Letshego Review: What You Need to Know 

Letshego Group is a multinational finance platform founded in Botswana. The institution began operations in March 1998. Since then, the company has spread to 11 African countries-Eswatini, Ghana, Kenya, Lesotho, Mozambique, Namibia, Nigeria, Rwanda, Tanzania and Uganda. 

With over 3,000 employees comprising more than 21 nationalities, the platform offers loans to government employees, private individuals, and micro and small entrepreneurs.  

In Nigeria, Letshego acquired FBN Microfinance Bank in 2015 and rebranded to Letshego MFB.  

For the 2021 financial year, Letshego posted over $75 million in profit before tax, growing net assets at 11% year on year. 

Letshego Product Review 

Savings 

Letshego has a number of savings products to cater to diverse financial goals.

Let’s Go Basic Savings

Let’s Go Basic Savings is a versatile and customer-centric savings product that offers a wide range of benefits to individuals. With a minimum deposit requirement of just ₦500 and a maximum deposit limit of ₦10,000,000, this savings option caters to customers across different financial capacities. The annual interest rates, ranging from 2.0% to 3.0%, ensure that account holders can earn a competitive return on their savings.

With flexible terms, customers can choose a minimum term of 1 month or extend it up to a maximum of 120 months. This enables them to align their savings goals with their desired timeframes. Let’s Go Basic Savings empowers individuals to save effectively and work towards their financial objectives, regardless of their initial deposit or preferred savings duration.

Loans

Letshego has a variety of loan services to cater to your financing needs.

Letshego Housing Loan

Letshego’s Housing Loan is designed to assist individuals in realizing their dreams of owning a home. With a loan amount ranging from ₦50,000 up to a maximum of ₦15,000,000, this loan enables borrowers to secure funds for purchasing or constructing residential properties. The payment frequency for the Letshego Housing Loan is set on a monthly basis, ensuring convenient and manageable repayments. The loan repayment terms span from 3 months to 36 months, providing borrowers with flexibility to choose a duration that aligns with their financial capabilities.

With a monthly interest rate of 4.3%, borrowers can enjoy affordable monthly instalments while working towards their homeownership goals. It is worth noting that there is no management fee associated with this loan, further enhancing its appeal. Whether it’s buying a new house or building one from scratch, Letshego’s Housing Loan provides individuals with the financial support they need to make their housing aspirations a reality.

Letshego Education Loan

Letshego’s Education Loan is created to support individuals in pursuing their educational aspirations. With a loan amount ranging from ₦50,000 to a maximum of ₦10,000,000, this loan enables students and parents to access funds for educational expenses such as tuition fees, textbooks, and other related costs. The payment frequency for this loan is set on a monthly basis, providing borrowers with convenience and flexibility in repayment. The loan repayment terms range from 4 months to 36 months, allowing borrowers to choose a duration that suits their financial circumstances and aligns with their educational timeline.

With a monthly interest rate of 4.5%, borrowers can benefit from affordable monthly instalments while pursuing their educational goals. Letshego’s Education Loan serves as a valuable resource to invest in education, ensuring that individuals have the necessary financial support to acquire knowledge and skills that will shape their future.

Letshego Individual Loan

This loan is a versatile and accessible financing option designed to cater to the diverse needs of individuals. With a loan amount ranging from ₦50,000 to a maximum of ₦10,000,000, borrowers can access funds for various personal purposes such as emergencies, debt consolidation, or other financial needs. The payment frequency for the Letshego Individual Loan is set on a monthly basis. This provides borrowers with convenience and a structured repayment schedule. The loan repayment terms range from 3 months to 18 months, allowing borrowers to choose a duration that suits their financial situation and repayment capacity. With a monthly interest rate of 6.5%, borrowers can manage their repayments while addressing their individual financial requirements.

Letshego SME Loan

The Letshego SME loan is created to empower small and medium-sized enterprises (SMEs) in Nigeria. With a loan amount ranging from ₦20,000 to a maximum of ₦20,000,000, Letshego provides SMEs with the necessary capital to fuel their growth and expansion. The payment frequency for the SME Loan is set on a monthly basis, ensuring convenience and predictability in repayments. The loan repayment terms range from 3 months to 36 months, allowing SMEs to choose a duration that suits their business needs and cash flow. With a monthly interest rate of 5.0%, SMEs can access affordable financing to support their operations, invest in equipment, or seize new business opportunities. Letshego’s SME Loan is a catalyst for business success, providing SMEs with the financial resources they need to thrive in the competitive market landscape.

Step-by-Step Guide: Getting a Loan and Saving with Letshego on nairaCompare

1. Select ”Letshego”
2. Read through the information provided on the Letshego page to understand more about the provider, and its products.
3. Select a product.
4. Click on ”Apply”/ ‘Open Account’ to begin the application process.
5. Fill in your personal details and provide all the necessary documents.
6. Submit your application form for review and processing.
7. After successful review of your application, you will receive an email notification confirming that your application has been approved!

Letshego Loan repayment  

Repayment is done from the bank account provided by the customer. If such deductions fail, they are then required to make a direct deposit.  

Depending on the loan amount for which you are eligible, you have the option to choose repayment terms for up to 36 months. 

Letshego Customer care 

With a customer care number boldly displayed on the app, customers are assured of instant solutions to their queries. The line is however only open from 8 am to 4 pm.  In addition, customer service agents provide a walk through the app using live support features and detailed in-app FAQs. You can also visit Letshego  and send an email if the need arises. 

Benefits of Saving with Letshego

• Competitive interest rates: Letshego offers a savings account with an interest rate of up to 5% per annum, which is higher than the average interest rate offered by other banks in Nigeria. By opening a savings account with Letshego, you can earn more interest on your deposits and grow your savings faster. 
• Low minimum deposit requirements: With Letshego, you can open a savings account with as little as N1,000, making it easy to get started on your savings journey even if you do not have a lot of money to spare. 
• Security: Your funds are always held securely when you open a savings account with Letshego. Letshego uses advanced technology to protect customer deposits, including encryption and other security measures. This helps to prevent unauthorized access to customer accounts and protect customer deposits from theft or fraud. 
• Customer Service: Letshego places a strong emphasis on providing excellent customer service. The bank has trained professionals available 24/7 to answer questions, help, or address any concerns you may have. This personalized customer service sets Letshego apart from other banks and ensures that customers feel valued and supported. 

Advantages of Choosing Letshego for Your Financing Needs

• Quick and easy application process: The application process is quick, and you can receive your funds within 24 hours of approval. 
• Flexible repayment terms: Letshego offers flexible repayment terms that can be customized to suit your needs. You can choose the repayment period that works best for you, whether it is 6 months or 48 months. 
• Competitive interest rates: Letshego offers competitive interest rates on their loans. The interest rate you receive will depend on your credit score and other factors. 
• No collateral required: You do not need to provide any collateral to take out a loan with Letshego. This means that you do not have to put any of your assets at risk. 
• Low minimum deposit requirements: With Letshego, you can open a savings account with as little as N1,000, making it easy to get started on your savings journey even if you do not have a lot of money to spare. 
• Security: Your funds are always held securely when you open a savings account with Letshego. Letshego uses advanced technology to protect customer deposits, including encryption and other security measures. This helps to prevent unauthorized access to customer accounts and protect customer deposits from theft or fraud. 
• Loans are available to both salaried and self-employed individuals: Whether you are a salaried employee or self-employed, you can apply for a loan with Letshego. 

Summary 

Giving you a satisfactory experience is our priority, and to achieve this, we need the right partners. Therefore, all our providers are tested and trusted names in their respective categories and are regulated by the appropriate institutions and authorities. 

Ready to start? 

Visit https://app.nairacompare.ng/providers/letshego-microfinance-bank to read more about Letshego or Compare Providers.