The lifeline Loan app is one of the most popular loan apps in Nigeria. If you want to borrow a loan on this platform but have no idea where or how to start, then this article is for you. We shall equally be revealing other interesting facts about the lifeline Loan app such as their legitimacy status, interest rates and so much more!
In this age of financial technological advancement, literally anything finance related can be done via the internet without having to stress yourself through the traditional ways.
These days, it is not uncommon to borrow loans from lending institutions via the internet without having to go through protocols and carry out strenuous processes involving lots of paperwork. Loan apps are littered everywhere on the internet today, in fact, you do not even have to ask before you find one.
Today we will be talking on one of the many loan apps in the Nigerian Fintech market. Not only is this article going to show you how you can apply for loans on Lifeline, you will also get to learn the pros, cons and authenticity of the loan app.
What is Lifeline Loan App?
Lifeline loan app is a micro loan lending app available to Nigerians on the Google play store. The app offers loans as low as N3000 and as high as N300,000 with zero collateral and relatively minimal requirement.
Lifeline loan app was released September 2022 under Fintrade solutions limited. The app has over 500k downloads on the Google play store and is rated 4.5 out of 5 stars with over 10k reviews.
How Does Lifeline Loan App Work?
If you have used one or two Nigerian loan apps, then you should be quite familiar with how the Lifeline Loan app works.
The app functions 24 hours a day, seven days a week. Lifeline loans are only gotten via the mobile app. Applying for a loan on lifeline loan app requires you to sign up on the platform by providing essential and requested information to enable them to identify you.
Once you have successfully registered on Lifeline Loan app, you get access to apply for a loan. The loan application on the platform is easy, stress free and does not require much. If a user meets the eligibility criteria and has his or her loan approved, the money will be credited to the account number provided.
Lifeline loan period is between 91 days to 365 days and once the loan period elapses, users will be required to pay back their loans.
Is Lifeline Loan App Legit?
Yes! Lifeline loan app is legit. As said before, the app has garnered over 500k downloads and 10k reviews on the Google play store. Although the loan app has so many negative comments, the fact still remains that it is legit and genuinely gives out loans to customers.
How to Download and Get Started on Lifeline Loan App
Getting the Lifeline loan app on your phone is as easy as can be. All that is required to do this is for you to go to your Google play store, search for “lifeline loan app”, hit the install button once you locate the right app. The app will automatically download and install on your phone.
How to Sign up or Register on Lifeline Loan App
To sign up on Lifeline loan app, you are required to launch the app on your phone and follow these easy guide;
1. The first thing to do once you open the lifeline loan app is to grant the app permission to some of the features on your phone.
2. Accept terms and conditions by clicking “accept”
3. Input your functional phone number in the requested section and click ‘obtain’ by the side
4. An OTP will be sent to the phone number you provided, copy it and paste on the section requested
5. Click on login
6. Complete the form.
How to Borrow Loan on Lifeline Loan App
Borrowing loan on lifeline loan app is quite easy with these steps;
1. Download the Lifeline loan app
2. Sign up or register on the app
3. Apply for loans after successfully registering.
4. Your loan is approved and will be disbursed to the bank information you used in registering.
How to Repay Lifeline Loan App
The loan duration for Lifeline loans is between 91-365 days. This means that after 91 days or 365 days after your loan was paid, you would be required to repay the loan. To repay your lifeline loan, login to the app and follow the instructions given.
Pros of Lifeline Loan App
Some of the pros of Lifeline Loan App are;
1. The app has a user friendly interface and is very easy to use
2. Lifeline loan app offers instant loans
3. It gives convenience micro loans for unexpected personal needs
4. The app does not have much restrictions on who can use it
Cons of Lifeline Loan App
1. Lifeline loan app has been reported to be a loan shark with very suspicious operations
2. The app gives very minimal initial loans to customers
3. Lifeline loan app has very bad and controversial customer care services
4. They deceive customers to take loans
5. The customer service representative starts to pester and threaten you even before your loan is due.
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Frequently Asked Questions and Answers
Is Lifeline Loan App Legit?
Yes, lifeline loan app is legit but it is not genuine. If you are not careful on the app, you might receive a loan you did not apply for and be forced to pay back.
What are the requirements for getting a loan on Lifeline Loan App?
These are the eligibility qualifications for Lifeline loans;
1. 1 valid bank account
2. At least 18 years old
3. Nigerian Resident
4. 1 government-issued ID
How much can I borrow on Lifeline Loan App?
Lifeline loan app gives a minimum of N3000 and a maximum of N300,000
What is the loan duration of Lifeline loans
The loan period of lifeline loans ranges between N3000 to N300,000
What is the interest rate on Lifeline loan app?
The interest rate on Lifeline loan is on maximum APR 20% per year
What happens if I fail to repay my Lifeline loan?
You will be incessantly harassed by their customer service. You might also be banned from borrowing from the loan app and other loan apps too.
Does Lifeline loan have customer care?
Of course, lifeline loan app has customer service representatives but as reported by so many reviews on Facebook, the customer care line is always switched off.
Final Verdict
Lifeline loan app is one of those loan apps that will frustrate you as a customer. Although we have verified that it is legit and disburses loan, we however do not advise you to do business with them, for your sanity sake.
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