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Frequently Asked Questions

What is Lendaba?

  • “Lendaba” is a platform that allows for peer-to-peer lending between friends or from a pool of “friendly” lenders. It facilitates funding via direct contracts between lenders and borrowers.

How Do I Sign Up?

  • Click on the sign up button on the home page or click [here] to sign up

How Do I Use The Dashboard?

  • The dashboard is seamless for users to navigate through. On the side bar, you will find the following:
    • "My circle" where you invite friends to join your circle and view list of friends in your circle.
    • "Borrow" where you make “borrow request(s)” to get loans. Making a borrow request is the first step to get a loan on Lendaba.
    • "Lend" where you go to view your loan requests
    • "Loan" you see loan(s) you have taken and loans that you have given out.
    • “My Card” where you go to add debit card and mange cards.
    • "My Bank accounts" where you add your bank account(s) and see accounts you already added.

Why is my BVN required?

  • Bvn is required to validate the information provided.

How Do I get My Friends On The Platform?

  • To get you friends on LENDABA, login to your LENDABA account and click on “My circle” on the side bar menu, then click on the “invite friends” button to invite your friends.

How Do I Make Loan Request(s) Or Borrow Request(s)?

  • To make a loan request, make sure you add a debit card to your profile and have at least 5 friends in your circle, then click the “Borrow” menu on the side bar menu to make a loan request. You will provide how much you want to borrow, when you intend to pay back and your desired interest rate.

How Do I Pay Back My Loan?

  • LENDABA will automatically charge your debit/credit card when it is time for you to repay. The borrower can as well click on “Pay Now“ to repay loan before the due date.

Does The LENDABA Secure My Money?

  • Not presently BUT You can choose to take "credit risk/credit life" insurance on the loans you give out, LENDABA also provides lenders the option to add insurance at a small fee to loans they give to their friends.

Who Determines The Interest?

  • The Borrower (you) making the loan request determines the interest rate when you request a loan. Lender(s) automatically consent to your rate when they accept your request.