Pennylender lender profile summary:
- Loan Amount – N 10, 000 to N 5, 000, 000
- Loan Tenure – 1 – 18 months
- Interest Rate – 4 – 24%
- Hidden Charges – No hidden charges
- Who can apply? – Salary earners, entrepreneurs, businesses of all sizes, Nigerians worldwide.
Established in 2016, PennyLender is a financial institution and online money lender that provides single payment loans, payroll loans, and instalment loans to business owners and salary earners. Their Lagos office is at 294 Herbert Macaulay Way, Yaba (6th floor). The Abuja office is at St James House, Aiivon Innovation Hub 167, Adetokumbo Ademola Crescent, Wuse 2.
PennyLender specializes in providing MSME loans, unsecured personal loans, and asset-backed loans.
Personal Loans: PennyLender personal loans are available to all salary earners. You can apply online.
MSME Loans: MSME loans are available to entrepreneurs and businesses of all sizes. You have to pledge your asset or inventory to qualify for this loan. You can apply online or request an application form.
Asset-Backed Loans: Nigerians anywhere in the world can access PennyLender’s asset-backed loans. Once you apply and move your asset to the lender’s safe exchange/wallet/CSCS, the loan will be approved and disbursed to your bank account.
Eligibility to borrow
You have to meet the following criteria before you can get a loan from PennyLender:
- Be 18 to 55 years of age.
- Have a savings or current account.
- Be an income earner or in paid employment.
You must be able to provide the following documents:
- A government-issued ID: Driver’s license, permanent voter’s card, national ID card, or international Passport).
- One passport photograph.
- Proof of address
- Evidence of employment: Work ID, employment letter, or promotion letter.
- 6-month bank statement or payslips.
If you apply for the MSME loan or asset-backed loan, you must serve up an asset(s) as security.
Once you’ve met all the required criteria for taking a loan, you can borrow from N 10,000 to N 5,000,000. However, the upper limit for new customers is N 500,000. Your bank account is credited within 2 hours once the loan is approved. There are no hidden charges.
The loan tenure is flexible and ranges from 1 to 18 months. You can choose the repayment period that is most convenient for you. The interest rate is 4% to 24%.
Note: The actual amount borrowed and interest rate depends on your monthly income, employee position, and length of service.
When your loan is due, the amount is deducted directly from your salary bank account. Part payments are possible. But you have to make the initial payment before the loan is due. You must inform the lender if you wish to make part payments.
How to apply
To get a loan, visit www.pennylender.com and fill the application form. Make sure to upload all the required documents. The loan is disbursed to your bank account once approved.
Why choose Pennylender?
PennyLender is passionate about financial inclusion. Loans are tailor-made. You can apply no matter where you are and get funded within 2 hours. Apart from visiting the website, you can reach the lender on Whatsapp.
PennyLender will help build your credit score, make you financially smart, and see you through lean times.
Since there are numerous online lenders, it might be difficult deciding on the one that is right for you. At Credit Nigeria, we link you to the best lenders at no additional cost, enabling you to get the loan that suits your specific needs, and with convenient terms.