Lcredit Loan Interest Rate: What You Need to Know

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In this article, we will take a detailed look at Lcredit loan interest rate and how they are calculated.

Lcredit is a leading online loan service provider in Nigeria that offers quick and easy access to loans for individuals and small businesses.

However, before applying for a loan from Lcredit, it’s important to understand the interest rates and other charges that may apply.

Interest and Service Rate

Lcredit offers loans at an interest rate ranging from 10% to 25% per annum. The interest rate is calculated on a daily basis, which means that the actual interest rate you pay will depend on the loan period and the amount you borrow.

Apart from the interest rate, Lcredit also charges a service fee, which ranges from 0.1% to 1% of the loan amount.

This fee is deducted upfront from the loan amount, which means that you will receive the loan amount minus the service fee.

Loan Period Range

Lcredit offers loans with a repayment period ranging from 91 to 180 days. The loan period you choose will affect the interest rate and the total amount you will pay back.

It’s important to note that Lcredit charges a penalty fee for late payment or default, so it’s advisable to pay back the loan on time to avoid incurring additional charges.

How Lcredit Calculates Interest and Service Charges

To understand how Lcredit calculates the interest and service charges for a loan, let’s take an example of a 91-day loan with a principal amount of NGN 30,000.

  • Origination fee: 5.7% of the principal amount = NGN 1,150
  • Interest: 2.7% of the principal amount = NGN 3000

Therefore, the total amount due for this loan would be NGN 4,150, which is the sum of the principal amount, origination fee, and interest.

Tips for Managing Your Lcredit Loan

If you are planning to take a loan from Lcredit, here are some tips to help you manage your loan effectively:

  • Only borrow what you need: Lcredit offers loans ranging from NGN 1,000 to NGN 2,000,000. However, it’s important to borrow only what you need and can afford to pay back.
  • Pay on time: Late payment or default will attract penalty fees, which can increase the total amount you owe.
  • Read and understand the terms and conditions: Before taking a loan, make sure you read and understand the terms and conditions, including the interest rate, repayment period, and other charges that may apply.
  • Plan your budget: It’s important to plan your budget to ensure that you can pay back the loan on time without affecting your other financial obligations.

Conclusion

Lcredit is a reputable online loan service provider in Nigeria that offers loans at competitive interest rates.

Before taking a loan from Lcredit, it’s important to understand the interest rate and other charges that may apply.

By following the tips provided in this article, you can effectively manage your Lcredit loan and avoid incurring additional charges.

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About the Author: Femi Olawole

Femi Olawole is a seasoned blogger with interest on providing helpful Contents on online loan apps, Tech and Business.

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