The lengthy and tedious process of obtaining a loan from a traditional bank can be a huge impediment to your business’s financing. Many Nigerian businesses become disheartened when they consider the stringent procedures required to obtain a bank loan. Many financing platforms have sprung up to help startups tackle this problem. Pennee is a well-known lender that helps entrepreneurs start and grow their enterprises. Borrowing loans on the platform is simple, convenient, and stress-free.
- 1 Pennee: A Quick Overview
- 2 1. Asset-based lending
- 3 2. Overdrafts
- 4 3. Inventory Financing
- 5 4. Managing Cash Flow
- 6 Conclusion
Pennee: A Quick Overview
Pennee is a financial and business app that offers lending and accounting services. Essentially, this software offers you a basic and straightforward loan to help you fund your business.
Mejero Emmanuella Kunu started the privately held organization in 2019. They provide loans to small businesses to help them grow to the point where they can survive, expand, and provide fantastic job opportunities for others. You won’t have to worry about receiving a loan to start your business if you use this platform.
What kind of services does Pennee provide?
Basically, this platform allows you to access a variety of loan services. Among the services offered are:
1. Asset-based lending
The asset finance service enables you to obtain the tools and equipment you require to improve your company’s efficiency. Basically, they assist you by purchasing all of the resources you require to expand your firm, which you then repay with a 2-4 percent monthly interest rate.
Overdrafts are provided by the organization for you to invest in your firm. This ensures that your business runs smoothly and without hiccups.
3. Inventory Financing
Inventory financing, as the name implies, provides you with funding to fill your business with goods.
4. Managing Cash Flow
This works similarly to a business management tool in that it allows you to track, budget, and forecast the inflow and outflow of finances in your company.
How do I sign up for Pennee?
Follow the steps below to sign up for the loan-focused platform:
- Get the app on your phone.
- Fill out the online registration form with your information and submit it.
Verify your account after you’ve submitted the form to see if you’re eligible for a loan.
How do I apply for a Pennee loan?
To borrow a loan from the mobile app, follow these steps:
- First, get the mobile app from the Google Play Store or the Apple App Store.
- Then, on the site, create a company account. Then, by providing the required documents, you can validate your company account.
The site will instantly fund your account if you finish this step successfully.
What is the rate of interest on Pennee loans?
Any loan you take out on the Pennee loan platform has a 2-4 percent interest rate. The different sorts of loans, on the other hand, have varying maturity lengths. A loan’s maturity period is the date on which you must repay the money you borrowed. Visit their official website for additional details.
To register on Pennee, what documents do I need?
To successfully create an account on Pennee, you only need your basic information and your identification card for verification. In general, you will receive your loan soon after the verification process is completed.
What is the procedure for downloading the Pennee app?
Here’s how you can get the app on your phone:
- Open Google Play Store on your Android phone. If you have an iPhone, however, go to the App Store.
- Then, in the search bar, write ‘Pennee’.
- Install the app and set up an account for your company.
How can I get in touch with Pennee?
Pennee can be reached at the following addresses:
Address: 86 Olonode St, Yaba 101212, Lagos
Phone Number: 0706 603 9932
Email Address: firstname.lastname@example.org
Pennee is essentially a lending app that allows you to borrow funds to help your business grow. They also offer a business management application that monitors and records the flow of money into and out of your company. In essence, this platform is a great idea for small firms who are still in the early stages of development. You won’t have to worry about funding your business with this digital platform.
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