Frequently Asked Questions
Why was my application declined?
You may not meet all the qualifying criteria at the time of applying. Not an issue, you can always apply again.
Who can apply for a loan?
Applicants must be 18 years and above and a resident of Lagos State with a verifiable source of income.
How much does the loan cost?
Interest and Repayments rate are dependent on loan amount and duration. Both are displayed together for easy reference.
What can I use the loan for?
Any short term financial situation qualifies.
How long does a long decision take?
Loan decisions are made and communicated to you in minutes!
How do I apply?
By downloading the app and filling out the required details, your loan can be ready in minutes.
How much can I borrow?
The minimum amount is N1,000 and the maximum is N200,000. As you fulfil your loans, you'd increase the amount you can borrow.
How do I repay the loan?
The process of repaying a loan has just gotten a whole lot easier. You have three alternatives for repaying loans on Lendme ; all you have to do is choose the one that is most convenient for you. You can pay back your loan using a debit card, or by USSD.
  1. To repay your loan via debit card follow these steps (Cards with validity less than 60 days will not be allowed for registration)
    - Go to Account History and select Loan from the transaction history page.
    - Choose a debit card and Verify payment
  2. To repay your loan via USSD , follow these steps
    - Go to Account History and select Loan from the transaction history page
    - Select Pay using USSD
  3. Otherwise you can always transfer loan payment to our bank account and this will be reflected. The bank account will be provided upon request. Please state clearly your loan ID on each repayment via transfers.
A successful loan repayment via the app should take no more than an hour to reflect on the app. If your payment has not been updated after 24 hours, please email a screenshot of the debit alert or payment receipt to help@mylendme.co or contact us via the in-app chat.
Can I have multiple loans or vary the terms of an existing loan?
Loans are one at a time only and the terms of an existing loan like rollovers are not allowed.
Can I prepay loans before due dates?
Absolutely YES and this further improves your chances of higher loan sums.
What if I am unable to pay due to circumstances beyond my control?
We now offer Loan restructuring options ,this enables you to extend your loan tenure so that you do not go into default when you are unable to meet up with the payment due which will impact your credit records .Please email our helpdesk for further assistance on help@mylendme.co
How do I check my BVN details?
Dial *565 *0# from the number linked to your bank account. A service charge may apply.
I'm worried about my personal information safety. Can I trust LendMe?
We use best in class data and security encryption techniques to store your details. Your personal data is never monetised.
Why do you need my BVN?
We want to be sure that you are who you say you are and avoid someone else using your details to secure a loan. Your BVN details will be verified but note that this information doesn’t give unauthorized access to your bank account.
What are app permissions for?
These allows us access to your phone details from where we can build your credit profile
Why am I getting an amount lower than what I applied for ?
We have introduced loan counter offers to enable you to have access to the amount you qualify for based on the outcome of your risk assessment. You will be required to accept an offer to proceed or decline to reject . Please note that the loan amount increases as you build a credit profile on the App overtime.
What is Smart integration ?
The smart integration feature is the criteria we use to access customer account history and behaviour on past loans to help us know the customers better and expose them to higher sums .
Help, I received a mail/notification that my loan has been disbursed but the money is not in my account ?
All disbursements on the App are credited to your wallet , please view the wallet in the App to utilise funds .
How is LendMe smart invest offered ?
LendMe smart invest is a digital investment service provided within the LendMe App
I want to invest money in your smart invest, how do I go about this?
Fund your smart invest from your LendMe wallet or by using the round up feature when making a bill payment. This roundup rule can be set for all bill payments from your wallet and the minimum investment amount is N100.
How do I pay bills using the Lendme app?
On LendMe App, you may choose from a variety of service providers, including cable subscriptions, airtime, internet data, and more.
How do i Set up automatic payments for bills?
On the LendMe App, you may choose from a variety of billers. Recurring payments can be saved to make things easier in the future.For airtime top up, save your most frequently used phone numbers to make transactions even faster.
Are there any penalties for Paying Late?
Yes, we charge a one off late fee of N100 per instalment . Only if you do not repay your loan on time will you be charged this cost.
Can I Restructure My Loan?
Customers are allowed to restructure existing/active loans in the Loan History Section. Restructure of loan can only be allowed when 1st loan default has been recorded
Is it possible for me to receive a new loan right away?
You can reapply for a loan after 24 hours if your previous loan repayment is confirmed.
What are the Benefits of Referring others?
By recommending friends and family to the Lendme App, you can earn prizes. If someone registers on LendMe App using your code, then requests for a loan, and pays it off on time, you'll be eligible for incentives like loan discounts.
How Do I withdraw From The Wallet?
Please follow the steps below to withdraw funds from your wallet.
  • Below the app's menu, choose Wallet.
  • Click on Withdraw.
  • "Payment Method in Use” page will be displayed.
  • Fill in your account information and the sum you want to transfer.
  • Click Send Money.
It's important to note that you can only move money from your wallet to your personal account.
How Do I Fund My wallet?
To fund your wallet;
  • Select “Fund Wallet” from the LendMe wallet menu.
  • Choose how you want to fund your lendme wallet from the available options
  • Fill in the amount you want to transfer. click Next, Fund Wallet
How Do I Add a Bank Account?
From the drop-down menu under settings, select "Manage your accounts." Click save after you've entered your bank account information.