LAPO Microfinance Bank USSD Code (Loan Application Form)

Saint ChineduOctober 1, 2023

Do you want to know LAPO microfinance bank USSD code, online loan application form, interest rate, and app download?

If YES, then this is the only post to read today.

Getting started…

LAPO USSD Code

LAPO Microfinance Bank is an off-shoot of the Lift Above Poverty (LAPO) Organization, a poverty-focused Non-Governmental Organization.

It was started in the late 1980s in response to the fallout of implementing the Structural Adjustment Program (SAP).

The organization was incorporated in April 2007 and licensed to operate as a regulated state microfinance bank by the Central Bank of Nigeria (CBN) in 2010.

It became a national microfinance bank in 2012.

LAPO Microfinance Bank is an institution that provides a range of financial products and solutions to assist micro, small and medium enterprises, and members of low-income households in 34 of the 36 states in Nigeria, including the Federal Capital Territory, Abuja and boasts of a broad network of over 500 branches.

LAPO USSD code is a quick and convenient way to access various financial services, including balance enquiry, money transfer, bills payment, airtime purchase, and getting loans.

By dialing *371# on your mobile device, you can easily access these services and carry out transactions from the comfort of your home or office.

Types of LAPO Loan

Here are the steps to apply and get an LAPO loan online:

1. SME Loan

The LAPO Microfinance Bank “SME Loan” is a credit product designed specifically to support small and medium-scale enterprises operators in Nigeria.

Irrespective of the sector your enterprise is operating, LAPO MfB will support you with a credit facility up to ₦5,000,000 to expand the enterprise.

At an affordable interest rate, Nigerian SMEs can now maximize their potentials with the SME loan to expand their businesses.

Features

Facility amount up to ₦5,000,000.
Methodology: Individual.
Duration: 12 months.

Benefits

No collateral.
Access to funds for business expansion.
Flexible repayment structure.
Training on basic financial management, business planning and customer relations.
Expert financial advice available.

Documentation

Loan application letter.
Duly completed application form.
2 guarantors.
A valid means of ID (national ID, driver’s license, voter’s card or international passport).
Current utility bill.
4 recent passport-size photographs.

2. Agricultural Loan

Agricultural financing helps farmers achieve better results through the provision of agricultural loans.

Loan size is between ₦30,000 – ₦1,000,000.

Features

Facility range: ₦50,000 (minimum) to ₦500,000 (maximum).
Method: Individual, group and corporate.
Duration: 1-12 months.
Grace period: 30-60 days.
Prospective clients must be practicing farmers with verifiable evidence of existing farm investments.

Benefits

No collateral.
Provides capital for farming activities.
Flexible repayment structure.
Low interest rate.
Expert financial advice available.

Documentation

Duly completed application form.
2 guarantors.
2 recent passport-size photographs.
Current utility bill.
A valid means of ID (national ID, driver’s license, voter’s card or international passport).

3. Regular Loan

This loan product operates in a group (union) method.

A union is a self-selected group of people who access loans individually but have group guarantees.

Regular loan helps meet the working capital needs of clients that run small businesses.

Features

Facility range: ₦30,000 (minimum) to ₦150,000 (maximum).
Method: Individual lending but group liability.
Duration: 8 months.
Charitable Trusts.
Grace period: 2 weeks.
Repayment frequency: Weekly.
Clients must belong to a union.

Benefits

No collateral.
Access to funds for business expansion.
Access to other business loan products to strengthen client’s enterprise, e.g., Mid-term and asset loan
Flexible repayment structure.
Training on basic financial management, business planning and customer relations.
Low interest rate.
Expert financial advice available.

Documentation

Duly completed application form.
2 guarantors.
2 recent passport-size photographs.
Current electricity bill.
A valid means of ID (national ID, driver’s license, voter’s card or international passport).

4. Asset Loan

Asset loan, as the name implies, is targeted to help existing clients of LAPO MfB purchase assets such as generator, refrigerator, grinding machines, etc. that will further enhance the productivity of their enterprise.

Features

Facility range: ₦20,000 (minimum) to ₦400,000 (maximum).
Method: Individual and group.
Duration: 11 months.
Grace period: 1 month.

Benefits

No collateral.
Quick access to funds for the purchase of business assets.
Flexible repayment structure.
Low interest rate.
Expert financial advice available.

Documentation

Savings account with LAPO MfB.
Duly completed application form.
2 guarantors.
2 recent passport-size photographs.
Current utility bill.
A valid means of ID (national ID, driver’s license, voter’s card or international passport).

5. Education Loan

Loans are provided to enhance the quality of education.

It supports parents to meet education expenses for the children and owners of educational institutions to enhance their facilities.

Education loan is aimed at protecting the cash flow of clients’ businesses.

This loan can be accessed by a client who is a member of a group (union).

Features

Facility range: ₦20,000 to ₦200,000 (maximum).
Method: Group.
Duration: 8 months.
Grace period: 1 month.

Benefits

No collateral.
Access to funds for the prompt payment of children’s school related expenses.
Flexible repayment structure.
Low interest rate.

Documentation

Loan application letter.
Duly completed application form.
2 guarantors.
A valid means of ID (national ID, driver’s license, voter’s card or international passport).
Current utility bill.
4 recent passport-size photographs.

6. Special Loan

LAPO MFB Special loan product was developed to meet the credit needs of existing regular loan clients who require bigger loan sizes to strengthen their businesses.

The development of this product was caused because, after funding regular loan clients for some time, their business activities expand to where they require higher loans to sustain their business.

In the same vein, these clients also require monthly loan repayment frequency, as it is more convenient for them.

Features

Facility range: ₦50,000 (minimum) to ₦250,000 (maximum).
Method: Group.
Duration: 6 months.
Grace period: 1 month.

Benefits

No collateral.
Access to a higher loan to fund your business enterprises.
Training on basic financial management, business planning and customer relations.
Flexible repayment structure.
Low interest rate.
Expert financial advice available.

Documentation

You must have had an excellent repayment performance while accessing a regular loan.
Duly completed application form.
2 guarantors.
2 recent passport-size photographs.
Current utility bill.
A valid means of ID (national ID, driver’s license, voter’s card or international passport).

7. Public Sector Loan

LAPO Public Sector Personal Loan is a product that offers personal loans through payroll lending to civil servants at the state and federal levels.

PSPL is deduction-based, as repayments because of LAPO MfB are deducted at the source before salary payments are made to obligors.

No personal guarantor is required for this loan.

However, with the acquisition of LAPO’s PS Salary Access Deduction Code, we are guaranteed of the monthly repayment as it is deducted at the source.

Features

Facility range: ₦20,000 – ₦3,000,000
Methodology: Individual.
Duration: 1 – 12 months.
No personal guarantor is required for this loan.
Client must be a civil servant under state or federal government establishment.

Benefits

No collateral.
No bank account opening required. It is payroll lending.
Training on basic financial management, business planning and customer relations.
Flexible repayment structure.
Interest rate of 2.95% flat monthly.
Quick loan in 6 hours.

Documentation

Duly completed application form.
Client must have at least two years left in public service.
2 recent passport-size photographs.
Last three months’ pay slip.
Last three months bank statement.
A valid means of ID (national ID, driver’s license, voter’s card or international passport).

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