Lendigo, a prominent financial technology company, aspires to become Nigeria’s leading financial institution dedicated to supporting small and medium-sized enterprises (SMEs) through technological innovation and innovative practices. The platform offers quick and hassle-free access to working capital for Nigerian SMEs, tailored to their unique business and financial requirements. Business owners can conveniently apply for short-term loans through Lendigo’s online platform or mobile application, eliminating the need for a physical location.
Is Lendigo Legit?
Absolutely, Lendigo is officially registered with the Central Bank of Nigeria and holds a full operational license to provide financial assistance to Nigerians. Unlike some other loan apps, Lendigo refrains from sending defamatory messages to your contact list in case of default. Furthermore, Lendigo allows individuals and businesses to sign up as lending partners. Notable partners include Seedstars, Jumia, UP, FINT, NowNow, OldMutual, and Accounteer. The absence of public legal cases or substantial complaints from customers attests to their legitimacy. Here are a few customer reviews:
“It’s been a smooth registration and fast response from the management team. I believe this is a great platform for a business loan. Though my location in Enugu ruled me out to benefit from your app. This has to be looked into for wider reach. Thanks.” – Anaelechi Onyeabor
“You need to do something on this… I downloaded the app, filled out everything, but could not attach my 12-month account statement on the app as directed. And without that, you can’t get the loan. The Home menu app shows nothing and no command also… While the profile could not lead me to where I can upload that statement… Over 2 weeks now.” – Best Builders
“Well, I just applied, but the process and registration are solid and professional. Even without receiving, I am loving the app. I will complete the star when the loan is approved.” – VICTORY JAMES ELUWA
Services Offered By Lendigo
- Small Business Owners Loans: SMEs providing retail and professional services, as well as traders of general merchandise, can access loans ranging from N300,000 to N10,000,000. The loan facility and per invoice entail a 1% processing and commitment fee. Repayment can span from 1 to 6 months, with an interest rate starting at 4.75% per year.
- E-Commerce Merchants Loans: Designed for merchants trading on major e-commerce platforms like Jumia, these loans cater to various business needs such as working capital and expansion. Loan amounts range from N300,000 to N10,000,000, with processing and commitment fees ranging from 0.5% to 0.75%. Repayment terms extend from 1 to 6 months, and the interest rate begins at 4% per year.
- Distributors Loans: Key-Distributors (KDs) and Sub-Distributors (SDs) can obtain loans to finance orders made to fast-moving consumer goods (FMCG) manufacturers, thereby increasing transaction volumes and securing better incentives. Loan amounts vary from N10,000,000 to N20,000,000, depending on credit score. Repayment spans 1 to 6 months, with an interest rate starting at 3.5% per year.
- POS Agents: This category offers loans for merchants with POS terminals and POS Agents, covering various operational requirements based on previous transaction volumes. Loans of N300,000 to N10,000,000 per invoice and credit line are available. A 0.5% processing and commitment fee applies. The repayment period is six months, and the interest rate starts from 4.75% per year.
Pros of Lendigo
- Regulatory Compliance: Lendigo takes regulatory standards seriously and is officially registered with the Central Bank of Nigeria. This commitment to compliance ensures that users can trust the platform with the safety of their funds, providing peace of mind.
- Notable Partnerships: Lendigo has established valuable partnerships with reputable organizations such as Seedstars, Jumia, UP, FINT, NowNow, OldMutual, and Accounteer. These collaborations underscore Lendigo’s dedication to building trust and credibility within the financial industry, further enhancing its reputation.
- Diverse Financial Services: Lendigo offers a comprehensive range of financial services, with a primary focus on providing loans to SMEs. This diversity makes Lendigo a versatile platform that caters to various financial needs, from working capital for businesses to personal financial requirements.
Cons of Lendigo
- Technical Issues: Some users have reported encountering technical difficulties while using the Lendigo app. These issues include challenges in attaching account statements and navigating the app’s interface. Addressing these technical issues would enhance the user experience and reliability of the platform.
- Limited Geographic Reach: Lendigo’s services may not be accessible to all regions within Nigeria. This limited geographic reach can restrict its availability to potential users, potentially excluding individuals or businesses in underserved areas from accessing its financial services.
Lendigo emerges as a legitimate and promising financial technology platform dedicated to supporting SMEs in Nigeria. Its regulatory compliance, notable partnerships, and diverse financial services are clear strengths. While some users have encountered technical challenges, these issues appear manageable. Lendigo’s commitment to serving the SME sector and its growing user base suggest a bright future for the platform. However, potential users should verify the availability of Lendigo’s services in their region before proceeding.