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LairaPlus Loan App

Free

In Nigeria    V1.0.1.2

5.0 (1 million +)

Security Status

in Nigeria

LairaPlus APP

Best loan app

in Nigeria

Free

In Nigeria   V1.0.1.2

5.0 (1 million +)

Security Status

How will applying for a 5-minute instant cash loan affect my credit record?

Applying for a 5-minute instant cash loan can potentially impact your credit record in several ways:

  1. Hard Inquiry on Your Credit Report: When you apply for a loan, the lender usually performs a hard inquiry (or hard pull) on your credit report to assess your creditworthiness. This inquiry gets recorded on your credit report and may temporarily lower your credit score by a few points. Multiple hard inquiries within a short period might indicate to lenders that you’re actively seeking credit, which can impact your credit score.

  2. New Credit Account: If you’re approved for the loan, a new credit account will be added to your credit report. This can affect the average age of your accounts, which is a factor in determining your credit score. A new account might also impact your credit utilization ratio (the amount of credit you’re using compared to your total available credit), which is another factor influencing your credit score.

  3. Payment History: Your repayment of the instant cash loan will be recorded in your credit history. Timely payments can positively impact your credit score, demonstrating responsible borrowing behavior. Conversely, missed or late payments can negatively affect your credit score.

It’s essential to note that while applying for the loan might have a short-term impact on your credit score, responsible borrowing and timely repayments can help build a positive credit history over time.

LairaPlus Loan App

Free

In Nigeria    V1.0.1.2

5.0 (1 million +)

Security Status

for Android

However, some lenders offering instant cash loans might not perform a traditional credit check, opting instead for alternative methods to evaluate creditworthiness. In such cases, your application might not affect your credit report. It’s advisable to check with the lender about their specific credit check policies before applying for the loan.

Remember, managing credit responsibly and making payments on time are crucial for maintaining a healthy credit record.

LairaPlus Loan App

Free

In Nigeria   V1.0.1.2

5.0 (1 million +)

Security Status

in Nigeria

LairaPlus APP

Best loan app

in Nigeria

Free

In Nigeria   V1.0.1.2

5.0 (1 million +)

Security Status

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