Question 1

What is Lendocredit and how does it work?

Accepted Answer

Lendocredit is a digital lending platform that provides instant loans, salary advances, SME loans, rent loans, and savings/investment options without requiring collateral. Users download the mobile app, create an account with phone verification, provide identity details and BVN for verification, then access personalized loan offers, apply digitally, and receive funds quickly into their bank accounts.

Question 2

How much does Lendocredit cost?

Accepted Answer

Loans have APRs from 30% to 260% per annum, with examples like 36% APR on a ₦10,000 loan over 361 days resulting in ₦3,600 interest and ₦13,600 total repayment. Other fees may include 12% monthly interest, 1% management fee, 1% credit life insurance, and 7.5% VAT on the management fee. Savings earn competitive interest rates, up to 20% annually.

Question 3

What countries does Lendocredit operate in?

Accepted Answer

Lendocredit operates in Nigeria.

Question 4

How do I sign up for Lendocredit?

Accepted Answer

Download the Lendocredit app from the App Store or Google Play, create an account with your details, username, and password, verify your phone with OTP, then provide identity details and BVN to set up your account.

Question 5

Does Lendocredit have a mobile app?

Accepted Answer

Yes, Lendocredit is available on iOS and Android. You can download Lendocredit on the App Store for iPhone, or get it on Google Play for Android.

Question 6

Who is Lendocredit best suited for?

Accepted Answer

Lendocredit is best suited for salary earners, business owners, self-employed professionals, contract staff, freelancers, and entrepreneurs in Nigeria needing quick personal loans, salary advances, SME funding, or rent loans.

Question 7

How do I contact Lendocredit support?

Accepted Answer

Contact Lendocredit support via WhatsApp, phone, or email through the mobile app.

Question 8

Does Lendocredit have a plan for teams or businesses?

Accepted Answer

Yes, Lendocredit offers SME loans for businesses.

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