Add money loan app: interest rate, how to apply, is it legit - Startuppreneur

Add money loan app: interest rate, how to apply, is it legit

Add money is a another loan app in Nigeria, where you can obtain instant loan without collateral or paper work. You don’t need to leave your location before you will obtain this this loan, with your phone you are good to go.

With add money loan app, you can obtain up to #500,000 loan at a go. Their loan precessing is very fast, once your application is successful you will be credited in five minutes time.


Requirement to obtain loan from add money loan app

Below are the requirement you need to meet up with before you can obtain loan from this app

Have bvn and bank account


Have good credit score

Have source of income

Be above 18 years of age

Reside in Nigeria


Have smart phone with which to download the loan app

Once you meet up with the above requirement you can go ahead and apply for the loan

How to apply for add money loan

The first step to take is to head over to play store and download the loan app

Register with your name, bvn and other details

You will be ask to bind your ATM card which might attract #30 fee, do so and proceed

Once you are done with registration you will be login to your account

On your dashboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much you can obtain from add money loan app

Add money loan app is a big fish, with this loan app you can obtain up to #500,000 loan with out collateral or paper work.

If you are a first timer you will not be able to obtain up to this, you eligible loan might not be more than #50,00 but as you continue to use the app. This will increase.

Add money loan app interest rate and repayment period

Their interest rate is between 5% to 15% depending on the amount of loan secure and repayment period.

Their repayment period is between 90 days to 180 days, also depend on the amount of loan secure.

As a first timer you will receive high interest rate and short repayment period but as you continue to use the app, this will improve.

Paying back your add money loan

To payback your loan head over to your dashboard

Click on loan repayment

There you will see deferent option to pay back your loan

Click on one and make payment

Once you make payment it will reflect on your dashboard

If it does not you should contact them.

What will happen if I default or refuse to pay back

If you default you will be punish by Increase in your loan Interest rate which might be up to 2%.

If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.

Is add money loan app legit

Yes add money loan app is legit, they will surely give you loan, but they are not license by CBN yet nor insure by NDIC.

Our final verdict on add money loan app

Add money loan app will surely give you loan in Nigeria, they are legit. They have good review on play store, though this might be due to low number of reviewer.

They do not send defamatory message to their defaulter’s contacts, but that does not mean you should take more than you can pay back.

The only problem with this loan is that it is not license by CBN so exercise caution when taking loam from this loan app


Email:[email protected]

Contact number:+234 9133950663


Company address:2nd Floor, 13, King


Above is how to obtain loan from add money loan app, as by you have read above they will surely give you you loan, but take loan that you know you can pay back, to avid had I know. To much of loan is bad.

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