LendSwap is a fast online lending app for Nigerians that offers both short-term microloans and larger long-term loans. According to the details you provided, LendSwap issues loans from ₦2,000 up to ₦30,000 for short-term needs, and up to ₦2,000,000 for longer-term financing. Short loans are repaid in 14 days, while long-term loans can be spread up to 180 days. Reported interest rates start as low as 3% (confirm your exact rate inside the app).
This article breaks down how LendSwap works, how to apply, how to repay (Monify & Zenith Bank instructions), what to expect in fees and eligibility, plus a helpful FAQ and a summary comparison of notable Nigerian loan apps.
Key features at a glance
- Loan amounts: ₦2,000 → ₦30,000 (short-term); up to ₦2,000,000 (long-term).
- Repayment terms: 14 days (short) — up to 180 days (long).
- Starting interest: from 3% (user-supplied figure; rates may vary by borrower profile).
- Disbursal: quick online process (bank transfer / integrated payment).
- Repayment options: Monify and Zenith Bank transfers.
- Support: support@lendswap.com.
Who should consider LendSwap?
- Nigerians who need a fast small loan (emergency expenses, airtime, transport) or a larger loan for business, school fees, or medical bills.
- Borrowers with a bank account (for disbursement/repayment) and a smartphone.
- People who want short repayment windows with low advertised rates — but always read the final T&Cs.
How LendSwap loan types work
Short-term (microloan)
- Typical range: ₦2,000 — ₦30,000.
- Term: 14 days.
- Purpose: emergency cash, short cashflow gaps.
Long-term (installment loan)
- Typical range: larger sums up to ₦2,000,000.
- Term: up to 180 days.
- Purpose: business capital, education, larger personal expenses.
Note: Actual approved amounts and rates depend on your credit profile, repayment history, and the app’s underwriting rules.
How to apply — step-by-step
- Download & install: Install the LendSwap app from the Google Play Store (or the official link from their website).
- Register: Open the app and register using your mobile number and a secure password. Some apps also allow or require identity verification with a national ID (NIN) or BVN.
- Complete profile: Provide personal details (full name, date of birth, address), employment/business information, and bank account details for disbursement.
- Upload documents (if required): This may include a government ID, proof of income, or a selfie for identity verification.
- Choose loan amount & term: Select whether you want a short-term or long-term loan, then pick the amount and repayment period that suits you.
- Review fees & interest: Before accepting, carefully review the total repayment amount (principal + interest + any fees).
- Accept terms & sign: Confirm and authorize the loan.
- Get disbursed: Funds are usually transferred to your bank account or mobile wallet quickly after approval.
How to repay (Monify and Zenith Bank)
Below are example workflows for the two repayment channels you mentioned. Always confirm the exact account number or payment details in your LendSwap app before sending money.
Repaying via Monify
- Open your Monify app or Monify-enabled mobile banking interface.
- Choose Send Money / Transfer.
- Enter the LendSwap payment details provided in the app (usually an account number or a Merchant ID).
- Enter the exact repayment amount shown in LendSwap.
- Use the reference or narration field to include your LendSwap loan ID / customer ID so the payment posts to your loan.
- Confirm and send.
- In LendSwap, check your loan status to ensure the repayment was recorded.
Repaying via Zenith Bank
- Open your bank app (or USSD) and select Transfer.
- Choose Transfer to Bank Account and pick Zenith Bank as the destination.
- Enter the Zenith account number provided by LendSwap in the app.
- Enter the exact repayment amount and include your loan ID / customer reference in the narration.
- Confirm and complete the transfer.
- Keep the transfer receipt or screenshot and verify in the LendSwap app that your payment was received.
Important: Always copy the exact payment details and reference from your LendSwap app. If you make a transfer without the correct reference, it may take longer to post.
Eligibility & required documents (typical)
- Age: usually 18+ (verify in-app).
- National ID: National ID, Driver’s License, or International Passport (may be required).
- BVN and valid bank account (for disbursement/repayment).
- Proof of income/employment may be requested for larger or long-term loans.
Fees, interest & charges — what to watch for
- Interest rate: advertised from 3% but can vary by loan type and borrower profile.
- Processing fee / service charge: many lenders add a one-time processing fee.
- Late payment penalties: expect fees or higher interest if you miss the due date.
- Early repayment: check whether early repayment is allowed and whether it reduces the interest proportionally.
Always confirm the total repayment amount before accepting a loan and save the repayment schedule.
Safety & privacy
- Only download apps from official app stores or the lender’s official website.
- Verify the lender’s registration (if you can) with Nigeria’s financial regulatory bodies for peace of mind.
- Never share your full banking PIN or OTP with anyone. Lenders do not need your ATM PIN.
- Read the app’s privacy policy to understand how they use and store your data.
Tips for responsible borrowing
- Borrow only what you can repay within the term. Short terms can lead to rollover and higher costs.
- Check total cost — principal + fees + interest — not just the headline rate.
- Keep repayment reminders (calendar, alarm) to avoid penalties.
- Build good history — returning loans on time can unlock larger amounts and better rates.
- Compare offers — sometimes another app offers a better combination of rate, fees and term.
Frequently Asked Questions (FAQ)
Q: What is the minimum and maximum loan on LendSwap?
A: As provided, minimum short-term loans start at ₦2,000, short-term maximum ₦30,000, and long-term loans up to ₦2,000,000.
Q: How fast is approval and disbursement?
A: Approval is typically quick (minutes to hours) for smaller loans; larger loans may take longer due to additional verification.
Q: What happens if I miss my repayment date?
A: Expect late fees or penalty interest. Contact customer support at support@lendswap.com immediately to discuss options.
Q: Can I repay early?
A: Many lenders allow early repayment; check whether interest is recalculated and if there are prepayment fees.
Q: Are there hidden charges?
A: Read the loan agreement carefully. Legitimate apps disclose processing fees, interest rates, and penalty charges upfront.
Q: How do I contact support?
A: Use support@lendswap.com or the in-app support/chat feature if available.
Q: Will LendSwap check my credit report or BVN?
A: Most Nigerian digital lenders check BVN and may report defaults. Confirm the app’s policy inside LendSwap.
Quick comparison — notable loan apps in Nigeria
Disclaimer: The table below is a high-level snapshot for comparison. Loan amounts, rates and terms change frequently — always confirm details inside each app before applying.
| App (example) | Typical loan range | Typical term | Notes |
|---|---|---|---|
| LendSwap | ₦2,000 → ₦2,000,000 | 14 → 180 days | Short & long loans; repay via Monify or Zenith Bank. |
| Carbon (example) | ₦1,000 → ₦2,000,000 | 30 → 180 days | Popular for salary advances, savings & investments. |
| Branch (example) | ₦1,000 → ₦500,000 | 14 → 180 days | Fast microloans; builds credit history. |
| FairMoney (example) | ₦3,000 → ₦1,000,000 | 30 → 90 days | Quick approval, digital KYC. |
| Renmoney / KiaKia (example) | ₦50,000 → ₦2,000,000 | 30 → 365 days | Larger loans for small businesses; may require more paperwork. |
| Palmcredit (example) | ₦1,000 → ₦200,000 | 14 → 90 days | Short-term consumer loans, instant decisions. |
Summary & final thoughts
LendSwap appears to combine fast small loans with the option for significantly larger long-term financing. If the advertised 3% starting rate and wide loan ceilings are accurate for your profile, it can be a useful tool for both emergencies and bigger needs — but always verify the total cost (fees + interest), the exact repayment schedule and the official payment details inside the LendSwap app before accepting a loan.