Home finance Lidya Review: Is It Safe To Apply For Lidya Loans Online

Lidya Review: Is It Safe To Apply For Lidya Loans Online

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Lidya review
Photo Credit: Accion
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Lidya review
Photo Credit: Accion

Applying for online loan is getting popular by the day. And unlike traditional ways of getting loans, Lidya an online financial institute promised to grant loans within minutes. You can apply for this loan from the comfort of your home(personal and business loans). This is a Lidya review article to see if its wise for one to apply for loans from Lidya.

LIDYA REVIEW: IS IT SAFE TO GET LOANS FROM LIDYA

There are few things that one must consider before getting loans from any source online. First, is the online institute trust worthy. Seocndly are they a visible institute with a known address. What are their terms and conditions for applying for this loans. What is their interest rate and is collateral required before you can secure a loan. How long does it take to get the loan once its approved. These are some of the questions we’ll use to for Lidya review.

The first question, is Lidya trust worthy. Although without a known Mobile App(as at the time of writing this article Lidya have no Mobile App), more than 119178 Business Registered with them and about 2208 loans already given out. Lydia also have spme 50 Partners and their major investors are ACCION and NEWID CAPITAL. One can easily conclude that thousands of people trust Lidya and the services they offer.

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Does this institue have a visible address. The answer is YES infact they have two address one located in Nigeria and the other in Portugal. .In Nigeria: Oko-Awo Close, Victoria Island, Lagos while in Portugal: No 129 Floor 7, Campo 24 de Agosto, Bonfim, Porto. And this brings us to their terms of usage. Well in summary, they require some official document to verify your identity. They also need the BVN linked with your bank account before they can approve your loans.

Interest rate and collateral, well according to Lidya website you don’t need collateral to apply for loans. And their interest is affordable with a period of payback time set or selected by yourself. It seems however that they reserve the right to withdraw money from your account after the said period of payback and you have not paid the loan. CLICK HERE to read more about them and their terms ans conditions.

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How long does it take to get a loan approved. With the necessary documents and verification, loans should be credited to your bank account within 5 minutes after approval.

Conclusively, Mntrends do not encourage anyone to go get a loan. But should you decide to get a loan, Mntrends can walk you through the steps for free using Lidya. Subscribe for our Newsletter for daily updates.

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