As a small business owner or a medium-sized business person needing funds to run your business, you may try out Lendigo.
In this article, we will carefully examine what Lendigo is, how it works, the lendigo loan app, and how to get business loans from Lendigo. Read on.
Overview Of Lendigo
Lendigo is a Fintech company offering short-term credit facilities to facilitate optimal and smooth sailing of both small and medium-sized businesses.
It is an online platform that aids businesses in meeting up with the expectations of the market in terms of funding. We highly recommend Lendigo if you need to secure quick loans.
How Does Lendigo Work?
Lendigo offers loans to businesses to help them run seamlessly and without hitches.
However, it all depends on the type of business and the amount needed. Yes, applying for loans on Lendigo is very much easy.
You can secure up to ten million Naira (N10,000,000) from Lendigo with convenient repayment terms, low-interest rates, no collateral or property documents, and repayment terms of 1 month to 6 months.
Lendigo Loan App
With the Lendigo loan app, you can get updated with your loan application and repayment anytime and anywhere.
This loan app is available for download at Google Play Store. Its excellent features have attracted over 40 000 reviews, 4.1-star ratings, and about 100,000 downloads.
The app has a user-friendly interface, and it is easy to explore without guidance. Moreover, the Lendigo loan app has a small download size of 12 MB. You will get it downloaded on your Android phone.
How To Download The Lendigo Loan App
Downloading the Lendigo loan app is simple. With no more than 12 MB, you can have this app on your phone. How?
-Go to your Google Playstore
-Type “lendigo loan app” on the search bar. The app will be shown.
-Click on “install” to download the app.
-You have the app with you!
What Are The Requirements And Criteria For Getting Loans From Lendigo?
Below are the requirements and criteria for getting loans from Lendigo, depending on your type of business.
1. Small And Medium-size Businesses/ Enterprises(SMEs)
If you offer retail or even professional services, the Lendigo SMEs loan is for you. These businesses can borrow from N300,000. However, the following are needed;
- At least one year of existence.
- Debt-free
- A monthly turnover of N250,000
- BVN and NIN.
- A valid government means of identification.
- If your business is a Limited company, obtain a corporate guarantee via the company’s resolution board.
- Your CAC documents.
- A statement of account history
- For loans up to one Million, you need a NUBAN cheque and REMITA.
2. E-commerce Merchants.
Businesses here can borrow from N300, 000 just like SMEs. The following criteria and documents are required of them :
- Your business must be debt free.
- Operation for the past six months.
- REMITA (Filled direct debit form) is very important.
- If your desired loan is up to N1, 000, 000, a NUBAN cheque will be required.
- Yielded revenue worth N100,000 monthly for the past six months.
- Certificate of company registration.
- BVN and NIN
- A valid method of identification.
- A personal, guarantor, and corporate guarantee (for limited company) form.
3. POS Agents
The following criteria and documents are essential to prove your eligibility.
- Active for the past six months.
- Account of N250,000 as revenue for the past six months.
- Your POS terminal must be with a CBN-Licensed POS aggregator.
- BVN and NIN.
- If the loan you want to collect is around one million, you need a NUBAN cheque. Also, you need to fill out a REMITA form.
- A personal guarantee, guarantor form, and corporate guarantee (for limited companies).
- Verified method of identification
- Perform at least 20 transactions in a week.
4. Fast Moving Consumer Goods (FMCG) distributors.
For registered distributors needing loans to fund their businesses, the following are required of you.
- Active for the past two years.
- Monthly revenue of N500,000 must be yielded.
- A verified method of identification.
- National Identification Number And Bank Verification Number.
- CAC documents.
- NUBAN cheque and REMITA form.
- Corporate guarantee through the resolve board.
- An asset debenture or lien is very important.
- Be able to buy goods worth one million per month and have at least one client well known.
Lendigo Minimum And Maximum Loan Amount.
It all depends on the kind of business you do. This is because each loan option has its minimum amount.
That notwithstanding, you can borrow as little as N100,000 to as much as N10, 000, 000.
Once you meet the requirements and criteria for your loan option, you can obtain business loans from Lendigo.
Lendigo Loan Repayment Term And How To Repay.
The repayment term of a Lendigo loan is usually between 1 month and six months.
You can repay your loan through the loan app or by requesting the company’s account details for a cash repayment.
What Is Lendigo’s Interest Rate?
The interest rate depends on the type of business and the loan option.
- Small and medium-sized businesses have an interest rate of 4.8% per annum.
- E-commerce merchants have 4% per annum.
- POS agents pay 4.8% per annum
- While the distributors pay around 3.5% per annum.
How To Contact Lendigo
Head Office:14th floor, 13 Town Planning Way, Ilupeju, Lagos State, Nigeria.
Phone Number: 08122891078
Email Address: [email protected]
Frequently Asked Questions
How can I borrow money from Lendigo?
Download the Lendigo app from your Play Store, and register by creating an account with Lendigo.
After that, apply for a loan on the app by following the guidelines. Don’t forget to submit your documents. You’ll be credited if your application is approved.
How does Lendigo work?
You don’t need collateral to apply for loans on Lendigo. Just be eligible and remain faithful to the terms and conditions. The repayment plan is also flexible.
Is Lendigo genuine?
Yes, Lendigo is genuine and reliable. It is one of the highly-rated apps on the Google Play Store.
Bottom line
Lendigo is a trusted Fintech company. We highly recommend them. Feel free to ask your questions in the comments section.
