PennyLender is a leading online platform that connects borrowers and lenders for personal loans. With a passion for providing financial inclusion, PennyLender gives access to funds for debt consolidation, home improvement, medical expenses, or any other purpose.
PennyLender Personal Loans
The PennyLender Personal Loan is available to all salary earners in the private and public sector. Application for this loan is done online. All the borrower has to do is upload proof of employment, a government ID, proof of address and a six-month bank statement.
FAQs About PennyLender Personal Loans
What are the requirements to qualify for a PennyLender personal loan?
To qualify for a PennyLender personal loan, you need to meet the following criteria:
- Be at least 18 years old.
- Be a Nigerian citizen.
- Have a steady source of income.
- A bank account in your name.
- Have a good credit score.
- Not be in bankruptcy or have any outstanding liens or judgments.
How much can I borrow and for how long?
With PennyLender Personal Loan, you can access loans up to N10 million with a repayment duration of six months. The exact amount and term of your loan will depend on your credit profile, income, and loan purpose.
What are the interest rates and fees for PennyLender Personal Loans?
PennyLender Personal Loans are offered at a monthly interest rate of 2%.
How do I receive and repay my PennyLender personal loan?
If you accept your loan offer, you will need to sign an electronic agreement and provide your bank account details. The funds will be deposited into your account within one business day.
You will need to repay your loan in monthly instalments via automatic withdrawal from your bank account. You’re permitted to make extra payments or pay off your loan early without any fees.
What are the benefits of a PennyLender personal loan?
PennyLender personal loans offer a number of benefits, including:
- Competitive interest rates.
- Flexible repayment terms.
- Quick loan processing and disbursement.
- No collateral required.
What documents do I need to apply for a PennyLender personal loan?
To apply for a PennyLender personal loan, you will need to provide the following documents.
- A valid ID card (e.g., driver's license, international passport, National Identity Number (NIN) card).
- Proof of employment (e.g., employment letter, salary statement).
- Proof of income (e.g., bank statement, tax clearance certificate).
How do I repay my PennyLender personal loan?
You can repay your PennyLender personal loan through the following channels:
- Online through the PennyLender website or mobile app.
- At any PennyLender branch.
- Through any other bank in Nigeria.
What happens if I default on my PennyLender personal loan?
If you default on your PennyLender personal loan, you may be charged late fees and interest. You may also have your credit score affected. In some cases, PennyLender may take legal action to recover the loan amount.
How to Apply for a PennyLender Personal Loan on nairaCompare
1. Click on ‘PennyLender Personal Loan’
2. Read through the information on the product page to get more details about the product.
3. Click on ‘Apply’ to begin the application process.
4. Fill in your personal details.
5. Submit your application form for review and processing.
6. After successfully reviewing your application, you will receive an email notification confirming your application.
Before applying for a loan, it is important to compare options in order to select a loan that’s best suited to your needs and circumstance. nairaCompare has a wide range of loan options you can compare and choose from.
Visit nairaCompare and start comparing the PennyLender loans to loans from other trusted providers!
Visit nairaCompare to learn more about PennyLender Personal Loans and other loan options available to you.
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