Lapo is a microfinance bank that gives loan to both individuals and businesses in Nigeria. They target people that are unbanked, especially people in rural area. Lapo has been existing since 2007. They are like banks, and apart from getting loans from them you can also save.
This company is a national one, they have 500 branches in Nigeria. What makes Lapo a good option is that they have less Interest rates and for people that are not tech savvy you can easily get their outlet and request for loan.
Their loan is very fast but it requires some paperwork, their loan is usually disbursed in cash but if you specify they can send it to your bank account.
Below are the various types of Lapo loans you can obtain:
This loan is targeted at the small business owner. You can obtain up to ₦5M from this loan type. Before Lapo will give you such a loan, you will need to tender some documents such as loan application letter, duly completed loan application form, 2 guarantors, and utility bill. Also, your business will be visited by one of Lapo’s staff.
If you are really serious about this loan, make sure you have a business already before you apply. The loan is meant for business expansion and not for creating business. The loan term ranges from 3 months to 12 months. The interest rate depends on the repayment period. If you request for a long repayment period, your interest rate will also be high.
Agricultural loan is targeted at farmers who own farm. You must have a farm before you can apply for this kind of loan. One of their staff will come to check your farm so you can not lie to them. The amount of loan you can get in this loan type ranges from ₦100,000 to ₦1M depending on the worth of your farm.
The loan processing is very fast but you need to provide some documents such as a duly completed application form, 2 recent passport-size photographs, 2 guarantors, a government-issued ID card, and a current utility bill
One of the good things about this loan product is that you will be given a grace period of 30 to 60 days, which means you can use the money for 60 days without paying back, it is after this 30 to 60 days that you will begin to pay back your loan. Isn’t that cool?
The repayment period is between 2 months to 12 months but note that the longer the repayment period the higher the interest rate you will pay.
This loan product is given to a group of people. Small business owners that could not afford large loan will be grouped together and Lapo will disburse loans to them. Often time, the loan amount ranges from ₦100,000 to ₦1M.
The group will share the money among themselves and pay it back together. The problem with this loan type is that some in the group might not pay their own share which will become a problem for other members of the group.
If the group did not finish their payment, Lapo will not give them another loan. The repayment period of this loan ranges from 2 months to 6 months depending on the amount of loan obtained. The interest rate is between 2.5 to 5%.
Below are the documents needed to get this loan
This loan is targeted at people that want to buy assets such as equipment or technical aid to improve their business. This loan is given to people that have an account with Lapo already. You need to have a saving account before you can apply, the loan ranges from ₦20,000 to ₦400,000 depending on how long you’ve been using the savings account.
The loan repayment term is between 1 month to 1 year and once you collect the loan you will be given a bonus of 1 month. It is after a month that you will begin to pay back.
You need to prepare some documents before getting this loan. These documents are savings accounts domiciled with Lapo bank
School fees loan is targeted toward parents that want to pay their wards’ school fees. In this loan type, you can obtain up to ₦200,000 loan at a go without collateral. The interest rate of this loan is 4%. The repayment period is 4 to 8 weeks.
This loan is good if you have the means to pay it back. There are some documents you need to provide before you can obtain this loan which are; a government-issued ID card, utility bill, school fees invoice, passport photograph, and guarantor.
This is for people doing school business, and people who own schools. You can obtain up to ₦10M loan from this loan type, the minimum loan you can obtain is ₦250,000.
The loan disbursement is very fast and as long as you have the below document you will get the loan:
This is given to people who are working in government establishments. If you are working in a reputable company, you can also request for this kind of loan.
This loan repayment period is short, they expect you to pay back the loan once you receive your salary. Also, you should know that the interest rate is high.
Before you can be given loan you need to have a salary account, which means you will provide your income statement, utility bill, and passport photograph.
This loan is targeted at people female entrepreneurs who own small business. You must have an existing business before you can obtain this kind of loan. You can get up to ₦1m from this loan product.
The required documents are similar to the ones requested for in SME loans.
You can apply for Lapo loan by going to the Lapo bank. If the money you need is not much, you can look for Lapo group in your location. Lapo does not have any online platform to get loan. All loan application is conducted offline.
Lapo interest rate ranges from 2.5% to 5% depending on the type of loan and the repayment period.
You can obtain up to ₦10,000,000 loan from Lapo and a minimum of ₦5,000 depending on the type of loan product.
Lapo does not have or use USSD code
You can contact Lapo on this number
+234 813 984 0230 (call)
+234815 055 3264 (WhatsApp)
Above are the types of loan you can obtain from Lapo loan. None of the above loan require collateral and as long as you meet up with the requirements you will surely be given loan.
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