Is Lendigo Legit or a Scam? Everything To Know

In this article will answer the question, “Is Lendigo legit?”.

You need money if you ever need funding to make a large business purchase or expand your business reach.

Lendigo is one of the best Nigerian loan apps that has been helping thousands of SMEs, Pos agents, and entrepreneurs in Nigeria with credible funds to support their businesses.  Their vision is to provide easy and fast access to finance to Nigerians according to their financial needs.   

Questions have been swirling on Quora, Facebook, and other media pages if Lendigo is a legit loan company or a scam. In this article, we will find out. 

Contents

• Who is the owner of Lendigo?
• How does Lendigo work?
• Lendigo business loans
  • 1. Distributors
    • Eligibility criteria
    • Application requirement
  • 2. E-commerce merchants
    •  Eligibility Criteria.
  • 3. POS agents
    • Eligibility Criteria
    • Application requirement.
  • 4. SMEs
    • Eligibility Criteria.
    • Application requirement.
• Lendigo interest rates.
• Is Lendigo registered with CBN?
• Does lendigo have an office address?
• Lendigo Reviews
• How to get started on Lendigo
• Final thoughts on “Is Lendigo legit?”

Who is the owner of Lendigo?

Benjamin Benaim is the owner of Lendigo. He is also the founder of Quick Check loan.

Benjamin Benaim has been in the management consulting space for a long time and has no terrible track record. 

In our opinion, this makes Lendigo, a credible company.

How does Lendigo work?

 Lendigo provides easy access to working capital without hefty collaterals and tiresome processing. 

First, you don’t need a physical location before applying for their loans. All you have to do is create an account on their website; then, you can make your loan request by following the necessary procedures, which we will discuss later in this article.   

If your loan application gets approved, disbursing of funds takes about 5-6 working days. You can apply for a short or long-term loan depending on your convenience.

Lendigo business loans

Lendigo loans are available for different organisations and individuals in the industry. Listed below are candidates and agencies eligible to get a loan from Lendigo.

1. Distributors

 Lendigo offers loans to registered key distributors of established Fast Moving Consumers Goods (FCMG) companies and producers based on your sales number and expertise. 

Your transactions with other FMCG companies will be considered during your loan review. As a distributor, you can apply for an N10,000,000 to N20,000,000 loan, depending on your credit score. Payment duration is 1-6 months. 

Eligibility criteria

Eligible requirements to get a Lendigo loan is listed below:

1. Your company must be registered in Nigeria as LLP, PLC, or LTD.

2. Your company is incorporated for two years at the very least.

3. Your company’s monthly purchasing threshold should be over #1,000,000.

4. Your company has a tie with prominent clients or buyers for your products.

5. Your Lien or other significant assets may be necessary to access loans.

Application requirement

You’ll be asked to submit the following details before you can apply:

1. CAC Documents (if requested)

2. Past 12 months bank statement.

3. BVN details of your company’s directors and top management

4. Proof of being a registered company supplier of the product you’re selling.

5. You signed personal guarantee forms for your CEO and another guarantor.

6. Corporate guarantee through board resolution (if LTD).

2. E-commerce merchants

Suppose you’re an e-commerce merchant who uses platforms like Jumia or Konga for business expansion and other operational needs. You can apply for a loan with Lendigo.

Lenders can get from N300,000-N10,000,000, depending on their credentials. 

You’ll be charged a processing and commitment fee ranging from 0.5%- 0.75% for a loan facility and per invoice. Payment duration is 1-6  months for borrowed money.

Eligibility Criteria.

1. Minimum of 6 months on Jumia partly as a merchant with valid proof.

2. Your online company has regular sales and daily transactions.

3. Your online store can show at least N100,000 income on average in the last six months.
4.  You must have a debt-free record with your local credit bureau.

3. POS agents

If you’re a POS agent with credible revenue, you can apply for a Lendigo loan. It is possible to apply for N300,000 – N10,000.000 per invoice and credit line. 

You’ll also be charged 0.5% for processing and commitment fees. The payment duration is six months.

Eligibility Criteria

1. Your POS business operation must have been active for more than six months.

2. Your business sells a minimum of 20 transactions per week through one POS.

3. Your business can show at least N100,000 in revenues in the last six months.

4. You must have a debt-free record with your local credit bureau.

Application requirement.

You’ll need the following document to register and apply for a lendigo loan as a POS vendor.

1. Government Issued ID CARD(It can be your International passport, National ID, Driver’s or Voter’s ID.

2. CAC documents {if requested}.

3. Last 12-month statement of your main bank account.

4. BVN of business owner.

5. Filled direct debit form (REMITA).

6. Signed Personal guarantee form and additional guarantor.

7. Corporate guarantee through board resolution (if LTD Company).

4. SMEs

Suppose you’re in the SME space and offer retail and professional services such as Electronics, Computing, Phones, Fashion & clothing, and household goods. You can be eligible for a loan from N300,000 -N10,0000,000. 

You’ll have to pay a 1% processing and commitment fee for the loan facility and per invoice. Payment duration is 1-6 months for the borrowed amount.

Eligibility Criteria.

1. Your company must be registered in Nigeria as LLP, PLC or LTD.

2. Your company has been incorporated for at least two years.
3. N500,000 turnover monthly.

4. Your company is spending over N1,000,000 monthly on goods acquisition.

Application requirement.

1. Government Issued ID Card International Passport, National ID, Driver’s or Voter’s ID.

2. CAC documents (CAC 2 &7) (If applicable).

3. Last 12 months’ bank statement of your corporate business account.

4. BVN of directors and top management within your firm.

5.  Six months of supplier’s invoice.

6. Signed personal guarantee and another guarantor.

7. Corporate guarantee through board resolution (if Ltd company).

Lendigo interest rates.

Having learned about Lendigo’s loan eligibility criteria and application process, let’s discuss their interest rates.

Lendigo’s interest rate depends on the type of business you’re running and its size. Check out their rates below.

SMEs- Interest is from 4.75% per year.

Pos agents- Interest rate starts from 4.75% per year.

Distributors- The interest rate is from 3.5% per year

E-commerce merchants- The interest rate is from 4% per year.

Read more: What is PiggyVest interest rate?

Is Lendigo registered with CBN?

Yes, Lendigo is officially registered with the central bank of Nigeria. They have a full operational license to help Nigerians with their financial needs. 

This also means they won’t send defamatory messages to your contact list if you default.

Does lendigo have an office address?

Yes, Lendio’s head office is on the 4th floor, 13 Town Planning Way, Ilupeju Lagos State, Nigeria. You can quickly go there and make inquiries about the loan application process or lay complaints.

Lendigo Reviews

On Google Play Store, Lendigo has over 100,000 mobile app downloads and an average of 4.2/5 star ratings.

Here are some reviews from users:

This review shows that the Lendigo app is reliable. Here’s another good review below:

Here’s a review of a user with a bad experience.

Overall, the reviews on Play Store attest that Lendigo is a reliable loan lending business. 

We found no record of users receiving defamatory messages if, for genuine reasons, they default on loan payments.

How to get started on Lendigo

Getting started on Lendigo is very simple. First, log on to the Lendigo website, set up your account, and apply for your desired loan. 

You can also apply using the mobile app, which is available only on Google Play Store. After downloading the app, set up your account and apply for a loan.

Then you’ll have to wait 24-48 hours for a loan offer. Once your eligibility is determined, and your loan offer is approved. Funds will be sent into your account within 48-78 hours.

Final thoughts on “Is Lendigo legit?”

Lendigo is an excellent option if you are looking to secure a credible loan for your business or business firm. Their services are plausible and recommendable. 

So far, we see them as reliable loan lending services. We believe you should give them a trial to give your business the financial boost it needs.

This brings us to the end of this article. If you have any questions, kindly let us know.