early?
Early repayment is accepted. We strongly encourage you to repay your loan on time to increase your loan offer amount.
5.What happens if I overpay my loan?
After reconciliation of all payments, excess funds will be reversed to your Repayment bank account within 15 days.
6.Can I pay a loan on behalf of someone else?
No, you just only repay yourself loan.
Late Repayment and First Central Credit Bureau
1.What will happen if I pay my loan late?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date.
Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans.
If you are very late on your payments, we report to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
2.Can I request to repay my loan at a later date?
Unfortunately, XCredit cannot alter your repayment plan after you’ve received a loan. If you are unable to repay the full amount due, we advise you to start making partial repayments as soon as possible.
3.What is a First Central Credit Bureau?
A First Central Credit Bureau collects credit information on individuals and can provide your repayment performance data to banks, lenders, and potential employers.
First Central Credit Bureau help promote financial inclusion and prevent over indebtedness.
4.What should I do when I clear my defaulted loan?
We will update and forward your details to the First Central Credit Bureau for clearance. If you wish to acquire a certificate of clearance, kindly check with the First Central Credit Bureau within a week of making your repayment.
5. To which First Central Credit Bureau do you report?
We report to First Central Credit Bureau.
6.How can I get my batch number?
If your account has been cleared with the First Central Credit Bureau, please message customer care to receive the batch numbers for First Central Credit Bureau to follow up on your certificate.
Security & Privacy
1.Can I trust XCredit with my data?
We use world-class data security and encryption techniques to protect the data you share with us. XCredit never shares your information with third parties unless it is for dedicated business purposes, such as reporting defaulted loans to authorized credit bureaus.
We do not sell your data or credit profile.
2.Why does XCredit need my BVN?
XCredit uses your BVN to ensure your account belongs to you, and so that no one else can apply for a loan using your account.
We understand that this is very sensitive information and take our customer privacy very seriously. If you have additional concerns, please contact the XCredit customer service team.
3.Why do you need permission for my phone?
XCredit uses data from your phone, including your handset details and financial transaction messages to make lending decisions.
These data are a crucial part of our decision-making process, and allow us to provide seamless and efficient financial services.
4.How do I give permissions to XCredit on my phone?
In your Android Phone, kindly go to Settings > Apps > XCredit > Permissions and make sure that you have enabled XCredit to access everything requested.
5.What are your Terms of Use and Privacy Policy?
Please read our Terms of Use and Privacy Policy
How you Sure of this XCredit Loan App?
Our review is sure to the best of our ability, and we have people who have gotten loan from them.
Quick Disclaimer
We are not Affiliated with Xcredit Loan App. neither are we their staff, the article is provided for information purposes and personal opinion based on what we’ve tried with the Loan app.
Do read their terms and interest rate policies before you proceed to get loan from them.
Make sure you read and understand the terms of guiding each loan apps in Nigeria that you want to use.
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