Lendigo Loans: Everything You Need to Know in 2024

Lendigo Loans

Lendigo Loans: Everything You Need to Know in 2023

If you’re in Nigeria and need rapid financial assistance, Lendigo loans could be the solution you’re looking for. 

Lendigo loan is designed to provide swift financial support to individuals and small businesses. 

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We understand that It’s essential for potential borrowers to grasp the key aspects of Lendigo loans, to be able to make informed decisions about their finances.

So in this blog post, we want to help you understand the loan terms, interest rates, repayment periods, and associated fees. 

The aim is to help you with the information needed to navigate your financial responsibilities wisely and benefit from the convenience of Lendigo loans.

Here is a glimpse of the queries this post will give answers to:
  • What is Lendigo loan?
  • About Lendigo loan
  • Features of Lendigo loans
  • How Lendigo loan Works
  • Advantages of Lendigo loans
  • How much can I borrow from Lendigo loan
  • Lendigo loan application
  • Lendigo loan requirements
  • Is Lendigo loan legit | Is Lendigo loan real
  • What is the age required to collect loan from Lendigo pay later
  • Lendigo loan – instant loans in Nigeria
  • Is Lendigo loan approved by CBN
  • Lendigo loan review
  • Who owns Lendigo loan app
  • Why is Lendigo not giving me loan
  • Lendigo loan defaulters

And much more…

Without any delay, let’s dive in straight.

What is Lendigo loan?

Lendigo is a fintech company based in Lagos, Nigeria, that specializes in providing short-term loans to small businesses in Nigeria. 

Their loans are designed to address the working capital needs of small and medium-sized enterprises (SMEs) with a focus on accessibility and convenience.

So, whether your business needs a financial boost for unexpected expenses or opportunities, Lendigo loan aims to meet your needs efficiently and securely through its digital loan services.

Now let’s go ahead and discuss…

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Features of Lendigo Loans

Here are some of the features of the Lendigo loans that make it attractive.

  • Accessibility: Lendigo offers easy, quick, and flexible access to working capital, making it convenient for businesses to obtain the funds they need to grow and operate effectively.
  • No Collateral: Unlike traditional lenders, Lendigo does not require collateral, reducing the financial burden and risk for SMEs seeking financing.
  • Limited Documentation: Lendigo minimizes paperwork, streamlining the loan application process and saving business owners time and effort.
  • Flexible Terms: Lendigo understands the unique needs of SMEs and offers flexible loan terms to accommodate different business situations.
  • Competitive Rates: Lendigo provides competitive interest rates, ranging from 4.0% to 8.0% flat monthly, along with a processing fee of 0.5% to 2.0%. These rates compare favorably to other lenders in the market.
  • Mobile Application: Business owners can conveniently apply for Lendigo loans through their mobile app, simplifying the application process.

Now, before we go on, let’s talk about some pros and cons of these loans.

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Pros of Lendigo Loans

  • Simplified Application: Lendigo offers a straightforward online application process, eliminating the need for physical visits and excessive paperwork.
  • No Collateral: Borrowers can access financing without the requirement of providing collateral, reducing financial risk.
  • Efficient Documentation: Lendigo minimizes documentation, saving time and effort during the application process.
  • Flexibility: Lendigo adapts to diverse business needs by providing flexible loan terms.
  • Competitive Rates: Lendigo offers competitive monthly interest rates, potentially reducing borrowing costs.
  • Mobile Accessibility: A user-friendly mobile app makes loan applications convenient and accessible.

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Cons of Lendigo Loans

  • Short Loan Terms: Lendigo offers short repayment terms, which may not suit those seeking longer-term loans.
  • High Security Deposit: Lendigo requires a 20% security deposit. While this can mitigate risk for the lender, it may be seen as a significant upfront cost for borrowers, potentially impacting their available working capital.
  • Processing Fee: Lendigo charges a one-time processing fee of 1%. While this fee is relatively low, it’s an additional cost that borrowers need to consider when taking out a loan.

Carefully weigh these pros and cons to assess if Lendigo loans align with your financial needs and capacity for repayment.

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Now that you understand the pros and cons, let’s look at how the loan works.

How Lendigo Loan Works

As you have seen, Lendigo loan’s loans offers swift and convenient access to funds. 

Here’s an in-depth look at how this loan operates:

  • Download the Lendigo Loan App: Start by downloading the Lendigo app from the Play Store.
  • Register and Complete Your Personal Profile: Create an account and complete your personal profile on the app.
  • Submit Your Business and Financial Details: Provide essential business and financial information through the app.
  • Make a Loan Request: Once your profile is set up, you can submit a loan request specifying your funding needs.
  • Receive a Loan Offer Based on Your Details: Lendigo evaluates your request and financial details to determine the loan amount and terms it can offer.
  • Accept the Loan Offer: Review the loan offer, including the loan amount, interest rate (starting from 2.0% monthly), and processing fee (starting from 0.5%). If satisfied, accept the offer.
  • Receive the Loan Amount Directly to Your Account: Upon acceptance, Lendigo disburses the loan amount directly to your account, a process typically completed within 48 to 72 hours.
  • Flexible Repayment: Lendigo offers a flexible repayment plan, allowing you to repay the loan according to the agreed-upon terms.

It’s crucial to manage your repayments diligently to avoid penalties and uphold a positive credit history with Lendigo loan.

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Now that you understand how the loan works. Let’s look at…

How Much Can I Borrow from Lendigo Loan

Lendigo offers a loan range of ₦100,000 to ₦10,000,000 for Nigerian SMEs. 

The actual amount depends on your business’s financial health and creditworthiness. 

Lendigo assesses your needs and financial capability to determine the specific loan amount you qualify for. 

This flexibility aims to support small businesses’ growth and operations in Nigeria.

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Considerations for Responsible Borrowing

When you’re taking a loan, it is important to keep the following in mind:

  • Evaluate Finances: Assess your financial situation to ensure responsible borrowing.
  • Plan Repayments: Create a repayment plan that aligns with your income and loan terms.
  • Credit Impact: Be mindful of how unpaid loans can affect your ability to borrow money in the future; so make timely payments.
  • Borrow Wisely: Only borrow what you need to avoid financial strain.
  • Interest Awareness: Understand the loan’s interest rates for cost evaluation.
  • Choose Loan Term: Select a suitable loan term aligning with your goals.
  • Check for Hidden Fees: Review the loan agreement for any hidden charges.
  • Seek Guidance: Consult a financial advisor for uncertain situations.

There you have the things to consider and with that, you’ve known everything there is to know before you take quick Loan from Lendigo.

But if you still have any unanswered questions, be sure to check the FAQs below…

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Frequently Asked Questions on Lendigo Loans

Is Lendigo loan real or fake?

Lendigo is a legitimate financial institution and loan provider operating in Nigeria. 

What Happens If You Don’t Pay Lendigo Loans?

  • Late Charges and Interest: Lendigo imposes late charges and interest on defaulted payments. Typically, a daily charge of 0.033%, including the interest rate, is applied to the outstanding balance in the event of a default.
  • Credit Score Impact: Late repayments can negatively impact your credit score. This can make it harder to qualify for loans or credit cards in the future and may result in higher interest rates when you do.

How Much Can I Borrow from Lendigo for the First Time?

Lendigo offers loans that can range from ₦100,000 to ₦10,000,000 for small businesses. 

The actual loan amount you can borrow as a first-time user will depend on your business’s financial situation, creditworthiness, and other factors considered during the application process.

How Long Does It Take for Lendigo to Disburse a Loan?

The entire loan disbursement process is usually completed within 48 to 72 hours. 

This means that once you have accepted and signed the loan offer, the loan amount is transferred directly to your account within this timeframe.

Lendigo’s rapid loan approval and disbursement ensure quick access to the funds you need.

Which bank is Lendigo under?

Lendigo operates under the regulatory oversight of the Central Bank of Nigeria, ensuring compliance with financial regulations and standards.

Why can’t I get a loan from Lendigo loan?

To be eligible for a loan from Lendigo loan, your business must meet specific requirements. 

If it does not meet these criteria, you may not be able to borrow money from Lendigo loan.

Is Lendigo loan a good loan platform?

Yes, Lendigo loan is a legitimate and trustworthy loan platform. That is why It has gained popularity among users.

What is Lendigo loan all about?

Lendigo loan is a prominent loan platform in Nigeria, providing flexible loan options to SMEs in Nigerian. This platform specializes in offering instant loans without requiring collateral.

Is Lendigo loan approved by the Central Bank of Nigeria (CBN)?

Yes, Lendigo loan services are provided by Lendigo Microfinance Bank Limited, a financial institution licensed by the Central Bank of Nigeria (CBN). The Agreement between Lendigo and its users regulates the provision of financial services via its mobile application, ensuring compliance with CBN regulations.

What happens if I don’t repay my Lendigo loans?

If you fail to repay your Lendigo loan:

  • You may face legal action, including debt collection or court proceedings.
  • You could become ineligible for future loans, impacting your creditworthiness.

There you have the FAQs, and with that, you have discovered everything there is to know about Lendigo loans.

FastNuggets on Lendigo Loans

In this post, we’ve explored Lendigo loans, shedding light on all the essential aspects you need to be aware of before considering this financial solution.

As you have seen, Lendigo loan offers a convenient way to access funds when needed, but it’s crucial to use it wisely and within your means.

We hope this guide has been informative and has provided answers to your questions about Lendigo loans.

If you have more inquiries or insights to share, please don’t hesitate to leave a comment below. Your feedback is valuable to us.

Feel free to explore other informative posts on “FastNuggets” to enhance your financial knowledge and make informed decisions. And if you found this guide helpful, don’t forget to share it with others who may benefit from it.

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