LendMax loan requirements shows that you also need to provide your Bank Verification Number (BVN). The BVN is important because it helps identify you as a bank customer.
Introduction
LendMax is a new loan app in Nigeria that has become popular, with over 100,000 downloads. Many people like how easy it is to apply for a loan through the app. However, there are serious complaints about LendMax that users should know about before using it.
First, some users say that they does not have a proper license to operate. This is a big problem because it means the app may not follow the rules needed to protect borrowers.
One customer wrote a warning: “This loan app is a fraudulent app. Kindly delete it and don’t do any transactions with them; they are very bad sets of people.” This kind of feedback raises concerns about whether the app can be trusted.
Many users report that simply clicking around the app can lead to unintended consequences. For example, if you touch the dashboard, the app might think you want to apply for a loan, even if you did not intend to.
This means you could end up with a loan you never wanted. Such practices feel misleading and can cause stress for users who just wanted to explore the app.
Another major issue is the difference between the loan amounts shown on the app and what people actually receive.
Users have complained that the amount offered on the app is often much lower than what they expected. Additionally, the fees can be very high.
For instance, some borrowers say they ended up paying back 50% more than what they borrowed in just seven days. This means that a loan that seems small can quickly become much more expensive.
These issues are concerning, especially for people who need quick cash. Many turn to apps like LendMax during tough times, hoping for help. However, finding out that the app may not be trustworthy can make their situation worse.
In conclusion, even though it may look like a simple way to get a loan, the growing number of complaints suggests that it could be risky.
The lack of a license and the negative experiences shared by users show that caution is needed. If you are considering using them, it’s important to research other loan options that are safer and more reliable. Protecting yourself from potential scams should be your top priority when seeking financial help.
History and overview
LendMax is a loan app owned by Graysville Trading Limited. Although it is popular in Nigeria, many people have serious concerns about its safety and trustworthiness.
There is no clear information about whether it is approved by the Central Bank of Nigeria (CBN). Additionally, the company does not have an office in Nigeria, which raises more doubts for potential users.
Customer reviews of LendMax are mostly negative, leading many to call it a “loan shark.” One woman shared her frustrating experience with the app.
She said, “My loan date is tomorrow, you came to my WhatsApp threatening me today when it is not the end of tomorrow! I have been trying to access the ‘repayment’ channels for days now, I even sent a complaint through the help center, followed your suggestion, still I could not access the ‘repayment’ channels! I need a way to repay this loan!”
This statement shows how stressful it can be for borrowers dealing with them. Instead of getting help, this woman felt threatened as her repayment date approached. She struggled to find a way to repay her loan, even after reaching out for help.
Many borrowers come to LendMax in urgent situations, looking for quick cash. They expect support and clear communication, but the problems they face with this app leave them feeling worried and trapped.
In conclusion, the history of complaints about LendMax raises important questions about its safety. The lack of CBN approval and the absence of a physical office make it risky for people looking for loans. Potential borrowers should be careful and consider other, more trustworthy options.
Requirements
National ID
To apply for a loan through the app, you need a National ID. This ID is important because it helps confirm your identity, ensuring that you are who you say you are.
It also allows the loan app to check if you meet the requirements for borrowing money. Providing your National ID is a way to keep the process safe and secure.
When you apply, you’ll likely need to upload a clear copy of your ID, so make sure all the details are easy to read. Having your National ID ready helps make the loan application process smoother.
BVN
To apply for a loan through the app, you also need to provide your Bank Verification Number (BVN). The BVN is important because it helps identify you as a bank customer.
It links all your bank accounts to one number, making it easier for the loan app to verify your identity and check your financial history.
Income
When applying for a loan through the app, you need to provide information about your income. This is important because it helps the loan app assess whether you can afford to repay the loan. Your income shows how much money you earn regularly, which is a key factor in determining your loan eligibility.