FAQ

Why does my business need LENDIGO?

LENDIGO provides easy and quick access to working capital without cumbersome paperwork, collateral or any hidden charges.

Why does my business need eCommerce Financing?

It allows your business to stock up your inventory and sell more fast selling goods boosting your revenues and store ratings freeing up much needed cash.

How much does LENDIGO charge?

We charge from 4.0% to 8.0% flat monthly interest including a processing fee from 0.5% to 2.0%. Our rates are very competitive as micro-finance banks charge from 5.0% and our competitor's charges between 7.0-13.0% monthly.

Is your rate negotiable?

NO, our rates are very competitive compared to our competitors. However, with good recurring loan performance, we are willing to adjust the rates for our top clients.

What is the tenure for eCommerce Financing?

We offer short-term loans up to a maximum of 6 months. A loan tenor up to 9 months can be approved but this is subject to approval and based on additional criteria.

How long does the process take?

We pride in our promptness to merchants needs, it takes 2-3 days from business verification to disbursal if your loan request is approved.

How are repayments structured?

Your JUMIA sales proceeds are paid into this specially created sub-account. Repayments are done on a weekly basis according to a previously shared repayment schedule. We deducted the outstanding amount according to your repayment schedule send the balance to your personal account within 24 hours.

When do I need to start repaying?

Every approved client gets a 2 weeks moratorium period, meaning that the interest is still counting during this period but there are no repayments scheduled.

In the event of default, will I be charged?

Once there is a default on your weekly payment, a daily charge of 0.033% including the interest rate is applied to the owed amount after 6 business days of delay. You can always repay your outstanding amount via a simple bank transfer to your corresponding sub-account.

Can I liquidate the loan before the due date?

YES, each loan can be liquidated before the due date free of any charge.

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

YES, this depends on the loan amount approved for your store. Please see below for the breakdown:

Level 1 (N100,000 -N300,000)

● Remita

● Signed Personal Guarantee Form & Offer Letter

Level 2 (above N300,000 - N1,000,000)

● Remita

● Online Business Verification (Video Call).

● Signed Personal Guarantee Form & Offer Letter

Level 3 (above N1,000,000)

● Remita

● Offline Business Verification (Personal Visit)

● Signed blank cheques from a personal current account

● Fire & Burglary Insurance

● Signed Personal Guarantee Letter & Offer Letter

Primary Contact Details (email & phone number)

● Phone Number: +234 812 289 1078

● Email: customercare@lendigo.ng

Why does my company need LENDIGO?

LENDIGO provides easy and quick access to working capital without cumbersome paperwork, collateral or any hidden charges.

What can POS Advance be used for?

Absolutely anything that helps your business get to where it needs to be. From working capital, to remodelling, expansion and even paying staff salaries.

What is the tenure for POS Financing?

We offer short-term loans up to a maximum of 6 months. A loan tenor up to 9 months can be approved but this is subject to approval and based on additional criteria.

How much can I qualify for?

Our algorithms calculate a loan amount based on your data and preferences eg. past 6 months POS transaction history, preferred daily deduction, etc. The maximum amount is N20,000,000.

How much does LENDIGO charge?

LENDIGO charges a monthly rate from 4.0% plus processing fees of 1.0%.

Why does my company need LENDIGO?

LENDIGO provides easy and quick access to working capital without cumbersome paperwork, collateral or any hidden charges.

Why does my company need Distributor Financing?

LENDIGO offers a flexible tenure for the credit line up to 12 months. However, each drawdown has a tenure of max. 90 days after which principal and interest need to be repaid.

How often can I use the funds?

You can use the funds whenever you want. However, each drawdown has a tenure of max. 90 days after which principal and interest need to be repaid.

Am I required to pay a collateral and deposit?

LENDIGO is not requesting any sort of collateral but an initial security deposit of up to 20% of the approved credit line.

How do I repay the loan?

There are no fixed payment terms. You pay only interest on the draw down funds during the running period, however, each invoice must be paid up after 30 days.

How much does invoizPAID charge?

LENDIGO charges a monthly rate from 2.25% plus processing fees of minimum 0.5% on each invoice.

Primary Contact Details (email & phone number)

● Phone Number: +234 812 289 1078

● Email: customercare@lendigo.ng

Why does my company need LENDIGO?

LENDIGO provides easy and quick access to working capital without cumbersome paperwork, collateral or any hidden charges.

Why does my company need Invoice Discounting?

It provides instant access to cash tied up in outstanding invoices and adapts with businesses as they change and grow, making it much more flexible than an overdraft or loan.

How long does it take until I receive the full value of the invoice?

You will receive up to 80% of the invoice value within 24 hour after verification and initial due diligence. The remaining amount will be paid out once the debtor paid back, less the interest and small fees.

How often can I use LENDIGO?

There is no limit. You can use LENDIGO for every uploaded invoice.

How much does LENDIGO charge?

LENDIGO charges a rate from 20% p.a. on your submitted invoices plus fees from 1.0% on the overall credit facility or discounted amount.

Primary Contact Details (email & phone number)

● Phone Number: +234 812 289 1078

● Email: customercare@lendigo.ng