In Nigeria, there are many online loan apps that provide instant funding for urgent requirements. The only requirements for these applications are your 11-digit BVN number and some personal information in order to acquire a loan.
These loan applications typically have relatively low documentation requirements, which results in very high interest rates for loans with short terms. Online loan apps should only be utilised in emergencies; they shouldn’t be used to support one’s lifestyle.
Micro and medium loans starting at N10,000 to N100,000 are available through the GoMoni loan app. The applicant’s credit score will determine the interest rate and loan term. While some debtors might receive offers below N10,000, others might receive higher offers. It all relies on how much money you’ve borrowed in the past through other loan applications.
With mixed reviews, the GoMoni lending app has so far received over 100k downloads on the Google Play store. It gathers data on potential customers using loan software, including phone records, banking transaction alerts, and BVN, to create credit scores for each borrower.
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How to download APK and apply for Go Moni
- Install the Gomoni personal loan app exclusively on the Google Playstore.
- Register with your phone number to create an account
- For verification, it is preferable that you use the phone number associated to your BVN.
- Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin details.
- Your Biometric verification number BVN will also be requested.
- To bind your ATM card with your account, you will be charged N50. This will increase your chances of getting a loan amount that is higher.
- To confirm your details, a one-time OTP password will be sent to you.
- After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
- You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
- You will need to take a clear selfie of your identity so make sure your phone has enough memory.
It can take between 7 and 12 business days for the N30 that was charged to link your ATM card to your account to be returned to your bank account.
Your BVN is connected to your credit score, so if you owe money to other creditors or have a history of late payments, your application will likely be declined.
Is Gomoni loan app legit?
Gomoni is a legit loan app. However, the app is still new to the Play Store. It does offer loans to customers, but it is important to be cautious before applying for an online loan. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN nor any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
How can the Gomoni app improve your cashflow?
Gomoni charges high interest rates on short-term loans. First time borrowers typically get 6k to 10k in 7 days.
High rejection rates mean that most loan applications are rejected. Some are kept for several days.
There are also networking issues with the app that may prevent customers from registering their ATM cards smoothly. It also takes a while to acknowledge loan repayments. It may take some time for your dashboard to clear after you have repaid your loan. Be patient and keep your proofs of payment handy. It can be difficult to send verification, as many customers don’t receive it.
Be aware of your repayment plan when taking out a loan. The app may attempt to auto-debit you on the due date for the first installment of a 60-day loan. It might also charge you overdue fees before the end 60 days.
To prevent automatic debit, you can change the password for your ATM card. The app is known to auto-debit customers after they make payments via bank transfer.
The loan tenure starts at 7 days. This is less than the minimum 30 day tenure that the CBN recommends for personal loans providers who are short-term.
Interest rate for Gomoni loan app
Rates and fees for loans
Loan amounts: N 5,000 to n 50,000
Service / Interest Fee: 2% – 35%
Maximum Annual Percentage Rate (APR), 66.21% – 2740.44%
Late fee: One-time fee of 8.8% of the outstanding amount
Minimum repayment period: 61 days
Maximum repayment period: 180 days
Here’s an example of interest calculation for a loan:
Lender Interest: (APR: 30%)
Tenor: 4 Months
Annual Interest (: 100000 * 0.3) :30,000
Total Interest for 4 Months: 100000 *0.3 *4/12:10,000 Naira
Monthly Interest: 2,500 Naira
Monthly Repayment (principal and interest): 27,500 Naira
Total Repayment :110,000 Naira
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
What are the requirements?
- You can be a Nigerian citizen or resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from any other lenders.
- Maintain an active bank account
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
What other borrowers are saying about GoMoni loan app
The Google Play Store users who wrote these reviews.
“App works fairly well and efficiently, but interest rates are too high for such a short time,” George Bitrus remarked. Have you taken into account the possibility that unanticipated circumstances may arise and alter the clients’ repayment plans? adding sufficient time. Simply put, the little duration makes this seem like a shark scheme. feeding off of weak people in need of immediate cash assistance to meet needs
“Please flee, this app is definitely bogus,” Edirin precious commented in response to the statement. “They will simply offer you a tiny loan amount as soon as you download it and then expect you to pay over 40% interest in less than 7 days, what garbage. Please do not engage in it. Additionally, if you call their number, only one Yeye song will be playing, using up your credit, and if you write them an email, they won’t reply. You guys don’t respond to my emails.
Worst experience ever, according to Philip Okpogo. “How can they just approve a Loan for you when you didn’t authorise it for yourself, to validate your credit limit, automatically the loan has been delivered to you?” he wrote in a review of the app. The worst thing is that it’s a portion of the loan amount! God forbid, where is that finished? Without my permission, a loan of 23,000 was granted for me, and 14,950 was transferred! The height of fraud is that.
Customer service number for Gomoni loan app
Customer Service Email: firstname.lastname@example.org
Address: No.60 adeniyi Jones,ikeja,Lagos