Pennylender Limited Abuja: Everything You Need To Know

Pennylender Limited Abuja: Everything You Need To Know

Pennylender Limited Abuja: Everything You Need To Know.

Penny Lender is one of the newest loan platform types founded in 2016 in Lagos. Over the years, penny lender limited has become one of the most popular loan platforms in the country. 

One thing that has attracted many people to this platform is their fast rate of loan approval, ease of application, and, most especially, you can apply for a loan without collateral. 

In this article, we will discuss penny lender limited Abuja, what makes this platform unique, and how this platform operates. We will conclude this article by answering some of the most frequently asked questions. Stay tuned. 

Overview Of Penny Lender Limited Abuja 

Penny lender limited Abuja has been among the newly introduced loan platforms in the country over the last few decades. The platform has grown significantly among Nigerians, and this is because of the fast approval of loans by the platform, ease of application of loans, flexible loan terms, and, most especially, applying without collateral. 

Every platform has a mode of operation, and this platform is no exception. They operate with integrity and on a first-come, first-served basis. One of the factors that make this loan platform profound is that the loans are divided into categories, which makes it easy for anyone to apply for a loan on the platform. 

The loan repayment plan is flexible enough for anyone to choose the best one. When applying for this loan, you do not need elaborate paper works. All you need to do is to meet the eligibility requirements we will be listing in this article. 

How Penny Lender Works

Every platform has a modus operandi, and the penny lender loan platform is no exception. The penny lender loan platform works on integrity and the principle of first come, first served. To buttress this point, we will make use of examples. 

For instance, two people wished to obtain a loan of 200k from the platform. Both of them submitted proposals, and both of them met the eligibility criteria for getting a loan on the platform. The platform, after checking their eligibility criteria, will give the loan to the person that applied first. 

However, more often than not, the two applicants, having met the eligibility requirements and submitted the necessary documents, will both be given the loan. 

Eligibility Requirements For Penny Lenders 

The following are the eligibility requirements for penny lenders, they are

  • You must be a citizen of the country
  • The minimum age requirement is 18, and the maximum is 60. If you’re below or above this age, your loan application process will not be accepted.
  • You must submit the required documents, such as your BVN and other necessary documents. Your BVN will be used to check your creditworthiness score. The higher your creditworthiness score, the higher the chances of your loan application process getting accepted. To have a high credit score, ensure you do not owe any loan platform. Owing any loan platform will reduce your credit score and will make your loan not be approved.
  • You must have a stable income stream, which will give the platform the needed opportunity to access your eligibility for the amount of loan you wish to obtain from the platform. If you want to borrow 5m, while your stream of income cannot repay that loan within the agreed period, chances are that your loan application process will not be accepted.
  • Every personal information, such as date of birth and full name, must be provided correctly. Making mistakes in any of them can terminate your loan application process. 

Benefits Of Penny Lender Limited 

The following advantages are associated with Penny Lender Limited; 

  1. Fast disbursement of loan
  2. Easy to apply 
  3. Low-Interest rate
  4. Low requirements
  5. No collateral needed
  6. Flexible repayment plan 
  7. Loans are divided into different categories.

Minimum and Maximum Amount Of Loan You Can Obtain From The Platform 

The minimum amount of loan you can obtain from the platform is 5,000, while the maximum loan you can get is 5 million naira.

Penny Lender Interest Rate 

The interest rate of penny lender limited is not constant. It depends on the amount of loan you wish to obtain from the platform. The higher the amount of loan you want to Obtain and the category you’re applying for, the interest rate can increase or reduce. However, generally, the interest rate of penny lender limited ranges from 0.5% to 5% per year 

How To Apply For Penny Lender Loan Platform 

To apply for the penny lender loan platform, follow the steps below

  • Log in to the official website;
  • Sign up as a new user
  • You will be asked to provide some of your essential details, offer them accurately and as written in some of your documents
  • Click on sign up. You will be taken to a new tab
  • Click on apply for a loan and fill in the necessary details
  • When it gets to your reason for applying for a loan, make sure you state your reasons very clearly 
  • Complete the process and submit. If your application is successful, you will be credited within 30 minutes. 

How To Contact Penny Lender Limited 

You can contact penny lender limited through the following means

  • St James House, Aiivon Innovation Hub, 167 Adetokunbo Ademola Crescent, Wuse 2, Abuja
  • 0906 000 2346

Frequently Asked Questions 

Can I apply for a loan without collateral? 

You can apply for a penny lender loan platform without the need for collateral

How long does it take for my loan to be reviewed? 

It takes 2 hours for your loan to be reviewed and your status sent to you. 


Penny lender limited is a fantastic loan platform. We have taken our time to explain everything you need to know about this platform, and we are confident that it was worth your time. 

We will be in the comments section to answer your questions if there are any.