Lendigo Loan App: How to Apply, Requirements and Benefits
Lendigo is a mobile application that allows you to apply for loans in a fast, easy and convenient way. It is a product of Lendigo Nigeria Limited, a financial technology company that provides access to credit to people in Nigeria. The app is available on both iOS and Android devices, making it accessible to a wide range of users.
How to Apply for a Loan on Lendigo Loan App
The loan application process on Lendigo is simple and straightforward. You can apply for a loan in just a few steps by following the instructions provided in the app. Here’s a step-by-step guide on how to apply for a loan on Lendigo:
- Download the Lendigo Loan App from Google Play or App Store and create an account
- Fill in your personal information including your name, email address, phone number, and residential address
- Provide your employment information, including your occupation, employer’s name, and monthly income
- Input your desired loan amount and the repayment term
- Upload the required documents such as your ID card, bank statement, and utility bill
- Review and submit your application
Once you submit your loan application, Lendigo will review your application and notify you of its status within 24 hours.
Loan Requirements and Eligibility Criteria
Lendigo Loan App has certain requirements and eligibility criteria that must be met before a loan application can be approved. These requirements and criteria are put in place to ensure that borrowers have the capacity to repay the loan and to mitigate the risk of default.
Loan Requirements
To apply for a loan on Lendigo Loan App, you must meet the following requirements:
- Nigerian citizenship or permanent residency
Only Nigerian citizens or permanent residents are eligible to apply for a loan on Lendigo Loan App.
- Minimum age of 18 years
You must be at least 18 years old to apply for a loan on Lendigo Loan App.
- Valid bank account
You must have a valid bank account in Nigeria. This is where your loan will be disbursed to and where repayments will be deducted from.
- Steady source of income
You must have a steady source of income that is verifiable. This is to ensure that you have the capacity to repay the loan.
- Good credit score
You must have a good credit score to be eligible for a loan on Lendigo Loan App. Your credit score is a reflection of your creditworthiness and is used to assess your ability to repay the loan.
Eligibility Criteria
In addition to the loan requirements, Lendigo Loan App has certain eligibility criteria that must be met before a loan application can be approved. These eligibility criteria include:
- Creditworthiness
Lendigo Loan App assesses your creditworthiness based on your credit history, credit score, and other financial information.
- Loan purpose
You must provide a valid reason for taking out the loan. Lendigo Loan App only approves loans for legitimate purposes such as education, medical expenses, home improvement, and business.
- Loan amount
Lendigo Loan App has a minimum and maximum loan amount that borrowers can apply for. The minimum loan amount is N100,000 while the maximum loan amount is N2,000,000.
- Repayment capacity
Lendigo Loan App assesses your repayment capacity based on your income, expenses, and debt-to-income ratio. This is to ensure that you have the capacity to repay the loan without financial strain.
- Required documentation
You must provide all the required documentation such as a valid form of identification, utility bill, bank statements, and employment details.
Meeting these requirements and eligibility criteria will increase your chances of getting approved for a loan on Lendigo Loan App. It is important to note that meeting these criteria does not guarantee loan approval.
Lendigo Loan App uses a comprehensive credit assessment process to determine loan eligibility and the loan amount that can be approved.
Documents for application
In addition to the eligibility criteria, you need to provide some required documents to support your loan application. These documents include:
- A valid form of identification such as a national ID card or international passport
- A utility bill as proof of address
- Bank statements for the last six months
- Your employment details including your employer’s name and address, and your monthly income
Benefits of Using Lendigo Loan App
Lendigo Loan App provides users with several benefits that make it stand out from other loan providers in Nigeria. Here are some of the benefits of using Lendigo Loan App:
- Fast and convenient loan application
You can apply for a loan on Lendigo from the comfort of your home or office. The app eliminates the need to visit a physical branch to apply for a loan.
- Low interest rates
Lendigo offers competitive interest rates that are lower than what most traditional lenders charge.
- Flexible loan repayment options
Lendigo provides users with flexible repayment options that can be tailored to their financial situation.
- No collateral requirements
Lendigo offers unsecured loans, which means you do not need to provide collateral to secure a loan.
- Access to loan calculator
Lendigo provides users with a loan calculator that helps them determine the total cost of the loan, including interest and fees.
- Dedicated customer support
Lendigo provides users with a dedicated customer support team that is available to answer any questions and address any concerns they may have.
Loan Approval and Disbursement
Lendigo uses a sophisticated algorithm to analyze loan applications and make loan approvals. The algorithm takes into consideration several factors such as credit history, income, and employment status. Once your loan application is approved, the loan amount will be disbursed to your bank account within 24 hours.
Loan Repayment
Lendigo provides users with several repayment options that are designed to suit their financial situation. You can choose to make repayments weekly, bi-weekly or monthly. The loan amount and repayment term will determine the frequency of your loan repayment.
Late payment of loans attracts penalties and fees, which can affect your credit score. It is important to make loan repayments on time to avoid incurring additional charges.
Lendigo Loan App provides users with a loan calculator that helps them calculate the total cost of the loan, including interest and fees. You can use the loan calculator to determine the monthly loan repayment amount based on the loan amount, repayment term, and interest rate.
FAQs
What is Lendigo Loan App?
Lendigo Loan App is a mobile application that allows users to apply for loans in Nigeria. The app is available on both iOS and Android devices, making it accessible to a wide range of users.
How do I apply for a loan on Lendigo Loan App?
To apply for a loan on Lendigo Loan App, download the app from Google Play or App Store, create an account, fill in your personal and employment details, input your desired loan amount and repayment term, and upload the required documents.
Once you submit your application, Lendigo will review your application and notify you of its status within 24 hours.
What are the eligibility criteria to apply for a loan on Lendigo Loan App?
To apply for a loan on Lendigo Loan App, you must be a Nigerian citizen or permanent resident, at least 18 years of age, have a valid bank account in Nigeria, a steady source of income, and a good credit score.
What documents do I need to provide to apply for a loan on Lendigo Loan App?
To apply for a loan on Lendigo Loan App, you need to provide a valid form of identification, a utility bill as proof of address, bank statements for the last six months, and your employment details including your employer’s name and address, and your monthly income.
What are the benefits of using Lendigo Loan App?
Lendigo Loan App provides users with several benefits such as fast and convenient loan application, low-interest rates, flexible loan repayment options, no collateral requirements, access to a loan calculator, and dedicated customer support.
How long does it take for a loan to be approved on Lendigo Loan App?
Once you submit your loan application, Lendigo will review your application and notify you of its status within 24 hours. If your loan application is approved, the loan amount will be disbursed to your bank account within 24 hours.
What happens if I fail to make loan repayments on time?
Late payment of loans attracts penalties and fees, which can affect your credit score. It is important to make loan repayments on time to avoid incurring additional charges.
Is Lendigo Loan App safe and secure?
Yes, Lendigo Loan App is safe and secure. The app uses state-of-the-art security measures to protect users’ personal and financial information.
Conclusion
Lendigo Loan App is a reliable and convenient option for accessing credit in Nigeria. The app provides users with several benefits such as fast loan application, low-interest rates, flexible repayment options, and no collateral requirements. It is important to note that Lendigo has some eligibility criteria that must be met before a loan application can be approved.
When applying for a loan on Lendigo, ensure that you provide accurate information and submit all the required documents to avoid delays in the loan approval process. It is also important to make loan repayments on time to avoid penalties and fees.
In summary, Lendigo Loan App is a great option for anyone looking to access credit in Nigeria. With its fast loan application process, competitive interest rates, and flexible repayment options, Lendigo has positioned itself as one of the leading financial technology companies in Nigeria.