Moneyloanplus is an easy and fast loan app in Nigeria where any individual between the ages of 20 and 55 can access loans with minimal documentation.
Wanting to know what Moneyloanplus entails? Let’s look at Moneyloanplus and everything you need to know about it.
About the Moneyloanplus
The Moneyloanplus loan app is a loan app that gives quick loans to individuals which were previously called MyLoanPlus. This app can gain access to your phone information such as your phone records, BVN, and banking transaction alerts. This information helps them to determine your creditworthiness and the amount you can borrow.
To qualify for a loan in Moneyloanplus, you have to keep good bank transaction messages on your phone and you mustn’t have any outstanding debts with any of the loan apps.
In Moneyloanplus, you don’t choose the amount of loan you want, the algorithms after analyzing your information, calculate your credit score and notify you of the amount you are eligible to borrow.
As an Android user, you can apply for a loan without collateral ranging from NGN N5,000 to NGN100,000. Minimal documentation will be needed.
What Are The Requirements to Access Moneyloanplus?
- You must be at least 18 years of age
- You must be a legal Nigerian citizen or resident
- You must have a monthly source of income
- You must bind your ATM card to your account
- You must have a valid means of identification
- You must have an active and functioning bank account
- You must have an active phone number and it must be connected to your BVN.
- You must not be owning or have outstanding debt in other loan apps.
- You must be able to present two next of kin and provide their information, including their phone numbers.
Is the Moneyloanplus Loan app legit?
Yes, the moneyloanplus loan app is legit, however, the app is not registered or regulated by the CBN or any government agency in the country.
You are advised to read the customer review and customers’ comments on the Play Store wall to know how it treated others.
Also, you should note that the availability of the app on the Play Store does not authenticate its originality and validity. The Play Store is just a medium whereby the app is being downloaded.
So you are responsible for the safety of your money while dealing with the Moneyloanplus app.
What is Moneyloanplus Loan App Interest Rate?
The Moneyloanplus have a daily interest rate of 0.0057% which translates to a maximum interest rate (APR) of 20.55% which is quite fair compared to most loan apps.
You can access money ranging from NGN3,000 to NGN50,000 within the repayment duration of 91 days to 365 days maximum.
What Happens When You Pay Your Moneyloanplus Late?
When you default in paying your loan in due time, late loan repayment attracts a fee of 2% per day. However, when it became very late and you aren’t able to pay, you will be reported to the First Central Credit Bureau and get your BVN blacklisted and this may affect your ability to borrow from other lenders.
Also, paying late affects your credit score, and this affects your ability to access larger loans subsequently.
It is important you try to pay your loan on time to avoid any form of embarrassment and heavy interest increment.
Read Also: Dangers of Loan Apps in Nigeria
Download Moneyloanplus Loan App
To download the Moneyloanplus app, do visit the Google Play Store.
It is advised that you apply caution when dealing with the Moneyloanplus app. Please don’t borrow more than you can repay. For further inquiries, you can contact customer care at +234 09120180506. For additional reading, check out, “Fair Credit Loan App Review – A New Fast Loan App for Quick Loans.”