Mooncard Loan is an online loan application that gives quick and instant loan to Nigerians to solve their personal and business issues.
Mooncard Loan App is a Nigerian payday loan service that offers the loan with no collateral to Nigerians who have minimal documentation.
If you’re an Android user, you may apply for the collateral-free loan that ranges from N5,000 up to a maximum loan of N100,000 with only minimal documentation.
Mooncard’s loan app is new and has racked up more than 10k downloads on Google Play Store, but with very mixed opinions. It makes use of a loan program to gather customer information including phone numbers, banking alerts for transactions, BVN to build the credit score of every borrower.
To be eligible for a loan or greater amounts, make sure you keep your bank transaction information on your mobile and you don’t have outstanding debts on other loan applications!
The application is easy, simply download the application from the Google Play Store, and provide certain details about yourself The algorithm will then analyze the information you provide and calculate your credit score, and then make an offer for a loan within a matter of hours.
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How do I download APK and take out an installment loan through the mooncard loan app
- Get Mooncard Loan, the Mooncard loan App only available through the Google Playstore 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 one-time password will be provided to the BVN to confirm your identity.
- Complete your most basic KYC details, which include your residence address, next of kin, and your employment information.
- It is also need to submit you with your Biometric confirmation number BVN.
- It will cost you N50 to tie an ATM account to the bank account to increase your chances of getting an amount that is higher.
- One-time username and password OTP is sent directly to you mobile to verify your information.
- Following the submission of an application for a loan, application will examine your credit score. The final results will be displayed in the application.
- The results should be visible in no more than 2 minutes. If you are eligible for a loan, the amount will be paid to your bank account immediately.
- Be sure to use an excellent phone that has enough memory capacity as you’ll need to capture a crisp, live selfie to prove your identity.
Your BVN is tied with your credit rating. So when you’re in the middle of a loan with another lender or failed to pay any other lender in full when they were due be prepared for your application to be denied.
Credit score the result of previous loans 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 details.
Once you download this application, it will have the ability to access your mobile book’s contacts along with SMS and other information it utilizes to improve the credit score.
Is the Mooncard Loan app legitimate or a scam?
The mooncard loan application is legitimate, and the app can provide loans however caution should be taken before obtaining any loan online. Be sure to read reviews from other customers prior to applying for an loan in Nigeria.
It is important to be aware that these loans aren’t regulated or registered with CBN, CBN or any other government institution in Nigeria. The responsibility lies with you for the security of your transactions using them , and there’s no recourse to redress poor customer service.
Additionally, its presence as a feature on the Google play store doesn’t guarantee that transactions conducted on it will be safe. The play store is the possibility of downloading but you are ultimately responsible for your security when making use of loan apps in Nigeria.
What Mooncard loan app could you use to improve?
Mooncard has a high rejection rate. However, you could apply and pay N50 to tie an ATM debit card onto your account , but you will still be denied with no reason. Maintain a strong credit score to boost your chances of getting approved.
The application also does not offer the ability to select the amount you’d like. If an amount is granted to you, there is no option to choose the amount you want to pay according to your requirements. you’re required to accept whatever amount was approved by the system 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.
Since there are no laws in Nigeria and the vast majority app developers are loan sharks. They could threaten to send out messages to family members, accusing you of being a fraud when you fail to pay your loan. Avoid these apps if you do not have other alternatives.
Mooncard loan app’s interest rate?
The loanable amount is N 5 up to N 50,000
The term of the loan is 91 to 180 days.
The minimum annual rate of interest is 21% while it’s maximum (APR) of 26 percent (no extra fees)
-Daily rate: 0.06%-0.07%
If the loan amount is NGN 10,000 with a period of 120 days, and an interest rate of 21 percent
The amount to be paid is calculated in the following manner:
Amount of loan * Interest rate/number of days * Amount of loan (10,000 * 21%/ 120 * 365 + 10,000) = NGN10,690
For instance, if the amount of the loan is NGN 10,000, the loan will have a duration of 91 days, and an interest rate of 26 percent
The amount to be paid is calculated using the following formula:
Amount of loan * Interest rate/number of calendar days period + The amount of the loan (10,000 * 26 percent / 365 * 91 + 10,000) = NGN10,648
The interest rate and duration is only an example. You can expect the amount of your loan and its duration to be considerably shorter when you’re borrowing for your first time. You could increase your loan by keeping accurate documents and repaying loan in time.
What are the rules?
- Legal citizens or a legal Resident of Nigeria
- You must be at minimum 18 years old.
- A monthly source of income.
- Attach your ATM card onto your account
- Please provide the names for two next of kin including their telephone numbers.
- A good credit score without unpaid loans with other creditors.
- Maintain a bank account.
- Your phone number must match the same as your BVN.
- Be sure to have a valid government issued ID card.
What happens if I do not repay my loan? Or make my payment on time?
In the event of late loan repayments, they automatically accrue an interest rate of 2.2% per day. It is advised to not overpay by the date of due. The loan that is paid back by the due date permits you to get access to larger loan amounts. The late payment will limit your chances of getting future loans or bigger ones. If you are extremely in arrears with your payments, you’ll be identified by the First Central Credit Bureau. The blacklisting process of the First Central Credit Bureau may impact your ability to get loans from other lenders.
Customer service for the app Mooncard number
+2349048658087 or firstname.lastname@example.org
Address: No . 10 Allen avenue, near the toyin circular Akin Taylor plaza