Letshego Review: What You Need to Know
Letshego Group is an international financial platform that was established in Botswana. The establishment began its activities in March 1998. The corporation has expanded its operations to 11 African nations, namely Eswatini, Ghana, Kenya, Lesotho, Mozambique, Namibia, Nigeria, Rwanda, Tanzania, and Uganda.
The platform provides loans to government personnel, private persons, and micro and small companies. It has a workforce of over 3,000 employees from 21 different nationalities.
Letshego bought FBN Microfinance Bank in Nigeria in 2015 and subsequently renamed it Letshego MFB.
Letshego recorded a profit before tax of more than $75 million for the fiscal year 2021, with net assets expanding by 11% compared to the previous year.
Letshego Product Review
Join our Basic Savings programme now.
Let's Go Basic Savings is a flexible and customer-focused savings product that provides a diverse array of advantages to consumers. This savings option accommodates consumers with varying financial capabilities, with a minimum deposit requirement of ₦500 and a maximum deposit limit of ₦10,000,000. The yearly interest rates, which vary between 2.0% and 3.0%, guarantee that individuals with accounts may get a competitive yield on their savings.
Customers have the option to choose a minimum period of 1 month or extend it to a maximum of 120 months, providing them with flexible terms. This allows individuals to synchronise their savings objectives with their preferred periods. Let's Go Basic Savings enables people to save efficiently and strive towards their financial goals, regardless of their starting contribution or desired savings period.
Financing
Letshego offers a diverse range of lending options to meet your specific financial requirements.
Letshego Health Loan
The Letshego Health Loan is a flexible and all-encompassing financial solution specifically created to meet healthcare requirements. Individuals may get a loan starting from ₦50,000 to a maximum of ₦20,000,000 to pay medical expenses and ensure they receive essential treatment. The payment schedule for this loan is established on a monthly basis, offering ease and consistency for borrowers.
This loan provides consumers with the option to choose a payback period that is suitable for their financial situation, with a range of 3 to 36 months available. By offering a monthly interest rate of 4.6%, borrowers may enjoy cost-effective repayments while effectively controlling their healthcare bills. Crucially, this loan does not have any administration charge, which makes it much more appealing as a financing option. Letshego's Health Loan offers people the essential financial assistance they need to prioritise their well-being by covering medical treatments, operations, and other healthcare-related expenditures without causing additional financial burden.
Letshego offers a housing loan.
Letshego's Housing Loan is specifically tailored to help people achieve their aspirations of house ownership. This loan offers borrowers the opportunity to get cash, ranging from ₦50,000 to a maximum of ₦15,000,000, for the purpose of acquiring or developing residential properties. The Letshego Housing Loan has a monthly payment schedule, which allows for comfortable and reasonable repayments. The loan payback lengths range from 3 months to 36 months, allowing borrowers to choose a timeframe that suits their financial ability.
By offering a monthly interest rate of 4.3%, borrowers have the opportunity to make manageable monthly payments as they strive to achieve their dream of owning a house. It is important to mention that this loan does not have any administration costs, which adds to its attractiveness. Letshego's Housing Loan offers consumers the necessary financial assistance to fulfil their housing dreams, whether it involves purchasing a new house or constructing one from the ground up.
Letshego Education Loan
Letshego's Education Loan is designed to assist people in achieving their educational goals. This loan offers a borrowing range of ₦50,000 to a maximum of ₦10,000,000, allowing students and parents to get cash specifically for educational expenditures, including tuition fees, textbooks, and other associated charges. The payment schedule for this loan is monthly, offering borrowers ease and flexibility in repayment. The loan payback lengths vary from 4 months to 36 months, giving borrowers the flexibility to choose a timeframe that fits their financial situation and matches their educational schedule.
By availing of a monthly interest rate of 4.5%, borrowers may enjoy the advantage of manageable monthly payments while they strive to achieve their educational objectives. Letshego's Education Loan is a wonderful tool for investing in education, providing students with the required financial assistance to gain information and skills that will influence their future.
Letshego offers an individual loan.
This loan is a flexible and easily accessible kind of finance that is specifically created to meet the various demands of people. Borrowers may get loans for personal objectives, such as emergencies, debt consolidation, or other financial necessities, with a loan amount ranging from ₦50,000 to a maximum of ₦10,000,000. The payment schedule for the Letshego Individual Loan is monthly. This offers borrowers convenience and a well-organized payback plan. The loan payback lengths vary between 3 months and 18 months, enabling borrowers to choose a timeframe that aligns with their financial circumstances and ability to repay. By offering a monthly interest rate of 6.5%, borrowers have the ability to effectively handle their loan repayments while also meeting their specific financial needs.
Letshego offers a Small and Medium Enterprise (SME) loan.
The Letshego SME loan aims to enhance the capabilities of small and medium-sized firms (SMEs) in Nigeria. Letshego offers small and medium enterprises (SMEs) the opportunity to access finance for their development and expansion, with loan amounts ranging from ₦20,000 to a maximum of ₦20,000,000. The payment schedule for the SME Loan is established on a monthly basis, guaranteeing simplicity and consistency in repayments. The loan payback lengths vary from 3 months to 36 months, providing SMEs with the flexibility to choose a timeframe that aligns with their company requirements and cash flow. Small and medium-sized enterprises (SMEs) may get cost-effective funding to sustain their activities, acquire equipment, or capitalise on fresh business prospects, thanks to a 5.0% monthly interest rate. Letshego's SME Loan serves as a catalyst for company success by offering small and medium-sized enterprises (SMEs) the necessary financial resources to flourish in the highly competitive market environment.
Letshego SME Loan
The Letshego SME loan aims to enhance the capabilities of small and medium-sized firms (SMEs) in Nigeria. Letshego offers small and medium enterprises (SMEs) the opportunity to access finance for their development and expansion, with loan amounts ranging from ₦20,000 to a maximum of ₦20,000,000. The payment schedule for the SME Loan is established on a monthly basis, guaranteeing simplicity and consistency in repayments.
The loan payback lengths vary from 3 months to 36 months, providing SMEs with the flexibility to choose a timeframe that aligns with their company requirements and cash flow. Small and medium-sized enterprises (SMEs) may get cost-effective funding to sustain their activities, acquire equipment, or capitalise on fresh business prospects, thanks to a 5.0% monthly interest rate. Letshego's SME Loan serves as a catalyst for company success by offering small and medium enterprises the necessary financial resources to flourish in the highly competitive market environment.
Comprehensive Instructions: Acquiring a Loan and Building Savings with Letshego
- Select ”Letshego”
- Read through the information provided on the Letshego page to understand more about the provider and its products.
- Select a product.
- Click on ”Apply or ‘Open Account' to begin the application process.
- Fill in your personal details and provide all the necessary documents.
- Submit your application form for review and processing.
- After a successful review of your application, you will receive an email notification confirming that your application has been approved!
Letshego Loan payback
The repayment is made using the bank account specified by the client. If the deductions are unsuccessful, they must next proceed to initiate a direct deposit.
Based on your eligibility for a loan, you may choose payback durations of up to 36 months.
Letshego Customer Care
By prominently displaying a customer service number on the app, consumers may be confident in receiving immediate resolutions to their inquiries. The queue operates only from 8 am to 4 pm. Furthermore, customer care professionals provide assistance to users by guiding them through the application, utilising live help features and providing comprehensive in-app frequently asked questions (FAQs). If necessary, you may also visit Letshego's website and write an email.
About LetGo Basic Individual Savings: Tips & Requirements
Account for financial inclusion. It has the twin functionalities of both transactions and savings.Available to individual, business, and sole proprietor clients. The interest method will use a positive yield interest curve, with calculations performed on a daily basis and payments sent to consumers on a monthly basis. When account balances exceed a certain level, customers may choose to manually transfer their balances into Flexisave, which provides a greater interest income. The tax rate for the Alternative Minimum Tax (AMT) is 2% for incomes ranging from 0 to 499,999 and 3% for incomes ranging from 500,000 to 999,999,999.
Requirements for this saving
- Bank Verification Number (BVN)
- One passport photograph
- Proof of Address (PHCN, Water bill, Waste disposal bill, tenement, etc.)
- Valid means of identification (Int'l passport, Driver's licence, National ID, Voter's card)
About this provider
The Letshego Group is a genuine African multinational that was established in Botswana over 21 years ago. It first provided loans to government personnel. Currently, the group employs over 3,000 individuals from 21 different nationalities. They provide assistance to both public and private sector consumers, including individual customers and small business owners.
Letshego operates in 11 sub-Saharan African markets, namely Eswatini, Ghana, Kenya, Lesotho, Mozambique, Namibia, Nigeria, Rwanda, Tanzania, and Uganda. Letshego Holdings Limited, the parent business of the group, is publicly traded on the Botswana Stock Market. Additionally, it has a subsidiary listed on the Namibian stock market, and its bonds are listed on both the Ghana and Johannesburg stock exchanges.
In spite of the economic difficulties caused by the pandemic in 2020, the Letshego Group achieved a profit before tax of over US$100 million for the financial year. Additionally, they had a 12% year-on-year growth in net assets. The bank is subject to regulation by the Central Bank of Nigeria (CBN) and is registered with the Corporate Affairs Commission with the number RC 736874.
Benefits of Savings with LetGo
Letshego provides a savings account with a competitive interest rate of up to 5% per year, surpassing the average interest rate given by other banks in Nigeria. By establishing a savings account with Letshego, you have the opportunity to accrue a higher rate of interest on your deposits, accelerating the growth of your savings.
Minimal initial deposit requirements: Letshego allows you to open a savings account with a little N1,000, facilitating the commencement of your savings endeavour, even if you own limited funds.
Security: Your assets are consistently maintained in a safe manner when you create a savings account with Letshego. Letshego employs sophisticated technology to safeguard consumer deposits, including encryption and other robust security methods. This measure serves to deter unauthorised access to user accounts and safeguard consumer deposits from theft or fraudulent activities.
Customer Service: Letshego prioritises delivering exceptional customer service. The bank employs skilled experts who are accessible round the clock to provide assistance, handle queries, and resolve any issues that you may have. Letshego distinguishes itself from other banks with its customised customer care, which guarantees that clients feel appreciated and assisted.
Benefits
Loans
- Convenient access to funds for immediate needs (e.g., medical expenses)
- Flexibility in choosing a repayment schedule to align with specific financial goals.
- No collateral is required, making it accessible to individuals without substantial assets.
- Streamlining the application process, saving time, and reducing paperwork.
- Dedicated customer support throughout the loan process for personalised assistance.
Further details:
- Age Limit: salary earner: 18 to 60 years; business loan: 18 to 70 years.
- Professions not open to our loans: military, police, lawyers, POS operators, contraband businesses.
- Employment Status: Full Staff (must be confirmed): We don't give casual workers loans.
- Business Age: We don't finance start-up businesses.
- Salary Mode: Salary earners must receive their salaries via bank account (we do not give loans to employees paid in cash).
- Location: Lagos State, Oyo State, Cross Rivers State, Delta State, Abuja, Ebonyi State, and Anambra State.
