Accessing business loans in Nigeria, especially through the Lendigo Business Loan platform, has become much easier for small and medium enterprises (SMEs). Traditional financial institutions usually require extensive paperwork, collateral, and long approval periods — making it difficult for many entrepreneurs to secure the funds they need.
Lendigo solves this problem by offering fast, flexible, and collateral-free funding designed specifically to help Nigerian businesses grow.
This review examines Lendigo’s business loan product — including its features, eligibility criteria, interest rates, repayment terms, and what verified users have experienced.
Quick Navigations
What is Lendigo Business Loan?
Lendigo is a licensed financial technology company in Nigeria that provides business loans tailored for small and medium enterprises (SMEs). The platform enables business owners to apply for working capital directly from their smartphones — without visiting a bank or presenting collateral.
Lendigo’s services cater to businesses across different sectors such as retail, e-commerce, distribution, and logistics. The company’s model is designed to assess applicants based on business performance and cash flow, rather than on collateral or credit history.
According to Lendigo, the app aims to empower Nigerian entrepreneurs by providing accessible and transparent financial support for sustainable growth.
Key Features of Lendigo Business Loan
- Business loans up to ₦10 million
- No collateral required
- Low monthly interest rates starting from 3.5%
- Flexible repayment between 1–6 months
- Fast loan processing (usually within 24–48 hours after approval)
- Accessible via mobile app or website
- Available to registered and unregistered businesses
- Secure data protection, with encrypted user information
These features make Lendigo one of the few fintech lenders in Nigeria focused primarily on business financing rather than personal cash loans.
Eligibility Criteria for Lendigo Business Loan
Lendigo’s eligibility process is structured to ensure that only legitimate and active businesses gain access to funding.
Who Can Apply
- Your company is registered in Nigeria as LLP, PLC or Ltd
- Your company is incorporated for at least 2 years
- Your company is able to show a minimum turnover of ₦500,000 monthly
- Your company is purchasing goods above ₦1 million of the principal company on a monthly basis
- Your company distributes at least one “creditworthy” client (e.g. private international companies listed on the stock exchange)
- It may be necessary to secure the loan by a lien or an asset debenture
Application Requirements and Documents
To apply successfully, applicants typically need to provide:
- Government Issued ID Card (International Passport, National ID, Driver’s License, Voters ID)
- CAC Documents (CAC 2 & 7) (if applicable)
- Last 12 month’s sales data with the proposed principal company
- Last 12 months Bank Statements (Corporate Account)
- BVN of the directors and top management
- Proof of being a registered supplier/vendor of the principal company for at least 12 months
- Signed Personal Guarantee forms for CEO and another Guarantor
- Corporate guarantee through Board Resolution (if LTD Company)
Tip: Applicants with stable inflows, consistent bank transactions, and proper documentation are more likely to receive favorable loan offers.
Lendigo Business Loan Interest Rates and Fees
Lendigo’s loan pricing is transparent and clearly outlined before borrowers accept any offer.
Interest Rate Breakdown
- Monthly Interest Rate: from 3.5%
- Loan Tenure: up to 6 months
- Loan Range: ₦100,000 – ₦10,000,000
Example:
Borrow ₦1,000,000 for 6 months at 3.5% per month →
Monthly repayment: ₦201,666.67
Total repayment: ₦1,210,000
This rate is competitive compared to other unsecured SME loans in Nigeria’s fintech space.
check how much your Lendigo business loan will cost with our free loan calculator tool.
Additional Charges and Fees
- Processing Fee: 1% (one-time charge)
- Security Deposit: 15% (refundable after full repayment)
- No hidden fees — all costs are disclosed before loan acceptance
Editorial Take:
While the 15% security deposit may appear high, it serves as a risk management measure common among digital business lenders. Considering the loans are collateral-free, these charges balance accessibility with financial safety for both parties.
How to Apply for Lendigo Business Loan
Lendigo’s application process is completely digital and can be completed through its mobile app or official website.
Step-by-Step Process
- Download the Lendigo App from the Google Play Store
- Register and verify your account
- Complete your profile with personal and business details
- Upload required documents (ID, bank statement, CAC if applicable)
- Submit a loan request and await assessment
- Receive a loan offer based on your business performance
- Accept the offer and receive disbursement directly into your bank account
Most verified users report receiving feedback within 24–48 hours once all details are provided.
Application via Website
You can also apply via Lendigo’s official website: www.lendigo.ng.
However, the mobile app remains the fastest and most convenient option for monitoring applications and repayments.
Lendigo Business Loan Limits and Repayment Terms
Loan Amount Range
- Minimum: ₦100,000
- Maximum: ₦10,000,000
Loan limits are determined by your business’s financial performance and transaction history.
Repayment Duration
- Between 1 to 6 months, depending on your approved loan offer
- Early repayment is allowed and can improve your future loan eligibility
Late Payment Policy
Late or missed payments can lead to:
- Reduced credit score on the platform
- Delays in future loan approvals
- Additional interest charges
Pros and Cons of Lendigo Business Loan
Pros
- Collateral-free financing
- Transparent and regulated process
- Competitive interest rates for SMEs
- Fast approval and disbursement
- High loan limits up to ₦10 million
- Strong data privacy and encryption
Cons
- 15% security deposit may discourage smaller businesses
- Requires 12-month bank statement (may limit informal traders)
- Short repayment period (maximum of 6 months)
Tips to Improve Loan Approval Chances
- Maintain consistent transaction inflows in your bank statement
- Use a dedicated business account for clarity and credibility
- Upload clear, complete documents during registration
- Repay loans before the due date to build a strong record
- Start small and grow your loan limit gradually through good repayment history
Frequently Asked Questions (FAQs)
1. Can I apply without a registered business?
Yes. Unregistered businesses are accepted, though registered businesses may receive higher offers.
2. What is the loan range?
From ₦100,000 to ₦10,000,000 depending on eligibility and evaluation.
3. How long does it take to get approved?
Typically within 24–48 hours if all required information is complete.
4. Is collateral required?
No. All loans are unsecured.
5. Can loans be repaid early?
Yes. Early repayment is encouraged and improves eligibility for larger future loans.
Lendigo Business Loan Contact Details
If you need assistance, have questions about your loan application, or want to learn more about Lendigo’s business financing options, you can reach their support team through the following channels:
- Email: support@lendigo.ng
- Website: www.lendigo.ng
- Instagram: @lendigo_ng
- Twitter (X): @lendigo_ng
- LinkedIn: Lendigo Loans
- Facebook: Lendigo Nigeria
Note: These contact details are sourced from Lendigo’s official communication channels. Always verify from their official website or app before reaching out.
Conclusion
Is Lendigo Business Loan Right for You?
Lendigo stands out as one of Nigeria’s most reliable business-focused loan platforms, offering flexible financing to SMEs without collateral.
Its transparent structure, straightforward mobile process, and reasonable interest rates make it a suitable option for small business owners looking to boost cash flow, restock inventory, or expand operations.
However, the 15% security deposit and 6-month maximum tenure may not suit every business type — particularly those needing long-term funding.
Overall, based on verified user experiences and available data, Lendigo remains a credible and efficient digital lender for Nigerian SMEs seeking short-term business financing.
Try our free Loan Repayment Calculator
Before you apply for Lendigo loan, it’s smart to know exactly how much you’ll repay. Use our free loan calculator to estimate your total cost and monthly payment based on the amount and duration you choose.
