LendMax is a digital loan app available to Nigerians. It offers small to medium-sized loans with a quick application process. The app is listed on the Google Play Store and has over 50,000 downloads. It is operated by Graysville Trading Limited.
In this post, we will provide full datails of how to take loan from this app, their interest rate and repayment period. We will also answer questions about LendMax legibility and federal government approval status. Stay cal and read through and get the full information to make an informed decision.
Loan Features
LendMax provides loans ranging from ₦1,000 to ₦500,000. The repayment period is between 91 and 180 days. The annual interest rate (APR) varies from 12% to 33%, depending on the loan amount and repayment duration.
For instance, a ₦10,000 loan over 120 days at a 24% APR would accrue ₦789 in interest, totaling ₦10,789 to repay.
Loan Requirements
To qualify for LendMax loan, you must:
- Be a Nigerian resident.
- Be at least 18 years old.
- Have a valid mobile phone number.
- Possess a bank account or mobile wallet.
How to apply for LendMax loan
To apply for LendMax loan, follow the steps below:
- Download the app from the Google Play Store.
- Register with a phone number.
- Comple the loan application form.
- Submit the application for review.
- Wait for approval
- If approved, funds are disbursed to the provided bank account or mobile wallet.
Is lendmax loan app legit?
LendMax is a legit loan app. Many Nigerians have taken loan from them. However, reactions from lendmax users are mixed and you need to take note of that.
While some users report positive experiences with LendMax, others have raised concerns. There are reports of the app accessing users’ contacts without permission and sending messages to them, even when access was denied.
Additionally, some users have labeled the app as fraudulent, citing issues like unauthorized access and aggressive debt collection practices.
Is LendMax approved by CBN
The Federal Competition & Consumer Protection Commission (FCCPC) in Nigeria maintains a list of approved digital money lenders. As of now, LendMax is not listed among the approved lenders. This absence may raise concerns about the app’s compliance with regulatory standards.
Conclusion
LendMax offers quick loans with a straightforward application process. However, potential users should be cautious due to reported privacy concerns and the app’s unlisted status with the FCCPC.
It’s advisable to thoroughly read the terms and conditions and consider alternative lenders that are registered and regulated by Nigerian authorities.
