LAPO Loan App Download; Fill Online Application Form & Borrow Cash
This article on LAPO loan app download for Android and iPhone shows you how to fill out the online loan application form from LAPO microfinance bank, apply and borrow cash with fast, easy approval.
Originally established as a Non-Governmental Organization in 1987, LAPO is set to take Nigeria’s wealth to the next level by helping Nigerians find their way out of poverty.
From then till now, it has worked tirelessly to contribute its quota to the financial development of the country.
It currently operates as a Microfinance bank and gives loans to individuals and businesses who need to take financial aspects of their lives to a new level.
Borrowing into the technology space, it has created an online platform for customers to access its services from anywhere in the country.
Before we explore in detail the loan types and how to access them, let’s take a look at what LAPO stands for.
Table of Contents
LAPO; Meaning and All You Need To Know.
LAPO, which stands for Lift Above Poverty was established as a microfinance bank by Dr. Godwin Ehigiamusoe in the year 2007.
Before this time, it ran as a Non-Governmental Organization in the year 1987 after which it expanded to become a Microfinance Institution in the year 1990 before its registration as an MFB in 2007. It is one of Nigeria’s fastest blooming microfinance banks, as it has been able to within its few years of existence spread the wings of its services around the country by establishing over 327 branches in 26 states. It is currently rated as one of the top Microfinance institutions in the country.
Partnering with the WSBI (World Savings Banking and Retail Institution), LAPO alongside other financial institutions in the country was present at Save to Scale, an event organized by WSBI in March 2022. This program was held to help establish a system to boost the financial situation of the ordinary man in Nigeria.
Being one of the frontline financial institutions in Nigeria, LAPO won the “Microfinance bank of the year” award at the 9th edition of the BAFI (Businessday bank And other Financial Institutions) awards.
The LAPO Microfinance bank currently has its headquarters situated in Benin city, Edo state.
How To Open A LAPO Account
Knowing about a thing doesn’t make you a partaker of it, it is taking active steps that ensure your benefits from it.
To be a partaker of the amazing services of the LAPO microfinance bank, all you have to do is open an account with them.
How to open an account with LAPO? Easy. Simply follow these steps.
● Visit a LAPO branch close to you.
● Carefully fill out an account opening form.
● Bring 2 passport photographs.
● A current utility bill.
● A valid means of identification.
Tender these at the closest LAPO Microfinance bank closest to you and an account will be opened for you immediately.
Can I Borrow Money From LAPO Online?
The financial sector of Nigeria and the world at large have taken to the technology space to help render better and more convenient services to their customers and Lapo is not missing on this train.
Lapo is very active in the technology space. All activities can be carried out easily from the comfort of your home or wherever you may be. Lapo strives to make its services highly and easily accessible to its customers, hence its presence in the technology space.
You can apply for loans with LAPO without having to go through the stress of visiting a branch by simply visiting their website and filling out a loan application form and providing the required information.
Does LAPO Give Student Loans?
LAPO is not just interested in the older generation and their affairs, it is also very concerned about the younger generation and the progress they make.
In its bid to help secure the future of young people, LAPO has made available a loan system for students. Students in higher institutions can have access to up to 500,000 Naira and parents can borrow up to 200,000 Nara to finance their wards through school.
How To Apply For LAPO Loan: LAPO Loan Applications & Requirements
Applying for a LAPO loan requires some basic information to qualify you as eligible.
To apply for a loan with LAPO, you will need:
● A loan application letter.
● 2 guarantors.
● A current utility bill.
● A valid means of identification (e.g driver’s license, national ID, international passport, or voter’s card).
● A well-filled loan application form.
● 4 recent passport photographs.
Now to apply, simply visit any LAPO branch close to you and tender the loan application documents. Your documents will be reviewed and if you are eligible, you will be granted a loan.
You could also apply for a loan online by simply visiting the bank’s website and providing the necessary information. As soon as your eligibility is verified, your account will be credited.
Lapo currently operates different types of loans to suit different types of people at different levels and each loan type has its requirements.
Types Of LAPO Loan.
- SME Loan: Small and Medium scale Enterprises (SME) is a loan type specially made for small and medium scale businesses just as the name implies.
They give loans to support small-scale and medium-scale businesses in Nigeria.
With the Lapo SME loan, you have the opportunity to expand your small business and make it your dream business.
The SME loan offers up to 5,000,000 Naira to its customers with a payback duration of about 12 months and a very flexible payment structure.
To access this SME loan, you need no collateral, you simply need your correctly filled loan application form, a valid means of identification, two guarantors, 4 passport photographs, and a recent utility bill.
- Agricultural Loan: The Agricultural sector of the country is a sector of the economy that cannot be overlooked. It is one of the mainstays of Nigeria’s economy and the world at large. I mean, what are countries or communities without food and the basic produce agriculture produces?
Lapo agricultural loan was specially created with the improvement of agriculture and its associates in mind. It is a loan system that is fixed on giving farmers, the financial support they may need to help improve the results they get from their businesses.
The Agricultural loan ranges between 30,000 Naira and 1,000,000 Naira, just enough for both small and large-scale farming with a low-interest rate. It also operates a very flexible payment structure.
Lapo offers Agricultural loans to its customers with a payback tenure ranging from 1 month to 12 months.
To partake of the Lapo Agricultural loan, you must be a practicing farmer with physical evidence to prove that you have investments in agriculture.
To apply for the Lapo Agricultural loan, you don’t need any form of collateral, all you need are your completed application form, two recent passport photographs, two guarantors, and any valid means of identification (voters card, national ID, or your driver’s license) and a utility bill.
- Regular Loan: The Lapo regular loan operates under the group methodology. It is a loan given to individuals that are under a union. It was created to provide capital for people who intend to run businesses or expand their businesses.
The regular loan provides loans ranging from 30,000 Naira to 150,000 Naira to its customers with a payback period of about 8 months.
This type of loan requires that you make payments every week till you pay completely. It also operates at a very low-interest rate.
You don’t need collateral to access the Lapo Regular Loan. You need a valid ID, two guarantors, a recent utility bill, 2 passport photographs, and a correctly filled loan application form.
- Special loan: As you grow and expand your business to a certain level, the amount for sustenance becomes higher. You can’t sustain a large-scale business with the same money range as you would a small-scale business.
The Lapo microfinance bank has created the special loan as a means to fix that problem.
The Lapo special loan was designed for customers who already receive the regular loan but need a bigger loan to expand their businesses. With the special loan, you could take your business from a level 4 to a level 10.
The special loan offers loans ranging from about #50,000 to #250,000 with a payback tenure of 6 months. The payback structure is also very flexible.
To gain access to the special loan, you need to have had a good payback performance while operating the regular loan, a well-completed loan application, two guarantors, two passport photographs, a valid means of identification, and a recent utility bill.
- Education loan: The Education loan is specifically created to help parents finance the education of their children. It also helps educational institutions enhance their facilities to improve the standard of education.
- Asset loan: LAPO Asset loan was created to help clients who are existing customers with good payback records purchase assets that will boost productivity in their businesses.
The loan range for this product is 20,000 Naira to 400,000 Naira. With a payback tenure of 11 months and 1 month of grace should anything happen? You do not need collateral to access this loan product.
All you need is to have existing savings account with LAPO, a well-completed application form, 2 recently taken passport photographs, a recent utility bill, and a valid means of identification and you’re set.
- Public Sector loan: This loan product is reserved for civil servants who can’t wait till payday to finance their needs.
With this, loans are deducted directly from the source before salary is credited into the accounts of the civil servants.
The public sector loan offers a minimum of #20,000 to a maximum of #3,000,000 with a payback tenure spanning from 1 month to 12 months.
To qualify for this loan product, you must be a civil servant under an establishment at the state or federal level.
It operates with an interest rate of 2.95 percent monthly.
To apply for this loan you do not need collateral, you need a completed application form, payslips for 3 months, 2 passport photographs, a bank statement for the last three months, and a valid means of identification.
They also offer products like:
- Regular savings: Lapo Regular savings is a product that allows customers to save conveniently on a regular basis.
You can start with as low as 1,000 Naira and get your savings account running.
To open a regular savings account, you need to fill out an account opening form with LAPO, a current utility, a valid means of identification, and 2 passport photographs.
Visit any LAPO Microfinance bank near you with these and open that savings account today.
- My Pikin savings: My Pikin savings is a package introduced by LAPO to help parents save up for the education and welfare of their children.
It is your responsibility as a parent not just to provide food and shelter for your children, but also to help ensure that their future is secure and one way to do this is to save ahead for them.
You can start saving up with as little as 200 Naira for the future of your children with a yearly interest rate of up to 1.25 percent yearly.
With easy access to the account from anywhere and anytime, this package also gives your child a chance to win the LAPO Microfinance Bank scholarship.
All you need to open this account are 2 passport photographs, a current utility bill, a valid means of identification, and a correctly filled application form.
Secure the future of your children today, LAPO makes it easy.
What is LAPO Microfinance Bank Loan App Interest Rate?
Lapo microfinance bank offers loans to individuals and small and large-scale businesses. They also give financial aid to building projects and other kinds of projects. You could get loans from as low as #10,0000 to as much as #5,000,000 with interest rates ranging from about 0.75 percent to 6 percent.
How To Contact LAPO Loan Customer Care
With LAPO, you do not have to be scared of not being able to manage or supervise your finances as they are just a call away.
To contact LAPO, you can call customer care on this line: +(234) 813 984 0230 or you could send a text on WhatsApp to +(234) 815 055 3264.
These lines are available from Mondays to Fridays, 08:00 am – 05:00 pm.
You can also visit any LAPO branch near you and be sure to receive the best service possible.
LAPO Loan App Download For Android and iPhone
Having the Lapo loan App on your phone gives you easy access to their services at any time without having to go through the stress of locating and queuing at the bank.
Simply visit your Google play store if you use an Android phone or visit your apple store if you use an iPhone, search for the LAPO loan app, and download it.
Install on your phone, launch, and go ahead to enter the necessary information by following the prompts. And voila! you are ready for endless possibilities of financial security with LAPO.
What Is LAPO USSD Code?
You do not need to visit a LAPO branch to enjoy the awesome packages they offer. You can easily do so within the four walls of your house.
All you need to do to enjoy LAPO services is just dial the LAPO USSD code *371#.
With this code, you can perform any transaction which also includes applying for a loan. Just follow the prompts and instructions that follow afterward according to the transaction you want to make.
Also, note that using the LAPO USSD code will cost you a fee of #6.
Lapo Loan For Salary Earners
As a salary earner, you also have a chance to get cash ahead with LAPO Microfinance bank.
All you need to do is make sure your salary account is domiciled with your bank so that your loan can be deducted at the end of every month when your salary is paid.
Lapo Loan For Civil Servants
LAPO loan services aren’t just open to businessmen and women, they also have spots for career men and women too. So, if you’re working in that company and can’t wait for payday to get that cash you need, LAPO has a solution for you.
The LAPO public sector loan is specially cut out for men and women who work with public sectors all around Nigeria.
To be eligible for this loan, you need:
● To be a government worker.
● To be 18 and above.
● To have an active bank account with a commercial bank, this will be where your loan will be credited.
● To have valid means of identification as a staff. So, your staff ID card will be of great importance.
If you fit well with all these requirements then you don’t have to wait for payday to get that dream alive, get it now with LAPO public sector loan.
Conclusion on LAPO Loan App Download
I hope this LAPO loan app download guide for individual or business owners or salary earners provides all the necessary information and action steps you need to access a loan from the Microfinance bank.