HOW IT WORKS
Frequently Asked Questions
What is the interest rate?
We apply risk-based pricing and we guarantee you a fair interest rate
What do I need to be eligible?
You must be in a paid employment
Your age should be between 18 and 55 years
You must have an active salary account
You must be resident in Lagos
How do I apply?
Log on to www.pennylender.com to fill a simple form, also scan and upload all documents online or simply call 09060002346
How much can I borrow?
You can access between N10,000.00 to N500,000.00
Can I make part payment on my loan?
No you cannot but you can talk to us about restructuring, charges will apply
Can I pre-liquidate my outstanding loan?
Yes at no cost
How early can I apply for another loan after repaying a loan fully?
You can apply immediately
What documents am I required to present?
3 months bank statement
Employment letter or Promotion letter or Contract review
How can I repay?
Direct Debit or Deduction at Source (Employers pays directly)
What is the penalty for defaulting on loan repayment?
The penalty for default is 1% on instalment amount for each day of default. After 30 days,we may report defaulters to:
His / her employer
The three Credit Bureaus
Can I change my repayment date?
Yes, if your salary date is changed by your employer