WHat is lend me
Lendme is one of the emerging financial institutes that focused more on giving out unsecured lend to its users without any paper works or documentation. LendMe is only available to serve customers in Nigeria.
LendMe Loan App Review
LendMe provides a safe, secure and swift emergency loan service, available to all Android users that need loans at any time of the day to meet urgent financial needs. Loans are approved and disbursed within minutes over a variable payback tenure through the app, allowing multiple and flexible installments of loan repayment.
KEY BENEFITS & FEATURES
– LendMe allows customers to take control of their finances by being accessible round the clock(on a 24hr basis)
– From as low as N2,000 and as high as N20,000, no collateral or any other applicable fees are required to qualify.
– Flexible loan payback in installments
– Get rewards such as higher loan amounts and discounts on interest rates when you repay within terms
– Regular feedback and updates are provided on outstanding loans and tenure in order to avoid loan repayment deadlines.
– Customers are free to use loan awarded and disbursed into a bank account for any purpose within minutes of making a loan request.
HOW TO GET STARTED?
– Download the app
– Follow the simple application process
– Receive cash in any bank account of your choice within minutes of successful application
Loans are available from N2,000 for first-time applicants to N100,000 with repayment periods between 60 to 180 days. Monthly interest ranges from 12% – 36%. There are no additional fees charged.
ANNUAL PERCENTAGE RATE(APR)
Depending on the tenure for paying back loan request, APR can be between 12% to 216%.
REPRESENTATIVE EXAMPLE ON LOANS
For a loan request of N100,000, the total amount to be paid back over a tenure of 6 months is N130,000 based on an interest of 60% per annum (fixed). In this case, six monthly repayments of N21,666.67 will be required to service this loan. Representative APR for this is 61%.
LendMe loans are helpful in an emergency situation but are not encouraged for use over the long term
CREDIT SCORE IMPACT
It’s in your best interest to pay your outstanding loan installments in time, because, failure to pay off any installments, would trigger a notice to the consumer credit reporting agency which in turn, would negatively impact your credit score. Late payments can also affect your ability to borrow in the future.
LendMe is an authorized financial services provider in Nigeria.