MoneyHub Loan grants soft and quick online loans to Nigerians without stress and no collateral or documentation in less than 5 mins.
MoneyHub loan application is a popular loan platform for Nigerian Android phone users. The app offers no collateral loans to Nigerians with only minimal documents.
If you’re an Android user, you may apply for a collateral-free loan, which ranges from N5,000 up to a maximum loan of N50,000, with only minimal documentation.
MoneyHub loan application has already accumulated over 10k downloads from the Google Play Store, with mixed reviews. It makes use of loan software to collect information from prospective customers such as phone numbers, bank alerts for transactions, and BVN to build the credit score of every borrower.
To be eligible for loans or other amounts, make sure you keep a record of your bank transactions on your smartphone and don’t have any outstanding debts on other loan applications!
It’s easy to use, just download the application from the Google Play store, enter your personal information The algorithm will then analyze your data and determine your credit score, and then make you an offer to lend money within a couple of hours.
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How do I download APK and take out a loan through the MoneyHub loan app
- Get this application MoneyHub loan app online exclusively through Google’s Play store and install it on the back of your Android phone.
- Make an account by entering your mobile number.
- It is recommended that the number you have linked to the BVN as a unique password will be provided to it to verify.
- Complete your essential Kwow-your customer KYC details, which include your residence address, next of kin information, and details about your job.
- Then you will also have to supply the Biometric confirmation number BVN.
- It will cost you N50 to tie an ATM account to the account to improve your chances of getting a higher amount.
- One-time username and password OTP can be sent via your mobile to confirm your account details.
- When you submit the loan request, the program will evaluate your credit score. The final results will be displayed in the application.
- The final result should be shown in no more than 2 minutes. If you’re eligible for a loan, the amount will be deposited directly into your bank account.
- You should ensure that you’re using an appropriate phone with sufficient memory capacity as you’ll have to snap a live selfie to prove your identification.
The N50 cost to tie to your ATM debit card in your checking account is refundable however, it can take anywhere from 7 to 12 days for the money to be returned to your banking account.
Your BVN is connected with your credit rating. So should you have an outstanding loan with another lender or did not pay your other lenders on time you can expect to be denied.
A credit score is a summary of previous borrowings as well as the amount of time you pay your bills and cash transactions that go in as well out of your account and other data.
If you download this application, you must agree to allow access to the contacts in your phone book that can serve as your guarantors. You can also use text messages to view your banking transactions, apps for your phone to check how you’re using different loan apps, as well as other data it uses to increase your credit score.
Are you sure? MoneyHub Loan app legit or fraud?
The truth is that MoneyHub loans are authentic, though the app is only new to the Google Play Store. they do offer loans to users, however, caution is advised before making any online loan. Be sure to read reviews from other customers before applying for a loan in Nigeria.
You must be aware that these loans are not regulated or registered through The CBN or any other government organization in Nigeria. You are accountable for the security of your transactions using them, and there’s no remedy for inadequate customer service.
Additionally, its presence as a feature on the Google Play Store doesn’t ensure that transactions made on it are safe. The store only provides the possibility of downloading and you are accountable for your security when using loan applications in Nigeria.
What MoneyHub loan app could be improved?
MoneyHub is not without bugs and may cause frustration for customers while registering. For instance, the location field may not reflect the state where that you’re in, causing you to be unable to sign up.
The application also comes with a very high rate of interest and a very short repayment time. One user claimed that they were offered an N14,000 loan to repay N23,000 in 7 days.
Be aware that high-interest rates are common for short-term payday loan applications, but certain lenders provide longer repayment terms that start at 2 weeks and end at one month.
This is not an instant loan program since it also isn’t fast enough to pay loans. Your loan could be approved, but the date of your repayment is already running but not yet received the money in your account at the bank. If this happens to you wait or call assistance.
The application also does not offer the ability to choose the amount you wish to take. If an amount is granted to you, there is no option to choose the amount you want to pay according to your requirements. you must take whatever amount the system has approved for you.
There is no regulation in Nigeria and the vast majority of app developers are loan sharks that may threaten to send texts to your family members, calling them scammers in the event of a default on the repayment. It is recommended to stay clear of these apps if there are other alternatives.
The interest rate of the MoneyHub loan app?
The loan term is 91 to 180 days
The loan amount is NGN5,000 to 100,000
Interest rate: The minimum annual rate of interest is 14.4 percent while the highest (APR) of 21.5 percent (no additional charges)
Daily Interest Rate:0.04%-0.06%
Service cost: NGN 0
*Example: If you take out a loan of NGN 10,000, with a repayment term of 120 days, and an interest rate of 14.4 percent
The amount to be paid is calculated using the following formula:
The amount of the loan * The interest rate is divided into the number of days The amount of the loan (10,000 * 14.4 percent/365 * 120 * 10,000) = NGN10,473.
As an example, suppose it is NGN 10,000, with a repayment period of 91 days and an interest rate of 21.5 percent
The amount to be paid is calculated in the following manner:
The amount of the loan * Rate of interest divided by the number of days * The amount of the loan (10,000 * 21.5 percent/365 * 9 + 10,000) = NGN10,536
The interest rate and duration is only an example, you can expect the amount of your loan and its duration to be much shorter if you’re borrowing this first time. You could increase your loan by keeping accurate records and repaying loans promptly.
What are the conditions?
- Legal citizens or a resident of Nigeria
- You must be age 18.
- You should have a monthly income source.
- Attach your ATM card to your account
- Please provide the names of two next of kin including their telephone numbers.
- Have a credit score that is good and no outstanding loans from lenders.
- You must have a valid bank account.
- Your phone number should be that of your BVN.
- You must have a valid government-issued ID card.
What happens if I fail to repay my loan, or pay it off late?
Repayments that are late automatically result in a cost of 2.2% per day. Therefore, it is recommended to not overpay deadlines. Paying the loan on its due date permits you access to larger loan amounts. The late payment will limit your ability of you to obtain additional or larger loans. If you are extremely late with your payments, you’ll be recorded to the First Central Credit Bureau. The blacklisting process of the First Central Credit Bureau may hinder your ability to get loans from other lenders.
Customer service at the MoneyHub app for loan number
Customer Service Hotline: 07088953673