Every business requires capital and funds to strive in any atmosphere. However, getting the required capital to scale this business might sometimes be difficult due to a lack of access to funding.

Financial institutions such as banks are known to offer loans to business owners but the entire process of getting that loan can be tedious sometimes and which can be discouraging at the same time.

We’ve seen many individuals complain that the paperwork involved in securing a loan from the bank is too much and the probability of getting the loan is not certain.

Most businesses have gone out of business due to a lack of money to support their businesses. In other to bridge that gap and create adequate access to funds, Pennee a digital lending platform and company has come into the picture to bridge that gap and make available funds to qualified businesses. With Pennee, companies can secure a loan of up to 25 million Naira to support their businesses and also scale by hiring more hands and purchasing more machinery to boost productivity.

If you’re a business owner and you’re looking for a loan to scale your business, then you’re in the right place.

In this guide, you’ll learn how you can secure a loan of up to 25 million Naira for your business.

Make sure you stick to this article without skipping any part of it or else you might miss out on the most important part of it.

Also Read: Fundy Loan App Review ( My Experience With Shady Loan Shark)



Penee (Company Profile and Overview)

Pennee is a fast-rising company in Nigeria that is into the provision of loans to businesses looking to expand their business. The company operates through its financed-centred mobile app which allows its users to have access to loans and enjoy its available accounting service.
According to loanspot. Pennee is an organization that was founded by Majero Emmanuella Kunu in the year 2019. The aim of the founder is to support small businesses with the required loan they need to expand their business to a level where they can stand firm, survive on their own, and also provide job opportunities to job seekers.


Services Being Offered By Pennee

Pennee provides different services to its customers such as Asset financing, Overdrafts, Inventory Financing, and Cash Flow Management.

Asset Financing

With the asset financing service being rendered by Pennee, customers can use this service to purchase the equipment and different tools they’ll need to scale their business and production power.

Basically, this is designed as a powerhouse for business growth. Most businesses are stuck in the stage of growth when they need to upgrade their production equipment. Most of these businesses, when they touch their reserved funds, will drastically affect their business when it comes to paying salaries, taxes, maintenance, and other miscellaneous expenses.
With Pennee a business can get finance to scale and then pay back a 2-4% interest rate every month.

Overdrafts

The overdraft service provides customers with an overdraft. This can help when your business needs urgent cash to sort out some financial predicaments that need urgent attention.

Inventory Financing

As the name goes, inventory financing is a service that is designed to provide businesses with the right capital to stock up their inventories. This will help them scale up and still remain in business while they pay back gradually.
Cash Flow Management
Cash flow management is a business management tool that helps businesses keep proper records, track their business, budget properly, and also predict their inflow and outflow of funds. This service is vital for any business that wishes to grow and be more accountable.
As a business owner, you can know if you’re at a loss on profit if you properly make use of the cash flow management service.


How To Register or Signup With Pennee

The registration process on Pennee is very easy and straightforward. All you need to do is to make sure you have access to an internet connection and a smartphone then follow these simple steps.

To start your registration on the Pennee loan-centered platform, do the following.

Step #1

Download the Penne Mobile App from Google Playstore

Step #2

Open the Pennee mobile app enter your correct details on the online registration form and click on SUBMIT.
Note: Upon the completion and submission of the form, you’ll need to verify your account to qualify for your loan.

How To Borrow a Business Loan From Pennee

To get a business loan from Pennee, you’ll need to the mobile app and follow these steps.

Step #1

Visit the Google Play store or the iOS Apple Store and download the Penne loan app.

Step #2

Go ahead and create a business account on the platform. Upon creation of your business account, you will then go ahead and verify your business account by completing the KYC where you will be asked to upload all necessary documents.

Step #3

Penee will now fund your account automatically.

Interest Rate On Pennee Loan App

Pennee loan app has an interest rate of 2%-4% on any loan amount you borrow on their mobile app. Aside from that, you must note the maturity period of the loan you’re taking because every loan has a different maturity period. This period is when you’re expected to pay back the loan. You can learn more about the Pennee Loan App Maturity Period from its website.


What Document Is Required Before Registering On the Pennee Loan App?

The Pennee loan App or Platform does not require lots of paperwork. The app will only ask you for the basic details about you and your means of identification such as your national identity card or international passport.
This verification process is a mandatory KYC put in place to filter out fraud or duplicate accounts.

How To Download Pennee Loan App

To download the Pennee Loan App, you’ll need to know the kind of phone you’re using. If you’re using an Android phone, then you need to visit the Google Play store to Download the Pennee Loan App. However, if you’re an iOS (iPhone) user, you’ll need to visit the iOS Apple store.
Once you’re in the app store or Play Store, search for “Pennee”. Once the app comes up, hit the download button and install.

How To Contact Pennee

If you encounter any difficulties, you can always use the contact information below to contact Pennee.
You can contact Pennee via the following ways:
Address: 86 Olonode St, Yaba 101212, Lagos

Phone Number: 0706 603 9932

Website: www.pennee.co

Email Address: swift@pennee.co

Conclusion/ Final Verdict

Every business deserves a chance to strive. When you encounter a financial constraint as a business owner, you can use Pennee to bounce back into the business and pay a very low-interest amount every month.
If you find value in this article, don’t forget to share. This will encourage us to write more informative articles like this in the future.

Source: https://sermonwaveblog.com.ng/best-way-to-borrow-from-pennee-business-loans-for-business-owners/