Lendigo: How to get Business loans, requirements & more. In Nigeria, loans for small businesses can be obtained through Lendigo. Educate yourself on the process of obtaining loans for businesses and the standards that must be met.
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Lendigo: How to get Business loans, requirements & more
The thrill of running one’s own company is hard to match. However, business owners must constantly spend money, particularly in the beginning phases of their companies. Owners of businesses will get the knowledge necessary to apply for loans through the Lendigo lending service by reading this page.
What is Lendigo and how does it work?
Lendigo is a financial technology startup that provides small and medium-sized enterprises in Nigeria with access to working capital loans.
Loans from Lendigo are distributed to businesses on the basis of their specific requirements and monetary requirements as determined by Lendigo. On this site, you have the potential to obtain up to 10 million yen.
If you are the owner of a company in Nigeria, you have the ability to make an application for a short-term loan using the Lendigo loan platform. You intend to expand your company with the help of the money you get, and you will pay it back later.
When it comes to interest rates, Lendigo loans might be quite affordable depending on the type of your company. If your application for a loan is accepted, the funds will be transferred to your bank account.
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Lendigo mobile app download
Lendigo may be accessed and used on mobile phones as well as browsers.
As of the time this article was written, Lendigo is accessible via browsers as well as mobile devices running Android. Lendigo can be accessed and used on a website, or you can choose to download and install the mobile app instead.
The Lendigo mobile app makes it simple to submit an application for a commercial loan. In order to submit a loan application, it is not necessary for you to have previously registered your company with the Corporate Affairs Commission (CAC).
You can get the Lendigo Mobile app from the Google Play Store, where it is also possible to download and install it. It is only 12 megabytes in size but has been downloaded over 100,000 times. It has received a review rating of 4.0 from more than 3,800 individuals at the present time.
On Lendigo, getting a loan for your company is incredibly simple and uncomplicated. You have the choice to go with any one of the four different kinds of business loans offered by Lendigo.
Lendigo business loans for small and medium-sized businesses (SMEs)
Small and medium-sized business loans from Lendigo, starting at $300,000, are available to qualified applicants.
This loan is for companies that offer professional services and retail goods to their customers. If you sell merchandise such as electronics, computing equipment, phones, fashion and apparel, or household goods, among other things, you are eligible to submit an application for this loan.
Conditions necessary for small and medium-sized businesses to qualify
==> Your company needs to have been operational for a minimum of one year to qualify.
==> It is required that your company be of a kind that generates a minimum of 250,000 yen in monthly sales.
==> Your company must not owe money to any other financial institutions as of the time of application, and you must provide proof to support this claim.
Required documentation for SMEs Applying for Lendigo business loans
==> identifying documents issued by the government (such as a passport, national identification card, driver’s license, or voter identification card)
==> the past 12 months Bank Statements
==> CAC Documents (CAC 2 & 7) (if your business is registered)
==> BVN and NIN of the business owner NUBAN cheque (if you are requesting for a loan amount that is greater than one million naira)
==> REMITA completed the form for the direct debit.
==> forms for a Personal Guarantee that have been signed, in addition to one more Guarantor (if applicable)
==> Corporate assurance by a resolution of the Board of Directors (if your business is a Limited Company)
Learn more and submit your application here.
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Lendigo business loans for POS agents
Beginning at 300,000 Japanese Yen
POS merchants that are in need of money to pay operational charges as well as working capital should consider applying for this loan option.
Note that the volume of your previous transactions will determine whether or not you are approved for this type of loan. You will be required to make repayments by having a set amount of your weekly profit deducted and sent to the lender.
Qualifications required of POS agents
1. Your point-of-sale (POS) company needs to have been operational for at least the previous six months.
2. At a minimum, your point-of-sale (POS) company needs to have a POS Terminal, and that terminal must be purchased from a CBN-licensed POS Aggregator.
3. Each point-of-sale terminal is required to perform a minimum of twenty transactions every single week. This indicates that you are required to do a minimum of 60 transactions each week if you have three point-of-sale devices.
4. This point-of-sale (POS) company must have had a revenue of at least 250,000 yen within the preceding six months.
5. At the time of application, your company must not have any outstanding debt.
Required documentation for POS agents
6. CAC Documents (CAC 2 & 7) International Passports, National IDs, Driver’s Licenses, and Voter IDs are examples of official forms of identity that can be issued by the government (if applicable)
7. BVN of the business owner and a NUBAN cheque (if the loan is for more over one million naira).
completed the form for direct debit (REMITA)
8. Personal Guarantee forms that were signed, in addition to another Guarantor Corporate Guarantee forms that were signed via Board Resolution (if LTD Company)
Learn more and submit your application here.
Lendigo business loans for FMCG distributors
Starting at one million baht, Lendigo Business Loans are available to FMCG Distributors.
This commercial credit is available to established Fast Moving Consumer Goods (FMCG) firms who are registered as either a Key-distributor or a Sub-distributor.
Criteria for eligibility of retailers and wholesalers
1. You are required to register your business in Nigeria as either an LLP, PLC, or Ltd.
2. This corporation must have been established for at least two full years prior to the submission of your application.
3. Your organization needs to be able to bring in at least 500,000 in monthly revenue in order to qualify.
4. In addition to this, your organization should be the kind that makes monthly purchases of items totaling more than one million yen.
5. You must have been providing distribution services to at least one well-known or reliable customer (examples of this are private international companies present on the stock exchange market)
6. Before you are able to get this loan, you will be required to have either a lien or an asset debenture.
Required paperwork/Documents for distributors
==> identifying documents issued by the government (such as a passport, national identification card, driver’s license, or voter identification card)
==> CAC Documents (CAC 2 & 7) (if applicable)
==> BVN of the business owner and a NUBAN cheque (if the loan is for more over one million naira).
completed the form for direct debit (REMITA)
==> Personal Guarantee forms that were signed, in addition to another Guarantor Corporate Guarantee forms that were signed via Board Resolution (if LTD Company)
Learn more and submit your application here.
Lendigo business loans for E-commerce merchants
Lendigo provides loans for online retailers through their business division.
Beginning at 300,000 Naira
This particular type of financing is reserved for companies that conduct business on significant e-commerce platforms. Jumia and Konga are two examples of popular online marketplaces.
Eligibility criteria for E-commerce merchants
Criteria for online retailers to meet in order to qualify for membership
1. At least half a year of consistent participation on online shopping platforms such as Jumia is required from your company.
2. Your online venture need to be one of those that provide consistent revenue.
3. This internet-based company must have brought in at least 100,000 yen in sales over the course of the previous six months.
4. Your company must not owe money to any private parties or public or private financial institutions.
Required documents for E-commerce merchants
Documents obligatory for businesses engaging in online commerce
==> identifying documents issued by the government (such as a passport, national identification card, driver’s license, or voter identification card)
==> CAC Documents (CAC 2 & 7) (if applicable)
==> BVN of the business owner and a NUBAN cheque (if the loan is for more over one million naira).
completed the form for direct debit (REMITA)
==> Personal Guarantee forms that were signed, in addition to another Guarantor Corporate Guarantee forms that were signed via Board Resolution (if LTD Company)
Learn more and submit your application here.
Lendigo Business Loan Repayment Term
The terms of the Lendigo business loan payback
The loan repayment time for any and all business loans offered by Lendigo ranges from one to six months. This is incredibly adaptable and will save time and effort for proprietors of businesses.
At the very least, a successful company should be able to generate enough revenue after six months to pay back its initial investment and maintain its working capital.
Lendigo business loan interest rates
The interest rates for Lendigo’s business loans
Lendigo business loans come with variable interest rates that are based on the type and size of the borrower’s company.
Interest rates for small and medium-sized businesses begin at 4.75 percent per year when calculated annually.
POS agents: Interest rates begin at 4.75 percent on an annual basis.
Distributors: Starting interest rates of 3.5 percent per year are available.
The annual percentage rate of interest begins at 4% for businesses involved in e-commerce.
Where is Lendigo head office located?
Where exactly is the main office for Lendigo situated?
The Lendigo Business Loans service maintains a physical office in Nigeria, which is used to oversee the various lending services that are available.
You are welcome to come to the office in person to make queries or lodge complaints. It can be found in Ilupeju, which is inside Lagos State, Nigeria, on the 4th Floor of 13 Town Planning Way.
Lendigo loan customer support and email address
Email address for Lendigo Loan customer service and support
In the event that you experience any problems with the lending service, you are free to contact the customer support staff at Lendigo at any time. You may also get in touch with them to discuss matters pertaining to finances with them.
- To contact us via phone, please dial 0812 289 1078.
- The official website can be found at Lendigo.ng.
- Email address: support@lendigo.ng
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