LAPO Loan Requirements And Application

Lapo loan has been around for a while. It is one of the most popular loans in Nigeria especially in the cities of Lagos.

Lapo microfinance bank provides different kinds of loans to salaried workers, investors and small business owners.

Are you an employee in a company? Man shall not live by salary alone. With lapo loan, you can add to your existing income while running a side hustle..

Being busy to market or sell your merchandise is not an excuse. Social media marketing like facebook ad is more than capable to get your business to whoever needs it while you take of the delivery during your spare time.

Financial difficulties could drift in at any time. Lapo loan is available to provide you with credit facility even up to 5,000,000.

Think about what other things that can be solved aside from using the fund for business. Move to a new home, improve home appliances, a perfect wedding or whatever you want to do.

Another way to make use of the money is to find something totally online. There are lots of business you could do online. Dropshipping and blogging are just a few among various opportunities one could tap in.

This initiative was sponsored by Dr Godwin Esewei Ehigiamusoe. This enterprise is committed to providing empowerment to the commoners.

Lastly, the full meaning of Lapo is Lift Above Poverty Organization.

Table of Contents

Credit Products available on lapo loan

#1 SME loan

This type of loans is available for small and medium enterprises in Nigeria. It does not matter what sector you represent, you can get up to NGN5m from lapo to extend your business to the zenith you have always dreamed about and even at very low interest rate.

Features and Benefits of Lapo SME loan

Loan is available for 1 to 12 months.
Zero collateral and flexible repayment system.
Get training on financial management, planning and how to relate with customers.
Up to date financial advice available at your beck and call.

Documentation required to get Lapo SME loan

Application letter.
2 guarantors.
Recently taken passport photograph (4 copies)
Any government-issued ID card.
Duly completed loan application form.
Recent utility bill.

#2. Small business loan (SBL)

Small business loan is basically for small and medium scale entrepreneurs who need a loan to upgrade their business.

It is simple and convenient to get except that the maximum loan you can get from lapo is NGN500,000. The minimum loan you can access is NGN50,000.

Features and Benefits of Lapo Small Business Loan (SBL)

Zero collateral and easy fund to expand the business.
Access to other loan products and at a very low-interest rate.
Available from 1 to 12 months.
Financial advice when needed.
Flexible repayment structure and training on the management of finance, customer relations and business planning.

Documentation required to get Lapo small business loan

Letter of application.
2 guarantors.
Recently taken passport photograph (4 copies).
Any regulated ID card.
Duly completed loan application form.
Recent utility bill.

#3 Agric loan

Farming is the life force of any great nation but unfortunately, there are not enough resources to speed up things and even do it better.

Lapo microfinance bank understands the need to provide Agric loans to farmers either as an individual, group or corporate organizations. The cherry is that the repayment mode has been scheduled to suit the season.

Features and Benefits of Agric loan

Minimum loan is N50,000 while the maximum is N500,000.
The grace period is between 30 to 60 days while the loan period is 1-12 months.
Interested parties must show evidence of existing farm investments.
No security needed to obtain lapo Agric loan.
Low-interest rate and planned repayment structure.
Business mentoring when needed.

Documentation required to get Agric loan

2 recent passport size photographs.
Duly completed application form.
Any of National ID card, international passport, driver’s license, and voter’s card.
Curren utility bull and 2 guarantors.

#4. Asset loan

This loan is to help lapo microfinance bank customers to purchase assets that can help to grow and sustain a business. Businesses always need a push which can only be possible by getting items such as generator, refrigerator, machines, etc.

Features and Benefits of Asset loan

The minimum and maximum loan amount are N20,000 and N400,000 respectively.
Duration of the loan is 11 months.
Quick access to funds and come with no collateral.
Low-interest rate and financial advice when needed.
Easy repayment pattern.

Documentation required to get Asset loan

Owns a saving account with lapo microfinance bank.
Completed application form.
2 passport photographs and 2 guarantors.
Current utility bills and a valid ID card.

#5. Education loan

This loan is designed to help to sustain the cash flow of clients’ businesses by providing loan for the payment of children’s school fees.

The loan is only available for a member who is in a group.

Features and Benefits of Education loan

Loan is available for 8 months and has a grace period of one month.
The facility has NGN15,000 as the minimum loan one can get. The maximum loan is N40,000.
Interest rate is low plus flexible repayment program.
Zero security and quick access to funds to take care of your wards’ school fees.

Documentation required to get Education loan

4 recently taken passport photographs.
Utility bill (recent)
An acceptable means of ID card.
Loan application letters, 2 guarantors and duly completed application form.

#6. Regular loan

This type of loan is available for a group who take up loans individually, but have group faith to pay up as scheduled.

This loan is one of the easily accessed loans in lapo microfinance bank, simply because of guarantees granted by the bodies involved. Lapo Regular loan provides members with the working capital needed to finance a small business.

Features and Benefits of Regular loan

N30,000 to N150,000 loan available when you go for this product.
Duration is 8 months with the grace period being 2 months.
Weekly repayment and only for client who is a member of a union.
Collateral free loan and access to other business loan products.
Very low interest and business mentoring when needed.
Financial management, customer relations and business planning.

Documentation required to get Regular loan

2 guarantors and 2 recent passport photographs.
Completed application form and current electricity bill.
A valid means of ID (national ID, driver’s license, voter’s card or international passport).

#7. Special loan

Special loan is the same as regular loan except for few distinctions. It allows people who need expansion to get a bigger loan.

It has no weekly repayment structure as a regular loan.

Features and Benefits of Special loan

Get up to 250,000 loan amount.
It is only available for union members.
6 months of loan tenure and a grace period of 1 month.
Security free loan, low-interest rate and access to higher loan to fund business.
Free financial advice and flexible repayment structure.
Access to training on financial management, business planning and customer relations.

Documentations required to get a special loan

Applicant must have an excellent report on a regular loan.
Submission of a current utility bill, 2 recently taken passport photographs, and duly completed application form.
A valid means of ID.

#8. Mid-term loan

This is a type of special loans given to deserving clients of lapo microfinance bank to invest in their businesses while still paying back the previous ones.

Features and Benefits of Mid-term loan

On mid-term loan, you can get a minimum loan of NGN10,000 while the maximum is N80,000.
Loan duration is 8 months with two weeks grace period.
Lower interest rate and collateral-free loan.
Customers can still obtain more loans while repaying previous loans.
Financial advice by professionals.

Documentations required to get Mid-term loan

Duly completed application form and a current utility bill.
Any valid means of ID (national ID, driver’s license, voter’s card or international passport accepted)

#9. Overdraft

This is like what is obtainable in the banking industry. Lapo overdraft is a loan product given to clients to meet up with emergency needs.

This cover only available for a limited period.

Features and Benefits of Overdraft

Loan up to NGN500,000.
Duration of the loan is 1-90 days.
No collateral on loan and very competitive interest rate.
Repayment is flexible.
Professional advice on business available.

Documentations required to get Overdraft

Loan application form and duly completed application form.
Current utility bill plus 4 recent passport photographs.
A credible ID card ( any of National ID, driver’s license, voter’s card or international passport can be tendered)
Guarantors not less than 2.

#10. Festival loan

The festive period is always a time for new business opportunities and also a boost for existing ones. Unfortunately, business owners are often faced with limited funds.

With lapo microfinance bank, you can have more than enough to take care of those busy period and make more money.

Features and Benefits of festival loan

Facility ranges from N50,000 to N250,000.
It has a one month grace period and four months repayment periods.
It is available for union’s member (Group).
Take a loan with no collateral and a low-interest rate.
Flexible repayment structure.
Access to quick and higher loan to finance business.
Training and advice available when needed.

Documentations required to get Festival loan

2 guarantors, 2 recent passport photographs, and duly completed application form.
An application letter and a valid means of ID.
Current utility bill.

#11. NEDOGHAMA

NEDOGHAMA is in partnership with Lift Above Poverty Organization (LAPO) to expand the business of the bini natives.

For anyone to enjoy this type of loan facilities, he or she must belong to a group. A member can only get minimum funds of N20,000 and up to N80,000.

Features and Benefits of NEDOGHAMA

It has about 6 months loan duration and 1 month grace period.
Enjoy free collateral loan and low-interest rate.
Flexible repayment structure.

Documentations required to get NEDOGHAMA

Current utility bill and 2 guarantors.
4 recent passport size photographs.
Duly completed application form and means of ID (Govt issued ID card accepted.
Applicants must show evidence that proves he or she is an indigene of bini.

How to apply for Lapo loan

It is very easy to apply for lapo loan. Almost the same as loan apps except that it follows manual process. All loan products on lapo also come with no collateral.

To get a loan from lapo, simply go to any of lapo’s office in your state of residence.
Ensure you take a look at the requirements on this article to help hasten your loan process.
Meet with Client Support Officer (CSO). You will be briefed thoroughly on any loan products you decide.
Immediately after agreeing to the terms guiding the loan and fully meet the conditions, you will get the loan amount.

Lapo’s contact details

#1. Head Office

Address: 18, Dawson Road, P.M.B. 1729, Benin City, Edo State.
Phone: +234-52-882168-9
Website: https://www.lapo-nigeria.org

#2. Lagos Office

Address: Irorun Plaza, 2nd Floor, Kudirat Abiola Way, Oregun P.M.B. 1729, Ikeja, Lagos State.
Email: info@lapo-nigeria.org
Phone number: 08139840230, 08169389739.

Note: lapo offices are spread all over the country. Click here to get the full contact details

Rounding up

Lapo microfinance bank has done well over the years in terms of providing affordable credit products, but not without some negatives that constantly shadowed them.

The common argument is the means by which the lapo recovers her debt. What most people fail to realise that businesses needs revenue to continue, function and provide services to other members of the public.

If you have no intention to pay back, avoid taking loan, instead use other means to finance your business. However, there are other options you can try out. Among them are jumia loan, credit wallet, credit direct and paylater.