Perhaps you wish to start up a small business or you 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 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 the Lendigo platform, you must meet some criteria, 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 for those who may be willing to patronize the Lendigo platform for their business loan. The write-up is also designed to give in-depth knowledge on the user’s experience with the platform. Stay tuned as I 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
The 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. You should also note that the company may extend the repayment plans to 12 months, depending on certain criteria.
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 using the platform, while others frowned on the issues of declined loan applications and poor customer service, among others.
From the Play Store, we observed that the loan app has 10,000 reviews. In the same vein, the app has a 4.1-star 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 offers a viable option for small and medium-scale business owners in Nigeria who are seeking financial support to kickstart or expand their operations. With loan amounts ranging from ₦300,000 to ₦20,000,000, it’s tailored to meet the diverse needs of different businesses. However, like any financial service, it’s crucial to weigh the pros and cons based on your personal experiences and those of other users.
While some business owners have successfully navigated the application process and benefited from Lendigo’s services, others have faced challenges such as declined applications and issues with customer service. Before committing, make sure to understand the requirements, the interest rates, and the repayment plans.
Ultimately, the right choice depends on your specific business needs and your readiness to meet Lendigo’s criteria. Remember, securing a loan is just the beginning—having a solid plan for using that capital wisely is key to your business success. Stay informed, be patient, and choose wisely, and you’ll be well on your way to achieving your business goals.