Moninow Loan is a digital lending app for Nigerians, that offers personal loans up to N300,000. The repayment period is 3 months.
Moninow loan application is not like other loan apps. It’s only available to salary earners who can prove it with their bank statements. It has been available on Google Play Store since last year. The app has received mixed reviews and has over 10k downloads. It uses a loan program to gather information about potential customers, including phone records, banking transaction alerts, and BVN to determine each borrower’s credit score.
You will be able to get higher amounts if you keep your bank transaction messages up and have no outstanding debts from other loan apps.
It’s easy to apply. Just download the app from the Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
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How to download APK and apply for a loan through Moninow Loan App
- Install the Moninow personal loan app exclusively on the Google Play Store.
- Register with your phone number to create an account
- For verification, you should use the phone number associated with 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 higher loan amount.
- 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 you have enough storage.
- Additionally, you will need to provide details about your workplace and your bank statement.
Some customers reported that agents were sent to their workplaces by this app to verify that they are working there. This app may not work if you are located outside Lagos.
The N30 that was charged to attach your ATM card to your account can be refunded. However, it may take up to 7 to 12 business days for the money to reach your bank account.
Your BVN is tied to your credit score. If you have an outstanding loan from another lender or have not paid other lenders on time, your application will be denied.
Credit scores are a record of all your borrowings and cash transactions.
To download the app, you must agree to allow it access to your phone contacts, SMS to view your banking transaction records, and apps on your smartphone to see how other loan apps are used.
Moninow Loan App legit?
Moninow Loan App is legal. Although the app is still new to the Play Store, it does offer loans to customers. However, caution is advised before applying for any 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 or any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on the 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.
Do not be alarmed that the app could send agents to your workplace to verify you are working there.
What can the Moninow loan application do to improve?
It can take several hours or even weeks for loans to be disbursed. This is only for those customers who are lucky. Customers are unlikely to get loans or can’t register.
Moninow has other issues, such as networking issues that may prevent customers from registering and binding their ATM cards. 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 of 60 days.
To prevent auto debit, you can change the password on your ATM card.
The interest rate for Moninow Loan App
Rates and fees for loans
Loan amounts: N 5,000 to N 100,000
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 Naira
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.
- Please provide your bank account statement and work details.
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.
Customer service number for Moninow Loan App