Xcredit Loan: Is Xcredit Legit? How to Apply

Xcredit loan is one of the top loan apps in Nigeria. Here on this page you will read about the Xcredit loan terms, Xcredit interest rate, Xcredit repayment, application method for Xcredit, Pros and cons of the app, and additional Information.

Sometimes the name of some loan applications can scare you. This can trigger you to ask questions like;

Is this a legit platform? Can I entrust my data to this platform? Are they licensed in Nigeria? What are their payments and interest rates? Are they going to give me a loan or is it all a scam? Etc.

Relax; It is normal to be paranoid about using a loan application, especially when your only option is to use a loan application. This is one of the reasons we wrote this article.

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Xcredit Loan Full Review

We will take a look at one of the many loan applications operated in Nigeria called Xcredit. Here we take you on a journey to learn everything you need to know about this loan application.

From the founders about the services they offer, how to apply for a loan from them, are they legal, etc. Sit down and follow us on this journey.

Xcredit Loan Full Review

What is an Xcredit loan?

Xcredit is a money lending platform developed by fintech companies to support Nigerians where they need it.

They offer personal loans to Nigerians who are distressed but in dire need of cash to meet certain urgent needs.

This loan is valid for a mobile period, which means you don’t need to visit their office to use their services. All you have to do is go to Google Playstore, search for the Xcredit app and you are ready to start using their service.

About The Xcredit Loan Application

Xcredit Loan is an online mobile loan application that provides unsecured loans to individuals. With xcredit loans, all you have to do is download the app and install it on your phone to access the loan. For detailed information on how to apply for a loan, see the levels section of this guide. Continue reading!

In the xcredit loan application, you can apply for a loan of #5,000 and up to #500,000 without stress, the higher your credit rating, the higher the loan amount you are responsible for.

XCredit makes it easy for you to get personal credit by using your mobile data, including your SMS history, to verify your identity and create a credit score. Xcredit loan encrypts the data you share with them to protect your privacy. However, Xcredit has promised to compromise you privacy and will never share your information with any third party.

The only drawback of this credit app is that you cannot use its service if you are using an iOS or Windows device as there is no version of the Xcredit app that supports these devices.

How To Apply For Xcredit Loan

The first step to apply for an Xcredit loan is to download the application. You don’t need to meet directly with an Xcredit agent to apply for a loan from this fintech company. All you have to do is download the app and follow the steps below.

  • Get The App: As mentioned, you can only access Xcredit loans through the Xcredit app. You need mobile data to download the app on your mobile device. Make sure your mobile device has enough storage space to download and use the app.
  • CREATE AN ACCOUNT: Don’t just look at an app after you’ve downloaded it. Please open and create an account. However, before you can create an account, the app must grant access and permissions to contacts, message history, location, camera, phone data, and the like. Once you give the app permission to access this personal information, you can create an account. You will need a valid email address, phone number, full name and a strong password to create an Xcredit account.
  • ENTER YOUR DETAILS: This app requires you to enter some of your details in order to perform an analysis of your identity and your credit history and habits. They will also verify that you were paid using the information you provided to ensure you have the means to return a refund. Once you have filled in your BVN, account details, etc., proceed to the next step.
  • LOAN OFFER: Apply for a loan. Xcredit needs to calculate the loan amount they will give you because you are the first customer and they will determine the amount they can provide based on the information you provide. Once your loan limit is released, keep applying. Remember, the sooner you pay off your loan, the higher the credit limit.

Xcredit loan terms

Like other lending platforms, Xcredit has its own terms. You will be notified whether you qualify for Xcredit loan or not.

Xcredit loan requirements

Now that you have read about a few things about Xcredit terms, Let’s move to the requirements for the loan offer.

Smartphones that work with Android, not devices with iOS or Windows.

  1. Valid BVN
  2. Valid bank details
  3. Valid mobile number
  4. Over 18 years old
Xcredit Loan Full Review

You feel you have met all the requirements, then you may give Xcredit loan a trial.

Xcredit Loan Interest Rate

Like other loan applications, Xcredit has an interest rate. You should refer to this section to make sure you are satisfied on interest rates before applying for a loan with Xcredit.

One way to find out if the interest rate offered by a loan application is fair is to compare it to the interest rate of other loan applications. This way you will see what you are ready for.

At Xcredit, interest rates range from 12% to 24%. You don’t have to worry about calculating the interest you pay for each loan you receive from Xcredit, because Xcredit calculates everything along with the principal amount you collect.

Luckily, you don’t have to pay any service fee because the service fee for this app is 0%. Note that the loan duration in this application varies from 91 to 180 days. Paying loans that this application gives you access to large loan amounts and longer terms.

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Advantages and Disadvantages of the Xcredit Loan

  • You don’t need collateral to access their loan offers
  • Fast credit and loan approval.
  • They do not charge a service fee.
  • Short repayment period.
  • The maximum amount you can get from Xcredit is N500,000.
  • Xcredit tends not to give you high amount for the first time.

Xcredit Loan Repayment

You can repay your Xcerdit loan via bank transfer or through the app. Regardless of the payment method.

They have payment terms that you have to strictly adhere to unless you can get into trouble with them. Some of the terms and conditions include;

  • Repayment of loan capital at the agreed interest rate at the time of approval.
  • Repayment of the loan amount within the time limit specified for you.

Once you follow Xcredit terms and conditions, you should have no problem with them. Make sure you have read and understand the terms of repayment.

Also, before borrowing money from this platform or any other lending platform, make sure you have the funds to repay it. Otherwise, they may result in your personal data being used against you.

Data Collected On Xcredit Loan

When you register for the loan service, they collect your bank and phone number, and may also collect your name, age, email address, or other contact information.

Using this information, the app review team will verify your identity with third parties, including the person you provided as an emergency contact. They will also collect data from your device through their credit rating system.

This includes information about your device, such as device creator and model, operating system, installed software applications, and unique user ID. Xcredit also collects your email contacts and phonebook, as well as device activity information such as: B. SMS logs and GPS location information.

Xcredit Loan Full Review

In addition to this information, xcredit also collects data from third parties such as credit reporting agencies and other financial institutions. By registering for the Service, you consent to the collection and processing of the above data.

Call Log

After you authorize xcredit call authorization authority, you will be called by voice call. The reason for collecting call recordings is to be able to confirm that you used your own phone to install their app and get their dynamic password verification on the same computer.

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Specifically, they will confirm your device by calling the phone. Check your call log to see if you received a call. This will make your credit more reliable and credit service faster. They promise not to monitor, read, store or share any personal data for conversations.

I’m confident that this article has solved all questions about Xcredit loan terms, Xcredit interest rate, Xcredit repayment, application method for Xcredit, Pros and cons of the Xcredit app. If you have any question kindly drop it in the comments section.

5 thoughts on “Xcredit Loan: Is Xcredit Legit? How to Apply”

  1. I have been searching for the xcredit app on play store but can’t find it, please provide me with a link to download it.

  2. It’s almost obvious this post is sponsored because if you have taken a loan from Xcredit you would know that the customer care agents insult and berate people before and on their due date regarding payments.

    If you have contact with them, tell them that this is what their agents do.

    If you really want to have a peaceful life, don’t take a loan from Xcredit.

  3. Please, I need your assistance@ xcredit staff. I borrowed money last week and made payment today. So, I needed to borrow 8000naira again, it shows it was successful and have told me when I must pay with how much I’m to pay. My headache is that up till this time, more than 3 hours now, I have been checking my Account Bal and nothing was there🙆🙆🙆

    I’m scared o, Is there any thing I can do, so I won’t repay the money I didn’t borrow

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