Lendico Loans, scam or not?
The emerging of a number of financial services providers has resulted in a number fraudulent organisers using reputable institutions to deceive people. Lendico is a South African financial services provider that offers peer-to-peer (p2p) loans to South Africans. Clients who don’t know about peer-to-peer lending, can find out what they need to know on Loans.co.za and then apply for a loan quickly and easily.
Before they apply, they should begin by reading their blog article about ‘What is Peer to Peer Lending?
A number of people have doubts about the credibility of Lendico. To know if tey are credible, one ought to look background which has signs of backing from big companies. The institute is part of Africa Internet Holding (“AIH”) and is backed by Rocket Internet, Millicom and MTN.
The institute is the first real peer-to-peer loan provider to land in the country. With payday loan providers such as Wonga providing short term funding at very high costs, Lendico has hit home with cheaper alternative costs for local consumers struggling to keep up with the high interest repayments on their payday loans.
Just like most money lending institutes, Lendico requests its clients to supply it with information before they provide them with a loan. To apply for a peer-to-peer loan a client will begin by telling Lendico a little about themself and the loan they need. Then they quote you a rate (i.e. the interest rate and what you’ll have to repay). After that a client has to upload their supporting documents and they should receive your loan in a few days.
The rates for these peer-to-peer loans are typically reasonable hence it’s certainly worth checking it out.
