Lendme Loan, how does it work, repayment and interest

In order to address urgent financial problems, LendMe provides an efficient and practical emergency lending service for Android users in Nigeria.

This article takes a close look at the LendMe platform, discussing its advantages, features, lending conditions, and effects on credit scores.

Availability: Serving only Nigerian clients

At the moment, LendMe solely serves Nigerian customers. Users need an Android handset in order to use LendMe services.

Important Features and Benefits

To assist users in taking charge of their finances, LendMe provides a variety of advantages and features:

  • LendMe is accessible 24 hours a day, 7 days a week, so clients may get loans whenever they need them.
  • Loan Range: Customers may borrow up to N100,000 without putting up any collateral or paying any additional costs.
  • Flexible Repayments: Loans can be repaid over a number of installments, giving clients more freedom in how they handle their debt.
  • Rewards: On-time loan repayment can lead to higher loan amounts and lower interest rates.
  • Regular information: To prevent customers from missing repayment deadlines, LendMe offers information on outstanding loans and tenure.
  • Customers have the freedom to use the money however they see fit.

How to Begin Using LendMe

These three simple actions will let you start using LendMe:

  • Get the LendMe app.
  • Fill out the simple application process.
  • Following a successful application, receive funds in your preferred bank account in a matter of minutes.

Terms & Conditions for Loans

For initial loan applicants, loan amounts range from N1,000 to N100,000, with repayment terms of 62 to 365 days. There are no additional fees and the monthly interest rates range from 12% to 36%.

APR, or annual percentage rate
The APR can range from 12% to 216% depending on the payback period.

representative illustration
Based on a set yearly interest rate of 60%, the total repayment for a N100,000 loan with a 6-month term would be N13,000. This would need paying N21,666.67 in six monthly installments with a typical APR of 61%.

The Right Use
LendMe loans are helpful in emergency situations, but long-term use is not advised.

Impact on credit score
It’s important to pay off any outstanding loan installments on time because failing to do so could harm your credit rating.

Late payments may impair your capacity to borrow money in the future and are reportable to consumer credit reporting bureaus.

Always put timely loan repayment first, and only use LendMe for critical financial requirements. Visit the official LendMe social media accounts on Instagram, Facebook, and Twitter (@mylendme) for more details.

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