Formoney Loan App Review: interest rate, is it legit, and how to apply - Startuppreneur
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Formoney Loan App Review: interest rate, is it legit, and how to apply

Formoney loan app will give you is instant loan in Nigeria and you don’t need to visit any location with your phone you will secure the loan.

Their loan disbursement is very fast within 1 hour of submitting application you loan will be disburse. With for money loan you can obtain up to #100,000 at a go.

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Requirement to obtain loan from formoney loan app

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

Reside in Nigeria

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You must have account and BVN

Have good credit score

Be above 18 years of age

Have source of income

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Have smart phone with which to download the app

How to apply for formoney loan app.

Head over to playstore, and download the loan app

Register with your name and other details

You will be ask to bind your ATM card which will attract #30 fee

After the registration you will be login to your dashboard

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 your disbursement.

For money loan app interest rate and repayment period

Their interest rate is between 10% to 25% depending on the amount of loan you obtain and the repayment period. The repayment period is between 7 days to 3 months. As first timer you will receive short repayment period and high interest rate but as you continue to use the app this will improve.

How much you can loan from formoney loan app

You can obtain up to #100,000 loan from formoney without collateral or paper work. As a first timer your eligible loan will be in the range of #10,000 to #15,000. As you continue to take loan and pay back regularly this amount will increase.

How to pay back your formoney loan

You can pay back your loan with ATM card or ask for their account number and transfer to it.

Login to your dashboard.

On the dashboard locate and click on loan repayments

There you will see deferent way to pay back your loan

Chose one and make payment

Once you make payment, it will reflect on your dashboard, if it does not contact them.

What will happen if i default

If you default they will increase your interest rate. But if you decide not to pay back at all they might send your name to credit bureau for black listing.

Also they might send defamatory message to your contact which will be embarrassing

Is for money loan legit

Yes they are legit they have given out loan to many people on Nigeria but at the time of writing this article they are not license by CBN nor insure by NDIC you should exercise caution when taking loan from them.

Our verdict on formoney loan app

For money loan disburse loan very fast , they have good review on play store and good rating that means they doing some thing right but since they are not license by CBN I will tell you to exercise caution when taking loan from this loan app

Conclusion

Formoney will give you instant loan in Nigeria, but exercise caution when taking loan don’t take more than you can pay back to avoid had I know.

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