Are you looking for a reliable and customer-focused microfinance institution in Nigeria? Look no further than the Lift Above Poverty Organisation (LAPO) Microfinance Bank. With a massive reach, serving over 3 million Nigerians, LAPO is one of the country’s most popular and largest microfinance institutions and offers Lapo loan for country-wide consumption.

Since its inception as a non-governmental organization in 1987, LAPO’s mission has been to uplift Nigerians from poverty. Over the years, it has grown into a Microfinance Institution (MFI) in 1990 and later transformed into a Microfinance Bank in 2007, offering comprehensive financial services to its valued customers.

At LAPO, you’ll find more than just loans; they also provide various savings options tailored to your needs. With over 500 branches spread across major cities and urban centres, LAPO Microfinance Bank is readily available to serve you.

If you’re wondering how to get a LAPO loan online, rest assured it’s a straightforward process. Explore LAPO’s user-friendly online platform to access direct loans for individuals and groups, as well as specialized products like asset-based lending.

What are the available LAPO Loans online?

In recent times, financial institutions have tapped into the online community, providing fast and easy access to their products and services; and LAPO too decided not to be left behind in the trend.

But for now, only two loan types are available to be accessed online:

The LAPO SME loan
The LAPO salary loan (public service loan).

There are online application forms that you can fill out, and for other loans, you have to visit their bank branches.

What is the LAPO Public Sector Loan?

This loan is made available for civil servants in Nigeria at the state and federal levels. The loan is offered through payroll lending and is deduction based. Loans between N20,000 (twenty thousand Naira) and N3,000,000 (three million Naira) are made available in this scheme.

The loan is up for 12 months to repay.

What are the benefits of the LAPO Public Sector loan?

There is no need for applicants to find a guarantor.
No collateral is needed to access the loan.
There also is no need to open a LAPO microfinance Bank account to qualify for the loan.
The loan is made available in just six hours from application.
The loan has a very affordable interest rate of 2.95% every month.
The repayment structure is also very flexible giving the applicant room to breathe while paying back.

What are the requirements to access a LAPO Public Service Loan?

The applicant must have at least two years left in service to the public until his retirement.
The application form must be duly filled out.
One must provide two recent passport photographs.
The applicant’s payslip for the last three months should be provided.
The applicant must also provide a valid means of identification including his National Identity Card, Driver’s License, International Passport or Voter’s Card.

What is the LAPO SME Loan?

This loan is specifically designed to meet the financial needs of small and medium-scale enterprises (SMEs). With up to N10,000,000 (ten million Naira) up for grabs, this loan helps SMEs looking to expand their business.

What are the benefits of the LAPO SME loan?

No collateral is needed to access the loan.
Up to 12 months is given to repay the loan.
The repayment structure is very flexible.

What are the requirements to access the LAPO SME Loan?

The applicant should submit the details of an account with a commercial bank as approved payments will be deposited there.
The applicant must be up to 18 years to access this loan.
The applicant must also provide a valid means of identification including his National Identity Card, Driver’s License, International Passport or Voter’s Card.
The application form must be duly filled out.
A loan application letter should be made available.
The applicant must also provide two guarantors to stand for him.
You must provide two recent passport photographs.

How can I get a LAPO loan online?

Unfortunately, you cannot get a loan online from LAPO. Instead, you can only download the LAPO loan form online, fill it and take submit it at any of their physical branches to obtain the loan.

Does Lapo have a USSD code for loans?

Unfortunately for many, LAPO does not have any USSD code for borrowing money or for banking transactions at the time of this writing.

What are the other loan types LAPO offers?

The following are a number of loans you can apply for in the LAPO Microfinance Bank:

1. LAPO regular loan:

Designed for applicants needing capital to run their small businesses. Applicants operate in a group (union) mode. You must belong to this group to be able to access the loan. The loan offers a minimum of N30,000 (thirty thousand Naira) and a maximum of N150,000 (one hundred and fifty thousand Naira).

2. LAPO Education Loan:

Designed to support parents or guardians in paying the school fees of their children or wards. It is also available for owners of educational institutions to improve their facilities. The loan is offered in school fees loans and school improvement plans.

The school fees loan offers between N20,000 (twenty thousand Naira) to N250,000 (two hundred and fifty thousand Naira); while the School Improvement Plan offers Between N250,000 (two hundred and fifty thousand naira) and N10,000,000 (ten million Naira).

3. LAPO Agric Loan:

Made to help farmers, this loan offers between N300,000 (three hundred thousand Naira) and N1,000,000 (one million Naira).

4. LAPO Asset loan:

Up for existing LAPO clients, this loan helps them purchase assets like generators, machines and others.

5. LAPO Special Loan:

This loan targets the credit needs of their regular clients who have a need for bigger loans to strengthen their business. It offers between N50,000 (fifty thousand Naira) to N250,000 (two hundred and fifty thousand Naira).

Does Lapo have a customer care number?

LAPO Microfinance bank’s customer care agents can be reached through the following numbers +234 813 984 0230. The bank is also available for contact on Whats app at +234 815 055 3264.

In conclusion

LAPO loans are great for solving business problems and give you the financial relief you need, but you must not forget that you will get the ugly side of any microfinance bank or loan facility when you don’t meet up to the expectations of the loan.

Lapo Loan – Types & How to Apply in 3 Easy Steps