Easycredit Loan Review

Easycredit Loan Review

EasyCredit is a popular loan app in Nigeria that has gained significant traction with over a million downloads from the Google Play Store. With EasyCredit, users can access loans quickly and easily without the need for collateral, guarantors, or extensive documentation.

The app prides itself on its ability to provide borrowers with funds that are credited to their accounts within minutes, making it a convenient solution for individuals facing short-term financial needs. This article will provide a comprehensive review of EasyCredit, examining its features, benefits, and potential drawbacks.

EasyCredit Loan Requirements

Valid Citizenship

EasyCredit typically requires borrowers to be citizens of a recognized country. This means that you must have legal citizenship or residency status in a country where EasyCredit operates.

Monthly Income

To be eligible for an EasyCredit loan, you should have a regular source of income. This income could come from various sources, such as employment, business, or other means.


You must possess a functional mobile phone. This is often a fundamental requirement because the loan application and communication with EasyCredit are primarily conducted through mobile apps or SMS.

BVN (Bank Verification Number)

In many cases, EasyCredit may require borrowers to have a valid Bank Verification Number (BVN).

EasyCredit Loan Interest rate

EasyCredit offers loan amounts ranging from a minimum of 10,000 Naira to a maximum of 50,000 Naira. The Annual Percentage Rate (APR) for EasyCredit loans varies depending on the specific terms and conditions of the loan but typically falls within the range of 12% to 29% on a reducing balance basis.

The repayment period for EasyCredit loans can span from a minimum of 91 days to a maximum of 24 months, providing borrowers with flexibility in managing their repayments. Processing fees can go up to a maximum of 350 Naira or up to 1% to 7% of the loan amount, depending on the loan terms. Additionally, prepayment fees of 2.50% of the prepayment amount may apply.

For Example

Suppose you borrow 20,000 Naira from EasyCredit at an annual interest rate of 20%. The loan term is 6 months (or 0.5 years).

First, calculate the monthly interest rate: Annual Interest Rate / 12 months = 20% / 12 = 1.67% per month.

Next, calculate the total interest paid over the loan term:

Monthly Interest Rate x Loan Amount x Number of Months = 0.0167 x 20,000 x 6 = 2,000 Naira.

Add the total interest to the loan amount to find the total repayment amount:

Loan Amount + Total Interest = 20,000 + 2,000 = 22,000 Naira.

How To Apply For EasyCredit Loan

Step 1

Download EasyCredit – Apply for Loan App

The first step in obtaining a loan through EasyCredit is to download the EasyCredit – Apply for Loan App from a trusted source, such as the Google Play Store. Once the app is downloaded and installed, you can open it to start the loan application process.

Step 2

Provide Basic Details and Wait for 48 Hours

After opening the EasyCredit app, you’ll be prompted to provide some basic information. This information typically includes personal details such as your name, contact information, citizenship, and employment status. You may also need to submit certain documents or identification, like your Bank Verification Number (BVN). Once you’ve completed this step, the app’s system will evaluate your eligibility based on the provided information.

Step 3

Contact from Lending Partner Representative

EasyCredit has partnerships with lending institutions or lending partners. If your loan application meets the eligibility criteria, a representative from one of these lending partners will contact you. This contact is likely to include further discussions about the loan terms, interest rates, repayment schedule, and any additional documentation or information required for final approval.

Step 4

Money Transfer to Your Bank Account

Assuming your loan application is approved by the lending partner, the next step involves the transfer of the loan amount directly to your bank account. This is typically done within a few hours after final approval. It’s important to double-check and ensure that you’ve provided accurate bank account details to avoid any delays in receiving the funds.

How To Repay EasyCredit Loan

Step 1

Open the EasyCredit App

To initiate the loan repayment process, open the EasyCredit app on your device. Ensure that you are logged in to your account using your credentials.

Step 2

Access Your Loan Information

Once you’re logged in, navigate to the “My Loan” section within the app. Here, you will find details related to your active loans, including the outstanding balance and repayment options.

Step 3

Select the Loan to Repay

From the list of your loans, choose the specific loan that you wish to repay. Click on it to access the loan details and repayment options.

Step 4

Initiate Repayment

Within the loan details page, look for the option labeled “Repay in Advance” or a similar phrase that signifies the loan repayment feature. Click on this option to proceed with the repayment process.

Step 5

Verify Details

Before confirming the repayment, take a moment to verify that all the details are accurate. This includes checking the loan amount you intend to repay, any associated fees, and the repayment method you have selected.

Step 6

Confirm Payment

Once you have reviewed and confirmed that all the details are correct, proceed by clicking on the “Repay now” or similar button. This action will initiate the loan repayment process.

Step 7

Payment Processing

EasyCredit will process your payment, deducting the agreed-upon amount from your linked bank account or the payment method you have selected. The processing time can vary, but typically, the repayment is processed within a short timeframe.

Step 8


After the payment is successfully processed, you should receive a confirmation notification or email indicating that your loan repayment has been completed.

EasyCredit Customer Care

For any additional information or queries, EasyCredit offers customer support through the dedicated Customer Service. The financial team is ready to assist you with any concerns or inquiries you may have regarding the loan services and application process.

Frequently Asked Questions

How To Download EasyCredit Loan App?

  • Open your device’s app store, such as the Google Play Store for Android or the Apple App Store for iOS.
  • In the search bar, type “EasyCredit Loan” and hit “Search.”
  • Find the EasyCredit Loan App in the search results and click on it.
  • Tap the “Install” or “Download” button.
  • Allow the EasyCredit app to download and install on your device.
  • Once installed, open the app, and you can start the loan application process or access other features as needed.

Can I get a loan with my BVN?

Yes, you can get a loan with your BVN (Bank Verification Number) in some financial institutions or lending platforms. BVN is often used to verify your identity and assess your creditworthiness when applying for loans. Lenders may use your BVN to check your financial history and assess the risk associated with lending to you. However, meeting other criteria, such as income and repayment capacity, is also typically required to secure a loan.

What is The Maximum Loan Amount for EasyCredit Loan?

The maximum loan amount typically ranged from 10,000 Naira to 50,000 Naira. This is the amount users are allowed by the financial loan company.

What is EasyCredit loans processing fees?

EasyCredit’s processing fees for loans can vary depending on the specific loan terms and conditions. Typically, these fees range from a maximum of 350 Naira to a percentage of the loan amount, which can be between 1% and 7%. The exact processing fee applied to your loan will depend on the loan amount and the terms agreed upon during the application process.

How quickly can I receive the loan amount after approval?

Once your loan application with EasyCredit is approved, you can typically expect to receive the loan amount relatively quickly. In many cases, the funds are transferred directly to your bank account within a few hours.

Can I repay my EasyCredit loan early?

Yes, you can repay your EasyCredit loan early if you wish to do so. Many loan providers, including EasyCredit, allow borrowers to make early repayments.


EasyCredit is a prominent loan app in Nigeria, offering users a convenient and accessible way to access funds for their financial needs. With over a million downloads on the Google Play Store, it has garnered significant popularity. Users can apply for loans ranging from 10,000 to 50,000 Naira, depending on their eligibility and the specific terms and conditions.

EasyCredit prides itself on its rapid loan approval and disbursement process, often transferring funds within hours of approval. However, borrowers should be aware of the associated processing fees and potential prepayment fees when repaying the loan early.

The application process is straightforward, requiring basic details and a brief waiting period for eligibility assessment. Once approved, borrowers can access the funds swiftly.