Providing a digital alternative to banks, Lendico services borrowers seeking finance and lenders who are seeking returns. Lendico forms part of Africa Internet Holding (AIH), which is committed to launching and running successful and vibrant internet ventures which boost the evolution of the African online culture. Lendico’s mission is to directly connect borrowers with investors, thus eliminating high transactional costs. Lendico’s systems have no hidden fees and the application procedure is simple and fast.
Many individuals often have projects that need funding, but are faced with a number of stumbling blocks. Lendico offers a platform for sharing of initiatives that need funding, and gives investors the opportunity to use their money to support real people instead of abstract concepts. They are given 14 days to decide if they want to invest in one of the projects. The advantage for investors lies in that Lendico facilitates the tedious and complex task of controlling the credit quality of the loan projects.
Lendico’s unique standing in the industry is owed to their innovative strategy; which requires borrowers to notify Lendico about their loan project and how much money is needed. What’s needed for application are 3 month bank statements, payslips, proof of residence, banking details and an I.D. copy. Applicants will then receive a preliminary offer followed by a final offer.
Borrowers aren’t obliged to pay any fees until their loan’s been successfully funded. Thereafter a one-time Lendico fee is charged (0.5% to 7% of the loan amount, but never more than R1000.) The exact level of the fee is dependent on the loan terms and credit score. By opening a Lendico account, applicants are assisted in keeping track of their funding status and they are able to monitor how many investors have supported their loan project.
There are no fees charged for opening this account. There are also no fees for customer service or for early repayment.
Considering the rise in online transacting and networking on the African continent, Lendico’s incomparable loan system is bound to draw in scores of clients in the near future.