Is Lidya Legit? [What You Need To Know]

Is Lidya legit? Is it a scam network masquerading as a loan lending platform? In this article, we will learn more Lidya and determine if they are a legit platform.

According to sources, Lidya is a financial institution that provides individuals with access to credit and money in frontier and developing markets. It can also be seen as a company that offers loans to small and medium-sized businesses that require them. To assist these businesses in managing their digital finances.

This organization also offers a platform that equips business owners with the necessary tools to assist them in managing their cash flow. The platform gives these companies access to soft credit loans that open the door to higher credit limits at low rates.

Here is a summary of everything you should know about the company.

Who is the owner of the Lidya loan app?

Lydia loan was established in 2016 by Ercin Eksin and Tunde Kehinde. The privately held company has locations on five different continents. Nigeria, the United States, Poland, Portugal, and the Czech Republic are among these nations. Essentially, they focus on offering personal Fintech, Working Capital, and Credit Scores services.

They also offer small business owners access to working capital to grow their operations. Lidya predicts a customer’s creditworthiness using smart credit-scoring algorithms and technology. 

This is similar to the strategy used by other online loan providers like Kuda, Migo, Branch, etc.

Lidya Investors & Fundings

The total amount of money raised by Lidya, a loan application for small and medium-sized businesses in Nigeria, has reached N6.78 billion ($16.5 million) in just over three years. 

In a recent pre-Series B funding round, the lending startup Lidya raised N3.41 billion ($8.3 million) from several investors under the leadership of Alitheia Capital.

This was achieved through its investment arm, uMunthu Fund. Other participating investors included Bamboo Capital Partners, Accion Venture Lab, and Flourish Ventures.

The fact that they have credible investors puts them on a high pedestal. This quenches doubt about the platform.

Since the company’s founding, Lidya has given out over 2,000 business loans to MSMEs in agriculture, hospitality, logistics, retail, real estate, technology, and health. The most recent $8.2 million raised by the startup was a $6.9 million Series A round led by Omidya Network last year.

It claims that this funding will be used to grow its team, scale across Nigeria, and loan book while operating in Africa.

Does Lidya have an office?

Yes, they do. They have a physical location you can visit during their work hours. Their office is at 2B Oko-Awo Street, Victoria Island, Lagos, Nigeria.

This further proves that they are a legitimate company with nothing to hide.

Lidya Loan Reviews

We’ve been giving our opinions based on findings about the Lidya loan. Let’s hear what others have to say about them.

According to Trustpilot, Lydia loan has a rating of 4.0 stars with 120 reviews, showing that most of their clients are satisfied with their services.

Here are some of the reviews from their users:

OSEGHALE AKHERE

Your customer service is super…

Customer service is super outstanding.

Your staff “Mr. Philip” is extremely good at attending to customers.

I would give Lidya 10 stars ?????????? is possible.

Kindly review repayment to 90days as this is scaring some customers.

Stoprite Stores

Lydia is doing a great job in helping…

Lydia is doing a great job helping businesses; I’m one of those benefiting from the great services Lydia renders.

You need to improve on the repayment time frame; if a repayment schedule can be expected, many businesses will key in, but only some businesses can make the 30makeays repayment.

Please helps us increase the number of days for repayment to 2 to 3 months.

Chidera,

I wouldn’t say I like the daily repayment of your loan…

I don’t like the daily repayment of your loan; how can one invest the money and generate profits before paying it off? It’s not proper at all as a business pe. The loan duration should be extended too, one month only for a loan; it’s not fair at all, and the money could be more helpful, just like loaning the personality and taking it back immediately.

How to get started on Lidya Loan

To get started on the Lydia loan, it’s crucial to know that the Lydia loan still needs to get a mobile app. Therefore, use their web platform to access other services or apply for a loan.

Here are some requirements to get started on the Lydia loan platform:

• Your first and last name.
• Phone Number
• Email address.
• The bank statement of account
• BVN 
• Must be above 18 years.
• Good credit score
• Smartphone
• You haven’t been denied a loan before.

A company can get a loan from Lidya for $150 to $50,000. Because of this, Lidya is a superior alternative to banks that deny credit to businesses without the need for cars, land, or other assets.

Lidya loans are secured at a 3.5% interest rate, according to a local Google reviewer.

To register on the Lydia loan platform, follow the steps below…

Visit the Lydia platform on their website.

Next, click the “get a loan now” toolbar.

Enter your company and personal details to register.

Please provide your details according to their requirements to get started.  You will have the loan in your account within 24 hours of submitting your application.

Lidya processes and disburses loans to users within 48 hours after establishing repayment schedules is another advantage it offers.

Lidya evaluates businesses, creates a credit score particular to each business, and disburses loans in 24 hours or less to assess credit risk. 

They help African businesses and individuals open an account online in 15 minutes, manage receivables and cash flow, access credit needed to grow their businesses, and build credit scores that unlock higher credit limits and reasonable rates. They utilize mobile-first technology, fantastic customer experiences, and proprietary credit scoring algorithms.

Final thoughts on “Is Lidya legit?”

The Lydia loan platform is legit; using this digital platform, you can manage your customer database, invoices, and loans.

Additionally, it protects your data from hackers and security breaches and is very safe and secure.

For any complaints or issues, you can always contact the Lydia loan platform using the contact information on their website or visit their physical office in Lagos.

If you want to explore other online loan apps, consider Branch, FairMoney, Kuda, PalmPay and its alternatives.

So, what are your thoughts about Lidya? Have you used the platform? Is Lidya legit? I will be in the comments section.