As a business owner, it is important for you to know how to access instant loans for your business and one reliable digital lender you can trust is Lendigo. Basically, the Lendigo loan platform is one that provides business loans to entrepreneurs in Nigeria. Once you have the necessary documents, getting this loan is very easy and convenient. Here is what you need to know about the Lendigo platform.
An Overview of Lendigo loan
The Lendigo platform is a financial technology company that aims to be the best digital lender for businesses in Nigeria. Essentially, this platform offers small-scale entrepreneurs easy access to business loans to expand their businesses. As a person who runs a business but has limited access to bank loans, Lendigo can serve as an alternative. You can apply for short-term business loans online and get it within 48-72 hours.
What loan products does Lendigo offer?
Here is a list of the business loan products you can access on Lendigo:
1. Small Business Owners Loan
This loan is specially made for traders and SMEs that provide retail services to the public. Some categories of businesses that can apply for this loan include Electronics stores, Phones stores, Computing, Fashion & Apparel, Household goods and many others. The interest rate on this loan is 4%
What is the loan amount and duration for Lendigo Small business owners loan?
Essentially, the Small business owners loan by Lendigo offers you a minimum loan amount of N300,000 and a maximum amount of N10,000,000. The loan tenor for this offer is between 1-6 months.
Eligibility criteria for Lendigo Small business owners loan
Here are the eligibility criteria to take out this loan:
- Your company should be registered in Nigeria as either LLP, PLC or Ltd.
- Your company must be incorporated for a minimum of 2 years.
- Your business should be able to show a minimum turnover rate of ₦500,000 monthly.
- Your business is buying goods of above ₦1 million every month.
Application requirements for small business owners loan
Here are the important documents you need:
- Government Issued ID Card (your International Passport, Driver’s License, National ID, NIN, or Voters ID)
- CAC Documents (both CAC 2 & 7) (when applicable)
- 6 Months Supplier’s Invoice
- The last 12 months’ bank account statements (for your corporate account)
- BVN of all the directors and top management staff
- Signed Personal Guarantee forms for both the CEO of the company and another guarantor
- Corporate guarantee via Board Resolution (if its an LTD Company)
Recommended: What is Carbon Loan USSD Code?
2. E-Commerce Merchants
This loan is strictly for merchants who trade on prominent E-commerce platforms like Jumia. If you fall into this category and need a loan for business expansion or other operational needs, this product is for you. The interest rate on this loan product is 4%
What is the loan amount and duration for Lendigo E-Commerce merchant loan?
Basically, the E-Commerce merchant loan by Lendigo offers you a minimum loan amount of N300,000 and a maximum amount of N10,000,000. The loan tenor for this offer is between 1-6 months
Eligibility criteria for Lendigo E-Commerce merchant loan
Here are the criteria for taking out this loan:
- A minimum of 6 months of constant activity on the online business platform (JUMIA)
- Your online business should be selling regularly on the platform
- Your digital business should be able to portray at least ₦100,000 earnings in the last 6 months
- Clean credit report and history with any local Credit Bureau
Application requirements for Lendigo E-Commerce merchant loan
Here are the application requirements for this loan product:
- Government Issued ID Card (your International Passport, Driver’s License, National ID, NIN, or Voters ID)
- CAC Documents (both CAC 2 & 7) (when applicable)
- Your BVN
- NUBAN cheque (if the loan you want to obtain is above ₦1,000,000)
- Filled and signed direct debit form (REMITA)
- Signed Personal Guarantee forms and one more Guarantor
- Corporate guarantee via Board Resolution (if its an LTD Company)
3. Auto Dealer Financing
This loan is for SMEs that offer merchandise to car traders and entrepreneurs that retail and professional car services. The interest rate for this loan package is 4%.
What is the loan amount and duration for Lendigo auto dealer financing?
Basically, the auto dealer financing loan by Lendigo offers you a minimum loan amount of N2,000,000 and a maximum amount of N20,000,000. The loan tenor for this offer is between 1-6 months
Eligibility criteria for Auto Dealer Financing
Here are the eligibility criteria for auto dealer financing:
- Must own a car lot.
- Must have at least 10 Vehicles,
- Must have constant inflow (proof of bank statement for the last 12 months)
- Clean credit report and history with any local Credit Bureau
Application requirements for Auto Dealer Financing
Here are the application requirements for auto dealer financing:
- Government Issued ID Card (your International Passport, Driver’s License, National ID, NIN, or Voters ID)
- CAC Documents (both CAC 2 & 7) (when applicable)
- Your BVN
- NUBAN cheque (if the loan you want to obtain is above ₦1,000,000)
- Filled your direct debit form (REMITA)
- Corporate guarantee via Board Resolution (if LTD Company)
- Signed Personal Guarantee forms as well as another Guarantor
4. Distributors
This loan package is designed specially for Key-Distributors (KDs) as well as Sub-Distributors (SDs) to fund orders made to fast-moving consumer goods (FMCG) producers. Basically, this helps them boost transaction volumes and get better incentives. The interest rate for this loan offer is 3.5% per month.
What is the loan amount and duration for the Lendigo distributor loan?
Basically, the distributor loan by Lendigo offers you a minimum loan amount of 1,000,000 and a maximum amount of 20,000,000. The loan tenor for this offer is between 1-6 months
Eligibility criteria for Distributors loan by Lendigo
Here are the eligibility criteria for the distributors loan by Lendigo:
- Your company should be registered in Nigeria as either LLP, PLC or Ltd
- Your company should be incorporated for at least 2 years
- Your organization is able to show a turnover rate of at least ₦500,000 monthly
- Your organization is buying goods of more than ₦1 million of the main company every month.
- Your company disseminates at least one “creditworthy” customer(e.g. private international organizations that are listed on the stock exchange)
- It may be crucial to secure the loan by an asset debenture or a lien
Application requirements for Distributors loan by Lendigo
Here are the application requirements for Distributors loan:
- Government Issued ID Card (your International Passport, Driver’s License, National ID, NIN, or Voters ID)
- CAC Documents (both CAC 2 & 7) (when applicable)
- Your last 12 month’s sales data with the already proposed principal company
- Bank Statements for the last 12 months(for corporate account)
- BVN of all directors and the top management
- Evidence of being a duly registered supplier or vendor of the principal company for a minimum of 12 months.
- Filled and signed personal guarantee forms for both CEO as well as another Guarantor
- Corporate guarantee via Board Resolution (if its an LTD Company)
Read Also: Page Financials Loan – Types & How to Apply
5. POS Agents
This loan is specially designed for POS agents who need funds to cater for operational needs. The interest rate is 4%.
What is the loan amount and duration for Lendigo POS agents loan?
Basically, the POS agent loan by Lendigo offers you a minimum loan amount of 300,000 and a maximum amount of 4,000,000. The loan tenor for this offer is between 1-6 months
Eligibility criteria for POS agents loan by Lendigo
Here are the eligibility criteria for the POS agents loan by Lendigo:
- Minimum of 6 months of uninterrupted operations with one or more POS.
- Your online business should sell a minimum of 20 transactions every week via one POS.
- Your business should be able to show a minimum of ₦100,000 income in the last 6 months.
- Clean credit report and history with the local Credit Bureau.
Application requirements for POS agents loan by Lendigo
Here are the application requirements for POS agents loan:
- Government Issued ID Card (your International Passport, Driver’s License, National ID, NIN, or Voters ID)
- CAC Documents (both CAC 2 & 7) (when applicable)
- Bank statements for the last 12 months (for your main account)
- Your BVN
- NUBAN cheque (if the loan is above ₦1,000,000)
- A correctly filled direct debit form (for REMITA).
- Filled and signed personal guarantee forms for both CEO as well as another Guarantor
- Corporate guarantee via Board Resolution (if its an LTD Company)
How can I apply for a Lendigo loan?
Follow these steps to apply for a Lendigo loan:
1. First, download the Lendigo app. You can get this app only from Google Play Store. So you need an android phone to access Lendigo loan.
2. Next, create a Lendigo account for yourself by entering your details on the app. The platform will verify your details.
3. Once your details have been verified, you can apply for a loan by clicking on the “Apply for a loan” tab.
4. Wait for a loan offer. If you are eligible for an instant loan, you will receive a loan offer for the amount you can borrow. The amount of loan you can access is estimated based on your credit score.
5. Accept your loan offer and wait for Lendigo to disburse the funds. This should take between 48-72 hours.
Alternatively, you can visit their website, www.lendigo.ng and apply for a business loan on this platform.
What documents do I need to borrow a Lendigo loan?
Here is some important information you must provide if you want to borrow a loan from this lending platform:
1. Valid means of identification
2. BVN
3. Valid bank account details
4. Phone number
How can I contact the Lendigo loan platform?
These are the ways you can contact the Lendigo platform:
Address: 4th Floor, 13 Town Planning Way, Ilupeju 100253, Lagos
Phone Number: 0812 289 1078
Email Address: support@lendigo.ng
Website: www.lendigo.ng
Bottom Line
The Lendigo loan platform is an online lender of business loans that is suitable for business owners who can’t access bank loans. To obtain this loan just download the Lendigo app from Google Play Store and apply for a loan via the platform. Although this app gives you access to business loans, the only downside is that not all businesses can provide the documents needed to process the loan application.
