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Lendigo Review: What You Need to Know

Lendigo is an online lending platform that provides businesses with access to quick, flexible, and affordable loans. Founded in 2020, the company has quickly become one of the leading providers of digital lending solutions in Nigeria. With a focus on providing financing for SMEs through technology and innovative practices.

In this review, we will take a closer look at the features and benefits of Lendigo, so you can decide if it’s a good fit for your business.


From distributors to FCMGs, Lendigo has a variety of loan services to cater to business needs.

1. Small Business Loans for Distributors

Lendigo's small business loans are a unique financing option for registered key-distributors and sub-distributors of established Fast Moving Consumer Goods (FMCG) manufacturers. The loan amount, ranging between ₦1,000,000 and ₦20,000,000, is based solely on the borrower's historical transaction volumes with corresponding FMCGs, making it an ideal choice for businesses operating in this sector.

A major advantage of Lendigo's small business loans is its flexibility. Distributors can customize repayment schedules to align with their business cash flow, making repayments more manageable.

Additionally, Lendigo offers competitive interest rates, which makes their loans a popular choice among FMCG distributors seeking affordable financing.

This loan product comes with a 1% processing and commitment fee and a 3.5% monthly interest rate on the borrowed amount. It has a tenor of 1-6 months, giving borrowers ample time to repay the loan.

To access the loan, companies must be registered in Nigeria as LLP, PLC, or Ltd, and incorporated for at least two years. They must also show a minimum turnover of ₦500,000 monthly, purchase goods above ₦1 million from the principal company on a monthly basis and distribute at least one "creditworthy" client (e.g., private international companies listed on the stock exchange).

Overall, Lendigo's small business loans are an excellent choice for FMCG distributors looking for fast, flexible, and affordable financing to grow their businesses.

With customizable repayment schedules, competitive interest rates, and streamlined loan application processes, Lendigo offers a reliable and efficient solution to meet the financing needs of FMCG distributors.

2. Small Business Loans for E-Commerce Merchants

Lendigo also offers small business loans customized to meet the needs of e-commerce merchants. The loan product is designed to provide financing to registered e-commerce merchants with a minimum of six months of sales history on major e-commerce platforms such as Jumia, Konga, and Shopify.

One of the key benefits of Lendigo's small business loan for e-commerce merchants is the speed of loan disbursement. The loan application process is straightforward and streamlined, with fast approvals and disbursements, allowing borrowers to access funds quickly and efficiently.

To qualify for a small business loan with Lendigo as an e-commerce merchant, you must be registered in Nigeria as a limited liability company with a minimum of six months of sales history on major e-commerce platforms.

Lendigo's small business loans for e-commerce merchants can assist you in accomplishing your business goals, be it expanding your product offerings, investing in marketing, or improving your inventory management.

3. Auto Finance Loans

Lendigo's Auto Finance Loans is specifically for automobile dealers in Nigeria. With loans ranging from ₦2,000,000 to ₦20,000,000, automobile dealers can access the funds they need to grow their businesses.

Similar to other Lendigo loans, a standout feature of this loans is the flexibility it offers. The loans come with customizable repayment schedules, allowing dealers to choose a repayment plan that best suits their business needs.

The loan offer is based on the borrower's income, cash flow, and business performance. With a processing and commitment fee of 1%, the loan attracts a monthly interest rate of 4% on the borrowed amount. It also comes with a tenor of 1-6 months for repayment.

To access the loan, automobile dealers must meet the following criteria:

  1. Own a car lot.
  2. Have a minimum of 10 Vehicles,
  3. Have consistent inflow (12 months bank statement)
  4. Clean credit report with any local Credit Bureau

Lendigo's auto finance loan is ideal for automobile dealers who want to grow their businesses. With competitive interest rates, flexible repayment schedules, and streamlined application processes, Lendigo offers a hassle-free and convenient loan experience.

4.Small Business Loans for SMEs

Lendigo's Small Business Loans are designed to meet the specific financing needs of small and medium-sized enterprises (SMEs) in Nigeria. With loans ranging from ₦300,000 to 10,000,000, SMEs can access the funds they need to grow their businesses.

The loan offer is based on the borrower's income, cash flow, and business performance. With a processing and commitment fee of 1%, the loan attracts a monthly interest rate of 4% on the borrowed amount.

To access the loan, SMEs must meet the following criteria:

  1. Registered in Nigeria as LLP, PLC or Ltd.
  2. Incorporated for at least 2 years.
  3. Show a minimum turnover of ₦500,000 monthly.
  4. Your company is purchasing goods above ₦1 million on a monthly basis.

If you're an SME looking to take out a loan, Lendigo's small business loans, can be an ideal fit.

How to Apply for a Lendigo Business Loan

1.Visit the nairaCompare website and locate the ‘Business Loans’ tab. Select ‘SME Business Loans’
2. Select ‘Lendigo’ from the list of available Business Loan options.
3. Read through the information provided on the Lendigo page to understand more about the provider, and its products.

4.Select a product
5. Click on ‘Apply’ to begin the application process.
6. Fill in your personal details and provide all the necessary documents.

7. Submit your application form for review and processing.
8. After successful review of your application, you will receive an email notification confirming that your application has been approved!

Advantages of Choosing Lendigo for Your Business Financing Needs

1. Low interest rates – Lendigo offers competitive interest rates on business loans, making it an attractive option for those looking to borrow money.

2. Flexible repayment terms – Lendigo allows borrowers to choose from a variety of repayment options, including weekly, biweekly, and monthly payments. This makes it easy to fit loan payments into your budget.

3. Fast approval process – The application process is quick and straightforward, allowing borrowers to receive funding in as little as one business day.

4. No hidden fees – There are no hidden fees or prepayment penalties associated with taking out a loan through Lendigo, which makes the cost of borrowing more transparent.

5. Easy access to funds – Once approved, funds can be deposited directly into your bank account in as little as one business day, making it easy to access the money you need quickly.

Potential Drawback of a Lendigo Loan

1. Higher credit score requirements than other lenders may have in place for business loans may make it difficult for some businesses to qualify for a loan from Lendigo.

In essence, Lendigo offers a range of loan options designed to meet the specific needs of small business owners in Nigeria. Whether you're in need of financing to purchase new inventory, expand your business, or cover unforeseen expenses, Lendigo has a loan product that can help.


With flexible repayment terms, competitive interest rates, and a streamlined application process, Lendigo is a great option for entrepreneurs looking to take their businesses to the next level. However, before you make a final decision, we recommend comparing Lendigo's loan offers with those of other lenders on nairaCompare.

By doing so, you can make an informed decision and choose the loan option that is best suited for your business needs. Visit nairaCompare to compare business loans and select the one that’s best for your business!

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