How To Get Lapo Loan 2023
How to get a loan from Lapo (Lift Above Poverty Organization) is a question that many people in Nigeria ask when they need financial assistance.
Lapo Microfinance Bank Ltd is a reputable financial institution that offers various loan products to meet the needs of individuals and small and medium enterprises. The bank has been in operation since 2007 and has become one of Nigeria’s leading microfinance banks.
Lapo can be a great option if you need a loan, as they offer easy and quick loan services with competitive interest rates. This article will discuss how to get a loan from Lapo and the requirements you must fulfill to be eligible for a loan.
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Quick Overview of Lapo Loan
Lapo Microfinance Bank is a financial institution in Nigeria that offers various loan products to individuals and businesses. One of the loan products available in the Lapo personal loan provides access to instant credit of up to N500,000 for personal or business use.
This loan is collateral-free, making it accessible to the underbanked population in Nigeria. With the Lapo personal loan, you can meet your financial needs without providing collateral or going through a rigorous loan application process.
Requirements for Applying for Lapo Loan
To apply for a loan from LAPO, you will need to meet the following requirements:
- You must be between the ages of 18 to 59 years old.
- Loan application letter
- You must have a stable source of income.
- You must have a verifiable address.
- You must have a verifiable means of identification, such as a National ID, Driver’s License, or International Passport.
- You must have an active phone number and email address.
- It would help if you had a guarantor who could stand in for you in case of default.
- You must provide two passport photographs.
Lapo Loan Products
Lapo Microfinance Bank has seven loan products available to borrowers of different categories. These loan products are:
- Lapo Educational Loan
- Lapo Agric Loan
- Lapo Regular Loan (Personal Loan)
- Lapo SME Loan
- Lapo Asset Loan
- Lapo Special Loan
- Mid-Term Loan
Lapo Educational Loan
Features and Benefits
- Facility range: ₦15,000 (minimum) to ₦40,000 (maximum)
- Grace period: 1 month
- No collateral
- Methodology: Group
- Duration: 8 months
- Flexible repayment structure
- Access to funds for the prompt payment of children’s school-related expenses.
- Low-interest rate
Requirements
- A valid means of ID (national ID, driver’s license, voter’s card, or international passport)
- Loan application letter
- Duly completed application form
- 2 Guarantors
- Current utility bill
- 4 recent passport-size photographs
Lapo Agric Loan
Features and Benefits
- Methodology: Individual, group, and corporate
- Facility range: ₦50,000 (minimum) to ₦500,000 (maximum)
- Prospective clients must be practicing farmers with verifiable evidence of existing farm investments.
- Duration: 1-12 months
- Grace period: 30-60 days
- No collateral
- Provides capital for farming activities
- Flexible repayment structure
- Low-interest rates
- Expert financial advice is available
Requirements
- 2 recent passport-size photographs
- Current utility bill
- Microfinance Agric Loan
- Duly completed application form
- 2 guarantors
- A valid means of ID (national ID, driver’s license, voter’s card, international passport.
Lapo Regular Loan (Personal Loan)
Features and Benefits
- Duration: 8 months
- Grace period: 2 weeks
- Repayment frequency: Weekly
- Facility range: N30,000 (minimum) to N150,000 (maximum)
- Methodology: Individual lending but group liability
- Clients must belong to a union
- No collateral
- Access to funds for business expansion
- Training in basic financial management, business planning, and customer relations
- Low-interest rate
- Expert financial advice is available
- Flexible repayment structure.
Requirements
- 2 recent passport-size photographs
- Current electricity bill
- Duly completed application form
- 2 guarantors
- A valid means of ID (national ID, driver’s license, voter’s card, or international passport)
Lapo SME Loan
Features and benefits of LAPO
- Duration: 12 months
- No collateral
- Access to funds for your business expansion
- Facility amount up to N5,000,000
- Methodology: Individual
- Flexible repayment structure
- Training in basic financial management, business planning, and customer relations
- Expert financial advice is available when you need it.
Requirements
- 2 guarantors
- Loan application letter
- Duly completed application form
- A valid means of ID (national ID, driver’s license, voter’s card, or international passport)
- 4 recent passport-size photographs
- Current utility bill
Lapo Asset Loan
Features and Benefits
- No collateral
- Quick access to funds for the purchase of business assets
- Facility range: ₦20,000 (minimum) to ₦400,000 (maximum)
- Methodology: Individual and group
- Duration: 11 months
- Grace period: 1 month
- Flexible repayment structure
- Low-interest rate
- Expert financial advice is available
Requirements
- 2 recent passport-size photographs
- Current utility bill
- Savings account with LAPO MfB
- A valid means of ID (national ID, driver’s license, voters registration card, or international passport)
- Duly completed application form
- 2 guarantors
Lapo Special Loan
Features and Benefits
- Grace period: 1 month
- No collateral
- Access to a higher loan to fund your business enterprises
- Facility range: N50,000 (minimum) to N250,000 (maximum)
- Methodology: Group
- Duration: 6 months
- Training in basic financial management, business planning, and customer relations
- Flexible repayment structure
- Low-interest rate
- Expert financial advice is available
Requirements
- Duly completed application form
- 2 guarantors
- You must have had an excellent repayment performance while accessing Regular Loan
- A valid means of ID (national ID, driver’s license, voter’s card, international passport
- 2 recent passport-size photographs
- Current utility bill
Mid-Term Loan
Features and Benefits
- Grace period: 2 weeks
- Access to more funds while still repaying the previous loan
- No collateral
- Lower interest rate
- Facility amount: ₦10,000 (minimum) to ₦80,000 (maximum)
- Methodology: Group
- Duration: 8 months
- Flexible repayment structure
- Expert financial advice is available
Requirements
- A valid means of ID (national ID, driver’s license, voter’s card, or international passport)
- Duly completed application form
- Current utility bill
How to Get Lapo Loan
Here are the steps to apply for a Lapo loan:
- Visit any Lapo Microfinance Bank branch near you or their official website at lapo-nigeria.org.
- Fill out the loan application form with accurate and verifiable information.
- Provide all necessary documents, such as a means of identification, proof of income, and address verification.
- Submit your application form and wait for Lapo’s feedback on your loan application status.
- If your application is approved, you will receive your funds directly in your bank account or through cash disbursement at any Lapo branch.
It is important to note that the loan application process and requirements may vary depending on the type of loan you are applying for. Therefore, it is advisable to contact Lapo Microfinance Bank or visit their website for specific information on the loan product you are interested in.
How to Get Lapo Loan Using USSD Code
To apply for a Lapo loan using the USSD code, follow these steps:
- Dial *371# on your mobile phone.
- Select the loan option from the menu.
- Choose the type of loan you want to apply for.
- Follow the prompts to provide the necessary information and complete your loan application.
- Wait for the loan application to be processed.
- If your loan is approved, the money will be disbursed to your bank account.
How to Repay Lapo Loan Via USSD Code
Paying back a LAPO USSD loan is a straightforward process. As you initiated the loan request via your mobile phone, the line used for the transaction is linked to your bank account.
LAPO will automatically deduct the loan repayment amount from your bank account on the due date. Ensuring sufficient funds in your bank account to cover the debit is important. Doing so will avoid any penalties or charges associated with late or failed loan repayments.
Lapo Loan Calculator
Lapo Microfinance Bank currently has no loan calculator on their platform.
What is LAPO’s Monthly Interest Rate?
LAPO Microfinance has a flexible interest rate. The monthly interest rate is between 0.75% to 6%.
Lapo Loan Customer Care Number and Contact Details
Head Office Address: LAPO Place, 15A Ikorodu-Ososun Road, Lagos State.
Tel: +(234) 813 984 0230
Email Address: info@lapo-nigeria.org
Frequently Asked Questions
What is the WhatsApp number for LAPO?
The WhatsApp number for LAPO is 08150553264.
Who is the CEO of LAPO?
Godwin Ehigiamusoe, Ph.D., is the CEO and founder of LAPO Microfinance Bank.
Can a Student Get a Loan from Lapo?
Yes, LAPO Loan is open to Nigerians from various categories, including students.
Does Lapo Collect Collateral?
No. Lapo Loan is collateral-free.
Final Wrap Up
Getting a loan from LAPO is a straightforward process that can be completed through several channels, including the LAPO USSD code, the LAPO website, or by visiting any of their branches.
With a wide range of loan products and flexible repayment options, LAPO offers affordable and accessible credit to individuals and businesses in Nigeria. It is important to note that before applying for a LAPO loan, it is essential to meet the requirements and understand the terms and conditions of the loan.
Following the steps outlined in this guide and maintaining good credit habits can increase your chances of accessing credit and improving your financial well-being.