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Lendigo Loan Review: Interest Rates, Requirements, and Customer Feedback

Before applying for a business loan through Lendigo, it’s important to understand how the platform works, what borrowers are saying, and whether it is worth your trust. Many loan apps in Nigeria promise fast and easy credit, but reviews often reveal the real story.

In this article, I’ll explain Lendigo’s loan services, eligibility requirements, repayment structure, pros, cons, and genuine customer feedback to help you decide if this app is the right financing solution for your business.

What is Lendigo Loan?

Lendigo is a fintech lending platform in Nigeria designed specifically for Small and Medium Enterprises (SMEs). Unlike most personal loan apps, Lendigo focuses on supporting businesses across sectors such as:

E-commerce merchants
POS operators
Auto dealers
Distributors and wholesalers

Since launching, Lendigo claims to have disbursed over ₦6 billion in loans to more than 2,500 customers, helping over 2,000 SMEs access funding.

Loan Amounts You Can Access

Lendigo offers business loans starting from ₦100,000, with the possibility of borrowing up to ₦10 million depending on the type of business and repayment capacity. No collateral is required for most loans, though guarantors and financial records are needed.

Interest Rates and Fees

Lendigo does not openly publish its rates on its website, but sources suggest that interest starts from 2% monthly. Other possible charges include:

Processing fees of 0.5% to 1%
A security deposit (sometimes up to 15%) depending on loan type
A ₦100 non-refundable card-binding fee for linking your debit card

These charges may vary based on your business type and risk profile.

Repayment Structure

Most loans on Lendigo are short-term with repayment periods ranging from 1 to 6 months. Some businesses may qualify for extended repayment up to 12 months. Late repayment attracts penalties, including daily charges and possible effects on your credit history.

Eligibility Criteria for Lendigo Loan

To qualify for a loan, businesses must meet certain requirements:

Business Registration – Your business must be officially registered with CAC as an LTD, PLC, or LLP.
Operational Age – Your business should have been active for at least two years.
Revenue Track Record
- E-commerce merchants must show at least ₦100,000 in monthly revenue over the last six months.
- Distributors need a minimum monthly turnover of ₦500,000 and at least ₦1 million in monthly purchase volume.

Required Documents

Valid ID (National ID, International Passport, or Driver’s License)
CAC documents
BVN of the business owner(s)
12 months’ bank statements
Sales records or invoices

Providing complete documentation increases your chances of approval.

Is Lendigo Legit or Scam?

Lendigo is a legitimate loan provider, recognized as a CBN-compliant fintech company in Nigeria. Several credible finance websites, along with many business owners, confirm that it is not a scam. However, user experiences vary, with both positive and negative feedback reported.

What Customers Are Saying

Reviews on the Google Play Store highlight different experiences:

Some users praise the smooth registration process, quick disbursement, and fair loan offers.
Others complain about app glitches, difficulties uploading documents, and email verification issues.
A few borrowers also feel the interest rate could be lower.

For example, one user described the loan process as stress-free and transparent, while another expressed frustration with repeated email confirmation errors that blocked access to loans.

Pros of Lendigo Loan

Flexible financing tailored to SMEs across multiple industries
Loan amounts from ₦100,000 to ₦10 million
Quick processing with funds released within 48–72 hours
No collateral for most loans, provided you meet revenue requirements
CBN-compliant fintech, giving borrowers confidence in its legitimacy

Cons of Lendigo Loan

Technical issues with the app, especially during document uploads
Non-refundable ₦100 card-binding fee, even if a loan is denied
Strict eligibility requirements, making it unsuitable for startups
Penalties for late repayment, including additional charges and legal consequences

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