What is FinPadi Credit?
For those of you who aren’t familiar with FinPadi Credit, it is a business financing service that FinPadi, known for its payment processing solution, offers to its users. The company gives customers next-day access to funds for daily operations based on their transactions. Think of it as “FinPadi Business Loan.” Like many other business loan services, the funds can be used to purchase new equipment, pay employees, or any other activity that will help you maintain or grow your business. Yet, the program varies in several ways from other comparable services.

To learn more, keep reading. When you accept an offer for a FinPadi Credit, the company will not make a decision based on your personal or business credit. Instead, Loan offers are based on transaction volume and history of payments processed through your FinPadi account. So, if you are a current user, this could be just the solution you need to keep your doors open through a dilemma.

How much Credit can you get from FinPadi?
The company website advertises loans in the amount of ₦500K - ₦50M. But, you are not necessarily limited to a single loan.

Some customers with existing loans will have the option to apply for another loan after making payments toward the original funding amount. And, you can pay off your loan at any time. Since FinPadi’s fees are fixed based on the size of the loan taken, you would receive some benefit (i.e. lower interest payments) from paying early. And, this could potentially open you up to a new financing offer from FinPadi sooner than if you were to pay the funds back as agreed.

Does FinPadi report on-time payments to credit bureaus ?
FinPadi does not require a credit check for funding approval. The Loan program seems to have no relationship with any of the personal or business credit bureaus.

FinPadi Credit Eligibility Requirements
As of today, if you have not received an email from FinPadi or a notification in your dashboard that invites you to accept an offer for funding, you may not qualify. However, you can let the company know that you are interested in the program. Even if you’re not sure you will accept when the time comes, now might be a good time to get your name added to the list. The system is powered by a machine-learning API that looks for certain eligibility criteria. These criteria include sales volume and transaction history. And, this works with low credit barriers because of the repayment structure.

FinPadi Credit Repayment Terms
Repayment for FinPadi doesn’t look like what you’re probably used to if you’re only familiar with Commeral loans. Instead of paying a set amount each billing cycle, your loan is paid back daily from a percentage of your online sales. So, one day, you may make a payment over ₦10K, the next day, if you have no sales, you don’t make a payment. Smaller loans will have a smaller daily percentage take out than larger loans. These numbers might range from 5% to 15% of daily transactions. And, when you don’t make a payment, there will be no penalty. This is a super convenient repayment option for anyone.

Conclusion
It’s always been crucial to keep enough capital on-hand to power your operations. And, if you’ve been affected by the situation, you know why. If you are a high-volume seller and existing business customer, FinPadi Credit may have just what you need to move forward and keep your doors open or even scale your business as you planned.

While Mircofinance Bank advances (MFBs) aren’t my go-to for recommended business funding, this is a legit offer for FinPadi users who need funds quickly. With that said, do your due diligence and shop around before you accept a financial offer from any lender.

You can create an account here: www.myfinpadi.com