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Frequently Asked Questions

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Lendigo provides easy and quick access to working capital without cumbersome paperwork, collateral or any hidden charges.

● Easy: You can apply online for a business loan without going to a physical location and forget about unnecessary documents.

● Fast: Make a non-binding credit request in less than 10 minutes and get a credit decision within 48 hours

● Flexible: Benefit from SME loans with flexible terms, free early repayments and without any collateral.

● YES. We are one of the first innovative fin-tech companies who posses a Company Lending Licence.

Yes we do, but only for verification of your identity. As stated by the CBN, your BVN provides your unique identity for the purpose of achieving effective “Know Your Customer” (KYC) principle and fraud prevention. Your BVN is neither a payment instrument nor an account number and
therefore could not be used to access any of your accounts

Once we have received your complete documents, we will review them within 48 hours and make you a loan proposal. If you agree to our financing proposal, your loan amount can be financed and paid within an average of one week. Therefore, the faster you provide us with the necessary documents, the faster the application process runs.

● Apply fully online and request your loan. You will immediately receive all further information by e-mail. Shortly thereafter, we will contact you by phone and discuss all necessary documents and further steps.

● Our credit experts check your documents and carry out a free credit check. Within 48 hours of receiving your documents, you will receive a credit decision from us.

● Once we have agreed to our financing proposal and all contracts have been concluded, the loan amount will be transferred to your business account.

We offer short-term loans up to a maximum of 6 months. A loan tenor up to 12 months can be approved but this is subject to approval and based on additional criteria.

● You can register for free with LENDIGO and apply for a loan. There are no additional fees for you, if you take the loan, only the agreed interest and processing fee. Early repayments are also free and can be made anytime.

● Our monthly interest fees start from 2.0% and our processing fees from 0.5%. Our rates are very competitive as micro-finance banks charge from 5.0% and our competitor’s charges between 7.0-13.0% monthly.

● Your personal data will always be treated with due discretion. All transactions and data are subject to high security standards. Data is transmitted SSL-encrypted and is not visible to third parties. The correct handling of the data of our customers is monitored by the independent, external data protection service provider.

● No. The loan request and the verification of your application are completely free of charge.

It allows your business to stock up your inventory and sell more fast selling goods boosting your revenues and store ratings freeing up much needed cash.

We charge from 4.0% to 8.0% flat monthly interest including a processing fee from 0.5% to 2.0%. Our rates are very competitive as micro-finance banks charge from 5.0% and our competitor’s charges between 7.0-13.0% monthly.

NO, our rates are very competitive compared to our competitors. However, with good recurring loan performance, we are willing to adjust the rates for our top clients.

We offer short-term loans up to a maximum of 6 months. A loan tenor up to 9 months can be approved but this is subject to approval and based on additional criteria.

We pride in our promptness to merchants needs, it takes 2-3 days from business verification to disbursal if your loan request is approved.

Your JUMIA sales proceeds are paid into this specially created sub-account. Repayments are done on a weekly basis according to a previously shared repayment schedule. We deducted the outstanding amount according to your repayment schedule send the balance to your personal account within 24 hours.

Every approved client gets a 2 weeks moratorium period, meaning that the interest is still counting during this period but there are no repayments scheduled.

Once there is a default on your weekly payment, a daily charge of 0.033% including the interest rate is applied to the owed amount after 6 business days of delay. You can always repay your outstanding amount via a simple bank transfer to your corresponding sub-account.

YES, each loan can be liquidated before the due date free of any charge.

YES, this depends on the loan amount approved for your store. Please see below for the breakdown:

Level 1 (N100,000 -N300,000)

● Remita

● Signed Personal Guarantee Form & Offer Letter

Level 2 (above N300,000 – N1,000,000)

● Remita

● Online Business Verification (Video Call).

● Signed Personal Guarantee Form & Offer Letter

Level 3 (above N1,000,000)

● Remita

● Offline Business Verification (Personal Visit)

● Signed blank cheques from a personal current account

● Fire & Burglary Insurance

● Signed Personal Guarantee Letter & Offer Letter

● Phone Number: +234 812 289 1078

● Email: [email protected]

Absolutely anything that helps your business get to where it needs to be. From working capital, to remodelling, expansion and even paying staff salaries.

We offer short-term loans up to a maximum of 6 months. A loan tenor up to 9 months can be approved but this is subject to approval and based on additional criteria.

Our algorithms calculate a loan amount based on your data and preferences eg. past 6 months POS transaction history, preferred daily deduction, etc. The maximum amount is N20,000,000.

Lendigo charges a monthly rate from 4.0% plus processing fees of 1.0%.

Lendigo offers a flexible tenure for the credit line up to 12 months. However, each drawdown has a tenure of max. 90 days after which principal and interest need to be repaid.

You can use the funds whenever you want. However, each drawdown has a tenure of max. 90 days after which principal and interest need to be repaid.

Lendigo is not requesting any sort of collateral but an initial security deposit of up to 20% of the approved credit line.

There are no fixed payment terms. You pay only interest on the draw down funds during the running period, however, each invoice must be paid up after 30 days.

Lendigo charges a monthly rate from 2.25% plus processing fees of minimum 0.5% on each invoice.

● Phone Number: +234 812 289 1078

● Email: [email protected]

Need more information on Business Loans in Nigeria?

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