Lidya Loan: How To Apply and Get it in 5 Steps

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One of the problems facing small businesses around the world is access to financing, getting funding from traditional or commercial banks is often difficult and this is where Fintech companies like Lidya comes in, with Lidya Loan you get a fast and flexible loan to finance and take your business to the next level

What is Lidya Loan and how does it work?

Lidya is a digital finance platform that provides small businesses with access to working capital loans. It was founded in 2015 and is headquartered in New York City, with operations in Nigeria, Poland, and the Czech Republic.

Lidya loans are based on the cash flow of the business, rather than traditional collateral requirements. To apply for a loan, businesses need to create an account on the Lidya platform and provide some basic information about their business and financial history. Lidya will then assess the business’s creditworthiness and provide a loan offer.

If the business accepts the loan offer, they will need to link their bank account to the Lidya platform. Lidya will then disburse the loan funds directly into the business’s bank account.

Related Post: Get Funds for Small and Growing Business at GroFin

Who owns Lidya?

Lidya is founded by Tunde Kehinde, Ercin Eksin, and Nathaniel Luz.

Is Lidya legit?

Yes, Lidya is a legitimate company. It is registered with the Securities and Exchange Commission (SEC) in Nigeria and is a member of the Fintech Association of Nigeria (FAN). Lidya is also backed by reputable investors, including Google Ventures, Visa, and Partech.

How to get Lidya Loan: Step By Step Guide

To get a Lidya Loan, follow these steps:

  1. Create an account: Go to the Lidya website and create an account. You will need to provide your name, email address, and phone number.
  2. Link your bank account: Once you have created an account, you will need to link your bank account to the Lidya platform. This will allow Lidya to access your bank statement data and assess your creditworthiness.
  3. Apply for a loan: Once your bank account is linked, you can apply for a loan. You will need to provide information about your business, such as the type of business, the number of employees, and the average monthly revenue.
  4. Get approval: Lidya will review your application and make a decision within 24 hours. If your application is approved, you will receive a loan offer.
  5. Accept the loan offer: If you accept the loan offer, Lidya will disburse the loan funds directly into your bank account.

Lidya Loan Alternatives

There are a number of other digital finance platforms that offer small business loans in Nigeria. Some popular alternatives to Lidya Loan include:

  • Migo
  • Branch
  • FairMoney
  • Paylater
  • Carbon

Frequently Asked Questions FAQs

Q: What is the maximum loan amount that I can borrow from Lidya?

A: The maximum loan amount that you can borrow from Lidya depends on your business’s creditworthiness. Lidya offers loans from N50,000 to N5,000,000.

Q: What is the interest rate on Lidya Loans?

A: The interest rate on Lidya Loans varies depending on the loan amount and the term of the loan. Interest rates typically range from 1% to 5% per month.

Q: What is the repayment period for Lidya Loans?

A: The repayment period for Lidya Loans varies depending on the loan amount. Repayment periods typically range from 1 month to 12 months.

Conclusion

Lidya is a convenient and easy way for small businesses to access working capital loans. Lidya loans are based on the cash flow of the business, rather than traditional collateral requirements. This makes Lidya loans a good option for businesses that may not have collateral to offer.

If you are considering applying for a Lidya Loan, be sure to read the terms and conditions carefully and understand the interest rates and repayment terms before you apply.

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