PennyLender – online loan Nigeria
Quick online loans up to ₦5,000,000 with approval in 2 hours.
Applying does not commit you to a loan agreement.
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PennyLender – Personal Loans for Salary Earners Nigeria
PennyLender Limited is a Nigerian financial services company registered and licensed to provide personal loans to salary earners and employed individuals across Nigeria. Headquartered at 294 Herbert Macaulay Way, Sabo Yaba, Lagos, PennyLender positions itself as an accessible and transparent lender for middle-income employees who need personal financing without the complex requirements of commercial banks. The company uses a salary-based credit assessment approach, making repayment structured and predictable for borrowers.
PennyLender offers salary advance and personal loans from ₦50,000 to ₦2,000,000 with repayment terms of 3 to 12 months. Monthly interest rates start from 4%. The application can be done online through the PennyLender website or by visiting their Lagos office. Required documents include a valid ID, recent payslips (3 months minimum), a bank statement covering at least 3 months, and an employer confirmation letter. Approved loans are typically disbursed within 24 to 48 working hours after all documents have been reviewed and verified.
PennyLender is a registered finance company that operates in accordance with applicable Nigerian regulations. The company is committed to responsible lending and provides full disclosure of all interest charges and fees before loan acceptance. PennyLender is a practical choice for Lagos-based salary earners who need structured personal financing with predictable monthly repayments.
✓ Pros
- Focused on salary earners (structured repayment)
- Loans up to ₦2,000,000
- Online application available
- Transparent cost disclosure
- Repayment aligned with salary schedule
✗ Cons
- Primarily Lagos-based
- Processing 24-48 hours
- Requires 3 months salary evidence
- Limited to employed individuals
Loan example
Representative example: A personal loan of ₦200,000 over 6 months at 4% monthly interest. Monthly repayment approximately ₦36,015. Total amount repayable: ₦216,090. Total interest: ₦16,090.
Loan requirements
- ✓ Valid government-issued ID
- ✓ BVN
- ✓ 3 recent payslips
- ✓ 3-month bank statement
- ✓ Employer confirmation letter
- ✓ Active Nigerian bank account
Loan features
- Personal and salary advance loans
- Loans from ₦50,000 to ₦2,000,000
- Terms 3 to 12 months
- Interest from 4% per month
- Online and in-person application
- Salary-aligned repayment
Frequently asked questions
2 hours after submitting your application.
The minimum amount at PennyLender is ₦10,000.