Lendigo is a tech start-up that provides short-term capital loans for businesses even POS users, Jumia merchants, big store distributors and general business men. You can get 20 million naira from them. You can apply completely via their android app or website - lendigo.ng.

Honestly, while they take their time during the application process - can assume to curb loan default rate. It was a pretty smooth process but then I got the loan offer and I will have to deposit a portion of the loan as a security deposit - about 5%. Then I wondered!

The security deposit remains a portion of what I am paying back, technically still my money but I don’t get access to it yet. Although a small %.

They seem to be the only ones doing this now.

I am curious, what do you think about this security deposit issue? Justified or unnecessary?