LoanIQ
LoanIQ is a digital lending platform that automates loan origination for Nigerian public and civil servants, offering collateral-free payroll-linked loans up to ₦5 million with decisions delivered online. The platform integrates automated borrower verification and risk assessment, while providing lenders with a dashboard to manage applications and monitor loan performance. LoanIQ charges a 3% processing fee and 5% interest on the principal.
- Financial Technology
- Software Only
Funding
Founders
Founder details are not available yet.
Product
Problem
Access to credit in many markets remains constrained by lengthy paper-based applications, manual verification processes, and limited visibility into borrower risk profiles. This creates delays for applicants and increases operational costs for lenders, reducing overall lending efficiency.
Solution
LoanIQ offers a digital lending platform that automates the loan origination process, enabling borrowers to apply and receive decisions online. The system integrates verification tools to assess applicant data, while providing lenders with a dashboard to manage applications and monitor loan performance. The platform streamlines the end-to-end lending workflow, reducing turnaround times and improving accessibility for borrowers. For public sector employees, LoanIQ provides payroll-linked loans up to ₦5 million with monthly repayments deducted directly from salary, ensuring convenient and reliable repayment.
Target Audience
Primary customers are public and civil servants in Nigeria seeking quick, collateral-free payroll-backed loans, as well as lenders, including microfinance institutions and digital banks, looking to automate their loan origination processes.
Features
- Online loan application portal with digital document submission
- Automated borrower verification and credit risk assessment
- Lender dashboard for application tracking and loan portfolio management
- Configurable loan products with custom terms and interest rate settings
- Integration APIs for banks and financial institutions
- Loan calculator with transparent principal, processing fee, interest, and repayment schedule display
- No collateral required for loan approval
- Real-time customer support throughout the application process