Truemoney loan is a Nigerian digital lender app, offers short-term personal and business loans and other services.
With minimal documentation, the Android-based app offers collateral-free loans starting at N10,000 and up to N100,000.
The Truemoney loan app, which is relatively new in this business, has been downloaded over 10k times on Google Play Store with mixed reviews. It uses a loan app to gather information about potential customers, including phone records, banking transaction alerts and BVN in order to build credit scores for each borrower.
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 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.
How to download APK and apply for a Truemoney loan app
- Install the Truemoney personal loan app exclusively on 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 N30. 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.
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 day 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 didn’t pay any 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.
Truemoney Loan App legit?
Truemoney loan app is legitimate. 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 Truemoney’s loan app improve?
Hidden charges may apply to this app. Your approved loan might not be equal to the amount that is deposited to your account. If this happens, contact customer service.
Truemoney has other issues, such as networking issues that make it difficult for customers to attach their ATM cards smoothly. This issue is likely to be fixed in future versions of Truemoney. It can be frustrating to provide all the details and then be denied a loan.
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 30-day loan. It might also charge you overdue fees before the end your 30 day tenure.
To prevent auto debit, you can change the password on your ATM card.
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 on Truemoney 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
A borrower who takes out a N40,000 loan during our 61-day term would owe a service/interest fee as low at 14%. This would be N 5600 for a total of N 45,000.
N 40,000 (principal), + N 5600(service / interest fees) = N 45,000. (total payment).
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.
Customer service number for Truemoney Loan App
* Hotline for Service: 2348034063318 (Mon-Fri 9am-6pm, Sat 9am-5pm).
* Service Email:
* Office Address: Oshodi pedestrian Overpass, Ilupeju 5255, Ikeja, Nigeria
You can Apply For Quick Loan Using These Loan Apps
These loan apps are only for urgent loan for personal needs, they are all genuine loan apps