Moneyloanplus Loan is an online loan application in Nigeria that grant loans to applicants to solve their personal and business problems.
Moneyloanplus offers smooth and easy services to clients to access loans anytime and from anywhere. So long as you’re of Nigerian nationality and your age is between 20 to 55, you are eligible for the loan you need from Moneyloanplus.
If you’re an Android user, you may apply for a collateral-free loan starting at N5,000 up to a maximum loan of N100,000 with only minimal documentation.
The Moneyloanplus app for loans is available for more than a year but its newly updated version has racked up more than 50k downloads on the Google Play Store and has received mixed feedback. The app uses a loan program to gather customer information including phone numbers, banking transactions, and BVN for credit scoring of every borrower.
If you want to be eligible for a loan or a greater amount, ensure you keep your bank transaction information on your mobile and don’t have any outstanding loans with other loan applications!
It’s easy to use, just download the application from the Google Play Store, and provide your personal information and the app will review your data and determine your credit score and offer an offer for a loan within a couple of hours.
Table of Contents
How do you download the APK to take a loan through the MoneyloanPlus loan app
- Get the Moneyloanplus Loan App exclusively through the Google Play store and install it on the back of your Android phone.
- Create an account using your mobile number.
- The preferred phone number that is connected to the BVN as a unique password will be provided to the BVN to verify your identity.
- Complete your most basic KYC details, which include your residential address, your next of kin information, and details about your job.
- Then you will also need to supply the Biometric confirmation number BVN.
- The amount you pay will be 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 verify your information.
- Following the submission of your application to borrow, the program will examine your credit score. The final results will be displayed in the application.
- The results should be visible within less than 2 minutes. If you are eligible for a loan, the amount will be paid directly into your bank account.
- You should make sure you’re using a quality phone with sufficient memory as you’ll have to snap a live selfie to prove your identity.
Your BVN is tied to the credit score you have. So when you’re in the middle of a loan with another lender or did not pay your other lenders in full when they were due be prepared for your application to be denied.
The credit score you have is the result of previous loans and the time you pay and cash transactions that go in as well out of your account, and other data.
After you download the app, it gives you the ability to access your mobile book’s contacts along with SMS as well as other data it utilizes to improve your credit score.
Is the app Moneyloanplus legitimate or is it a fraud?
The app money loan plus is genuine, it does offer loans, however, caution must be exercised before taking any loan online. Read reviews of other customers before applying for loans in Nigeria.
It is important to 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 these apps and there isn’t any recourse to redress inadequate customer service.
Additionally, its presence in the Google Play Store does not guarantee that transactions conducted on it will be safe. The store is merely the possibility of downloading and you are accountable for your security when using loan applications in Nigeria.
What loan application from Moneyloanplus can enhance?
This loan application will grant you a loan on the spot however there are a lot of hurdles to be on the lookout for.
The first is that the app comes with numerous hidden fees and excessive interest rates. One user claimed they were granted an amount of 13k for 10k that was credited to their account. They were also requested to repay 15k within seven days. The app claims that the initial $3000 allocated from the loan is the processing fee and 2k interest over seven days. Make sure these fees and rates of interest are acceptable to you before taking the loan.
This application also includes robust auto debit capabilities Certain customers can be auto debited when they pay their loans. Make certain before committing to your ATM.
The application also doesn’t allow you to choose the loan amount you wish to take. Once an amount has been granted to you, there is no option to choose an amount that is lower or more according to your requirements. you must take whatever amount the system has approved for you.
The application also is slow for your dashboard to be cleared following the payment. This can result in multiple debits and customer service is also extremely poor.
There is no regulation in Nigeria and the vast majority of app developers are loan sharks. They could threaten to send out messages to your family members, calling you a fraudster in the event of a default on your loan. Avoid these apps if there are other alternatives.
The interest rate of the app for Moneyloanplus loans?
Amount of loan: N3,000 – N50,000
The loan term is the shortest. It is 91 days long, while the length is up to 365 days.
The daily rate of interest: 0.0057%
The maximum annual rate of interest APR 20.55 percent
Example loan calculation
Calculating the figure is simple. For instance, if you select a 10-month loan with a 10,000 principal then we
Below, you will find the information:
Plan of installment 12.
Amount of expense: N99,63.002. The number of expenses = principal + GST + expenses of N10,000 N369.98 – 0. N99,630.02.
PMT (monthly payment amount): N1004.6. PMT = N10000 x (1 + 20. 55%)/ 12 = N1004.6.
Total interest total interest.
The total amount is N12055. Total amount = principal + Total interest = N12055.
Rate of interest: 20.55%. Total interest rate = total interest/principal * 100% =, N12,055 / N10,000 * 100% = 20.55%.
The monthly interest is 1.71%. The monthly interest is the total interest rate divided by installment = 20.55 percent / 12 = 1.71 percent.
The interest rate and duration is an example, you can expect the amount of your loan and its duration to be considerably shorter when you’re borrowing for the first time. You may be able to increase the amount by keeping an accurate record and paying off the loan on time.
What are the conditions?
- Legal citizens or a resident of Nigeria
- You must be age 18.
- You should have a monthly income source.
- Make sure you connect your ATM card to your account
- Give the details for two immediate relatives including their telephone numbers.
- Have a credit score that is good without unpaid loans with other creditors.
- You must have a valid bank account.
- Your phone number should match the same as your BVN.
- You must have a valid government-issued ID card.
What happens if fail to repay my loan, or pay it off late?
Repayments that are late automatically result in an interest rate of 2 percent per day. Therefore, it is recommended to not overpay deadlines. Paying the loan on its deadline allows you to get access to larger loan amounts. The late payment will limit your chances of getting additional or larger loans. If you’re extremely in arrears with your repayments, you’ll be recorded to the First Central Credit Bureau. The blacklisting process by the First Central Credit Bureau may impact your ability to obtain loans from other lenders.
Customer service for the Moneyloanplus app number
Mobile: +234 09120180506.