Pennylender

Interest Rate (6% – 24%)

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Description

Pennylender

Pennylender is an online moneylender that provides single payment loans, installment loans and payroll loans for borrowers through their employer. The amount borrowed is then deducted from your monthly salary.

Their minimum loan amount is N10,000 and the upper limit for a new customer is N500,000.

The size of loan and interest rate charged is determined by data provided by your employer such as salary, length of service and position. The loan can be up to 50% of your Monthly Salary and the loan tenor is from 3 months to 6 months. Once you decide on the amount you want and you have set up your repayment schedule money is sent to the your salary bank account instantly.

Loans from moneylenders are designed to be short term loans that are designed to tide you over to the next payday. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files.

Pros

  • High maximum loan
  • Choice of repayment scheme

Cons

  • Geographic restrictions to Lagos
  • Employer approval required

 

ELIGIBILITY CRITERIA

  • Valid means of identification (Int’ passport, Driver’s license, Permanent Voters Card, National ID card)
  • Utility Bill
  • Passport photograph
  • 3 months bank statement
  • Employment letter or Promotion letter or Contract review