Lendigo loans are a top option for SME loans for their easy application, disbursement, and flexible repayment option.

Lendigo is a financial technology firm solely dedicated to offering SMEs innovative ways to employ technology, with over N6 billion in loans disbursed to over 2,000 businesses and counting.
It offers both long-term and short-term business loans.

Short-term business loans fall within a payment period of 12 months. These business loans are best taken for fiscal reasons such as jumpstarting a failing business, pressing debts, and staff salaries. Short-term business loans by Lendigo have an interest rate of between 9% and 13%. Not only are the short-term loans approved and disbursed quickly but they boost your credit score.

On the other hand, long-term loans from Lendigo have a tenor of more than a year ranging from 2 years to even 25 years, depending on the terms of the loan.

Lendigo Loans

Below are the available Lendigo loans with their requirements:

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1 Lendigo FMCG loan
2 Lendigo E-Commerce Merchant Loan
3 Lendigo Loans for POS Agents and Terminals
4 Lendigo Loans for SMEs

Lendigo FMCG loan

Limit

₦10 million

Interest

Tenor

1-6 months

Small business loans for FMCG (Fast Moving Consumer Goods) offer these companies between 1 million and 20 million in loans with tenors spanning between 1 to 6 months, 7% interest rates are as low as 3.5%, and processing and commitment fees of 1% of the loan amount.

Companies eligible to apply for this type of Lendigo loan must be registered in Nigeria as a private or public limited liability company that has been incorporated for at least 2 years.

The company must have a minimum turnover of 500,000 monthly.

Requirements for Lendigo FMCG Nano Loan

ID Card (International Passport, National ID, Driver’s License, Voters ID)
CAC Documents (CAC 2 & 7) (if applicable)
Bank statement of a Corporate Account spanning the last 12 months
BVN of the directors and top management
6 Months Supplier’s Invoice
Signed Personal Guarantee forms for CEO
Guarantor
Corporate guarantee through Board Resolution (if LTD Company)

Lendigo FMGC Loan Application Channels

You can apply for this Lendigo loan through the following:

Any Lendigo branch near you

Lendigo E-Commerce Merchant Loan

Limit

₦10 million

Interest

Tenor

1-6 months

Small business Loans especially for E-commerce Merchants are available at Lendigo. This Lendigo loan is for merchants who trade on big E-commerce platforms such as Konga and Jumia for purposes such as business expansion and fixing deficits.

The loan amounts are between 300,000 and 10 million per invoice with processing fees between 0.5% and 0.75%. The tenor for this loan period is between 1 to 6 months with an interest rate of 4%.

The eligibility requirements for this Lendigo loan are:

At least 6 months of activity on an Online Platform Partner such as Jumia.
Your online venture must be regular in sales on the online platform.
Your online business has had a revenue of 100,000 pn on average in the last 6 months.
A clean credit report with any local credit bureau.

Requirements for Lendigo E-Commerce Merchant Loan

Government-issued means of identification (International Passport, National ID, Driver’s License, Voters ID)
CAC Documents (CAC 2 & 7)
BVN of the business owner

If the loan is above ₦1,000,000 you will require:

A NUBAN cheque
Signed personal guarantee forms
Another guarantor, if the company is a private limited company corporate guarantee through Board Resolution.

Lendigo E-Commerce Merchant Loan Application Channels

You can apply for this Lendigo loan through the following:

Any Lendigo branch near you

Lendigo Loans for POS Agents and Terminals

Limit

₦10 million

Interest

Tenor

1-6 months

Individuals who are merchants with POS terminals or POS agents can acquire loans from Lendigo to cover operational costs and previous transaction volume.

The loan amounts are between N300,000 and N10 million per invoice with processing fees between 0.5% and 0.75%. The tenor for this loan period is between 1 to 6 months with an interest rate of 4%.

Requirements for Lendigo POS Agents and Terminals Loan

At least 6 months of activity on an Online Platform Partner such as Jumia.
Your online venture must be regular in sales on the online platform.
Your online business must have had a revenue of N100,000 on average in the last 6 months.
A clean credit report with any local credit bureau.

Lendigo E-Commerce Merchant Loan Application Channels

You can apply for this Lendigo loan through the following:

Any Lendigo branch near you

Lendigo Loans for SMEs

Limit

₦10 million

Interest

Tenor

1-6 months

Retailers, professional service providers, and traders of general merchandise (electronics, gadgets, clothing, etc) can access loans via Lendigo as well.

Companies eligible to apply for this type of Lendigo loan must be registered in Nigeria as a private or public limited liability company incorporated for at least 2 years. They must have a monthly turnover of N500,000. The company must have records of N1 million worth of goods being purchased monthly.

Requirements for Lendigo SME Loan

Government Issued ID Card (International Passport, National ID, Driver’s License, Voters ID)
CAC Documents (CAC 2 & 7) (if applicable)
Bank statement of a Corporate Account spanning the last 12 months
BVN of the directors and top management
6 Months Supplier’s Invoice
Signed Personal Guarantee forms for CEO and another Guarantor and
Corporate guarantee through Board Resolution (if LTD Company)

Lendigo SME Loan Application Channels

You can apply for this Lendigo loan through the following:

Any Lendigo branch near you

Lendigo Features

Application Process

You can use either the website or the app from the Play Store or Apple App Store to create an account to have access to loans. You do not have to visit any physical office and the application process takes less than 10 minutes with loan finalizations and disbursement of funds happening within 48 hours.

Account Creation

Creating an account for a Laendigo loan can be done in under 5 minutes, to successfully create an account. You will need to enter personal and business information, which will let you know an estimate of how much you’re eligible to apply for.

Loan Application

Applying for a loan is just as simple if not simpler than creating an account.

From the home page navigate to ‘get loan’ where you will be redirected to a loan request page to input the needed details such as loan amount, purpose, and repayment duration.

After this, your loan summary will be displayed along with loan terms (interest rates, processing fee, etc). After submitting your loan applications you will need to quickly upload supporting documents and bank statements to move forward with the loan application process.

Only the PDF format of your bank statement will be accepted, photocopies of statements and statements of accounts not with the name registered will be rejected.

Documents required to complete the loan process include a valid means of identification such as an international passport, driver’s license, National ID, or Permanent voter’s card.

Bank statement for the past 12 months and CAC documents. Bank statements are used as part of the information to determine eligibility for a business loan and how much you are credible to be loaned.

To upload your bank statement manually you will need a PDF copy of your bank statement which you can acquire via your email, bank app, or your local bank branch. Then do the following

With your bank statement PDF log in to the Lendigo App.
Click ‘Connect bank account’
Tap ‘Unable to connect bank statement?’
You would be redirected to the bank account information page
Navigate down by scrolling down and clicking on ‘unable to connect bank statement’
You would be redirected to a new page to upload your bank statement document
Type in your bank name, and account number and select the bank statement document from your phone

Loan Repayment and Restructuring

To request a loan restructuring, send an email to [email protected]. following a positive response to your email, you will be invited to a lendigo office to renegotiate the terms of the loans and repayment schedule.

Loans are subject to a Direct debit mandate which means automatic payments will be made if payments aren’t made on time.

Partnerships

Partnering with Lendigo as an SME with a strong client base or a chain of supply consisting of an SME network is just what you need.

This finance partnership grants your clientele credit facilities to make purchases with you which increase your sales and your revenue generation. SMEs stand a great chance to grow their business from this partnership.

Lendigo Loan FAQs

How much am I eligible to collect for a Lendigo Loan?

Your maximum limit is determined by two factors: the algorithm and the type of loan you apply for. The algorithm determines the loan amount you qualify for based on your data, which is your transaction history in the last 6 months with your POS. However, you cannot be loaned more than N20 Million.

If I fail to pay my loans on time, will I be charged?

A daily charge of 0.033% with the interest rate is added to the owed amount after 6 business days of delay following a default on your payment.

Do I have to make any deposits or pay any collateral?

Loans from Lendigo are unsecured and Lendigo will not ask you for any form of collateral, however, an initial security deposit of 20% of the approved loan amount is to be made.

What is the maximum tenor you can find on a loan?

Lendigo short-term loans go up to 6 months and a 12 months tenor pending approval and additional criteria.

How much interest do Lendigo loans attract?

The interest on a Lendigo loan can range from 4-8% monthly and comes with fees that range from 0.5-2%

If my loan is approved, do I need to provide any other documentation?

Depending on the loan amount disbursed, you will be required to provide certain documents. the loan ranges and documentation required are listed below:

N100,000 -N300,000

Remita
Signed personal Guarantee form and offer letter

Above N300,000 to N1 million

Remita
Online business verification (video call)
Signed personal Guarantee form and offer letter

Above N1 million

Remita
Online business verification (personal visit)
Signed blank cheques from a personal account
Fire and Burglary insurance
Signed personal Guarantee form and offer letter

What happens if I default a payment?

Any default on your weekly payment will attract a charge of 0.033% daily on your balance after six days of delay. Once you ar ready to pay off your balance, you can make a bank transfer to your corresponding sub account.

How can I find out more about Lendigo loans?

You can get more information on any Lendigo loan by visiting their loans listing page.

Lendigo is a financing agency, specialised in providing financing for businesses. Its loan structures allow companies to have access to funds for business growth. With the ease of accessibility together with the flexibility offered by its many options, competitive interest rates and relatively low fees involved Lendigo is a go to option for loans for their businesses.

Asides Lendigo loans, other financial structures provide loans for business and personal needs. to explore those options, see loans from other providers.