Lydia is a financial tech company launched in Nigeria in 2016 with headquarters in the United States.
Lidya supports creative and driven leaders by using data to identify well-run businesses, offering them instant loans and valuable management tools to facilitate business growth.
Some of the services Lydia provides for small and medium businesses include:
● Raise your cash flow: Lydia allows businesses to turn their invoice into income.
● Finance working capital: Lydia provides businesses with loans to grow businesses so they can yield more income. The loans offered are given based on cash flow in your business account. You do not require collaterals or guarantors.
● Provide business management tools: Lydia also provides a fast and secure platform for all the data your business uses. You can manage invoices, loans, and even customer lists using Lydia.
● Digitally handle finances: Lydia promotes easy managing of finances by helping businesses track invoices, emails, and financial details, as well as helps set a reminder for businesses to ask customers about any stalling payments.
How To Loan Money From Lydia
To apply for a Lydia loan, take the following steps:
- Visit the Lydia website
- Sign up for Lydia on the website.
- Input required details (Full name, Email address)
- Verify your email address
- Activate your account with mail sent to your email address and proceed to create a password.
- Fill in your business details (Business name, email, phone number, bank details)
- Apply for a loan
- Select your preferred loan type
- You will receive your loan directly into your bank account.
- Pay back your loans in time to increase your credit score, increasing your loan limit and interest rate.
Lydia Loan Requirements
Lydia loan requirements vary depending on the loan you’re applying for. Some basic needs include:
● A working phone number
● A valid bank account
● A valid bank Verification Number (BVN)
● Six-months bank statement
● Good credit score
For business loans:
● A proof of ownership of the business
● Business must have been running for 3-6 months
How much Can You Get From Lydia
Lydia offers loans of between N50,000 and N30,000,000 to its users.
Lydia Interest Rates
Lydia has an interest rate of 3.5% per month.
Lydia Loan Term
Lydia loan is repaid in monthly installments. The loan term is generally between 3 months and three years, depending on the loan amount.
Users can qualify for longer loan terms/durations with on-time loan repayments.
How To Repay Lydia Loan
Lydia uses a direct debit system to automatically debit your loans on your due dates via your bank card details. However, you can also repay your loans through any of the options available at the time of loan repayment.
Lydia Head Office
Lidya Head Office is situated at 2B Oko-Awo Street, Victoria Island, Lagos
Lydia Customer Care
For inquiries, complaints, or requests, you can contact Lydia customer care via
Their online handles:
You can only apply for Lydia loans via the website, as Lydia does not have a mobile app.
Lydia website is www.lydia.co/ng
Lydia loans are targeted toward well-established businesses and not start-ups. Asides from offering loans, Lidya also serves as a digital partner for Small-Medium Enterprises (SMEs). They also provide a digital account for their business customers to keep track of important information.
Since its launch in Nigeria in 2016, Lidya has disbursed over 2000 business loans in farming, hospitality, technology, and real estate, amongst other ventures. Lidya loans help businesses with expansion dreams, upgrading equipment, hiring better talents, improving workspace, purchasing inventory, investing on social platforms, and many more.