Lendigo Loan: 7 Things You Need To Know Before Taking A Loan From Lendigo

Perhaps you wish to start up a small business or want to expand your already existing business, but you don’t have enough capital to do so. Well! You may need to opt for a loan from the Lendigo platform. Lendigo Nigeria is one of the leading loan platforms that offers loans to small and medium-scale businesses in Nigeria.

Over the years, Lendigo has been helping business owners to access urgent cash to boost their businesses. They offer business owners this loan with interest, apart from the interest, applicants are expected to pay processing fees. However, as a business owner before you can access a loan from Lendigo platform, you must meet some criteria most especially if you are applying for a huge amount of money. In some instances, you may have to register your business before you can access the loan. 

However, users of this platform have divergent views about their services but these views are due to individual experience. Hence, we have designed this article to serve as a guide to those who may be willing to patronize Lendigo platform for their business loan. The write up is also designed to give in depth knowledge on the user’s experience about the platform. Stay tuned as 

I will walk you through the article.

1. How Much Can I Borrow From Lendigo?

The amount of money you can borrow from Lendigo is dependent on your business type. For each business type, there are specific requirements that must be met. This is to say that the loan requirements for small-scale businesses are different from those for medium-scale businesses.

In general, the amount of money that a business owner can borrow from Lendigo ranges from 300,000 to 20,000,000. The higher the loan amount you apply for, the higher the criteria that must be met and vice-versa.

2. Lendigo Loan Interest Rate

Lendigo loan interest rate is not fixed, the interest rate is dependent on the loan amount and the repayment plan chosen. However, the Lendigo loan interest rate ranges from 2% to 5%. Meanwhile, the company charges extra 0.5% processing fees.

3. Lendigo Loan Repayment Plan

Ordinarily, the Lendigo loan repayment plan is normally 6 months. However, this duration is subject to change, hence there are possibilities that the company may extend the repayment plans to 12 months depending on certain criteria which is solely determined by the company.

4. Lendigo Loan Requirement

To access business loans from Lendigo, there are requirements that the applicant must meet. The requirements vary depending on the exact amount you apply for. But some of the general requirements are outlined below

  • The applicant must have a Bank Verification Number
  • Medium scale business owners who wish to borrow one million Naira and above are expected to register their businesses before applying for the loan
  • The applicant is expected to have an ID card like driver’s license, voter’s card, international passport etc.
  • The applicant is expected to have a business account
  • Filled Guarantor form.

5. Lendigo Review

As it is with other loan platforms, users have diverse experiences on Lendigo. Some users shared their good experiences on using the platform while others frowned on the issues of declined loan application, poor customer services among others.

From PlayStore, we observed that the loan app has 10,000 reviews. In the same vein, the app has 4.1 stars rating which is comparatively good.

According to one of the users – David Steven: ‘’The registration was seamless. But I have been applying for a loan but you guys declined my application. Like it’s worthless. I have applied for this loan three times’’

Norhim Zeerah has this to say: ‘’The email verification is rubbish, trying to create an account for the past five days… they are telling me they have sent a code to mail to confirm my email address but all to no avail’’.

Final Thought

Lendigo platform has helped some business owners to scale up their business through their business loan but some users are finding it difficult to access the loan. In all, ensure that you meet all their basic requirements before applying for a loan.

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