How To Get A Loan From LAPO Online – Lift Above Poverty Organization (LAPO) LAPO is a microfinance bank that provides loans to people in Nigeria who do not have access to traditional banking services. LAPO loans are available for a variety of purposes, including business, education, and healthcare.
This article, however, will be focused on how to get a loan from LAPO, their interest rates, and the new LAPO loan’s USSD code, amongst other things.
How To Get A Loan From LAPO USSD Loan Code (*371#)
The LAPO USSD Loan code is *371#. The code is LAPO’s dedicated USSD code customers can use to access their loan products from the comfort of their homes.
It’s never been easier for LAPO customers, who have had to physically visit the LAPO outlets for every little thing in the past.
What is Required To Get A Loan From LAPO?
Like all other responsible companies, LAPO expects you to meet some criteria before extending a helping hand to your or your business.
Here are the simple criteria that must be met to be considered for a loan under any LAPO loan scheme, both physically or online (web/USSD):
- Must be 18+
- You must possess an active and working bank account in any of the commercial banks in Nigeria
- You must be a Nigerian
- You must have a good credit history
- Your recent 30-day bank account statement must show a good and verifiable source of income
Once you have met the requirements, you can apply for a loan online or at any LAPO branch. You will need to provide the following information when you apply:
- Your name and contact information.
- Your occupation and income.
- The purpose of the loan.
- The amount of the loan you are requesting.
- The repayment terms you are requesting.
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How to get LAPO Loan Via USSD Code
All that needs to be done is to dial the LAPO USSD Loan code – *371# on the line that’s attached to your bank account.
You only have access to a maximum of 350,000 when applying online through the USSD code. If you want more, you simply need to walk into any of their offices for it.
So, dial the code and follow the prompts as they appear.
How to pay back LAPO USSD Loan
This is also a very easy thing to do. Remember that you dialed the loan code using your phone. The line on the phone is attached to your bank account, so LAPO will remove the money from your bank account on the due date.
Just make sure that you have enough money in your bank account for the debit.
What is the LAPO USSD Loan code (*371#) Interest Rate and Tenor?
Although all other loan products offered by LAPO can span up to one year, the LAPO USSD Loan code (*371#) can only be borrowed for one month.
The interest rates for the LAPO USSD Loan code (*371#) can be between 2% and 25% of the requested sum.
LAPO will review your application and determine if you are eligible for a loan. If you are approved for a loan, you will be required to sign a loan agreement and provide a guarantor. The guarantor is someone who agrees to repay the loan if you are unable to do so.
Once you have signed the loan agreement and provided a guarantor, you will receive the loan amount in cash or deposited into your bank account. You will then be required to make monthly repayments to LAPO until the loan is fully repaid.
Here are some tips for borrowing a loan from LAPO:
- Only borrow money that you can afford to repay.
- Make sure you understand the terms and conditions of the loan before you sign the loan agreement.
- Be sure to make your monthly payments on time.
- If you are struggling to make your payments, contact LAPO as soon as possible. They may be able to work with you to create a payment plan that fits your budget.
By following these tips, you can borrow a loan from LAPO and use it to achieve your financial goals.
Conclusion
With zero collateral requested, flexible repayment patterns, and lower than expected-interest rates, it’s safe to say the credit department of LAPO is doing a very good job.
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