Mim loan is another loan company that give loan without collateral or paper work in Nigeria, they give loan to both business and individual.
In individual loan product you can get up to #2m without collateral or guarantor. With business loan you can get much more than this but you will need a guarantor and collateral.
What is MIM loan (money in minutes)
Mim loan is loan arm of popular finance company called MiM finance, it is based in United kingdom, but have presence in three continent of the world including Africa and Nigeria.
They give out individual and busines loan and their loan is easy and instant once your application is approved, your bank account will be credited in no time.
This article is all about mim loan, how to apply, interest rate and deferent types of loan they offer. Let get to work
Types of loan offer by MIM loan
In this loan product you can secure up to 2m naira loan without collateral and paper work, with your phone and BVN you are good to go.
Though as a first timer you might not get up to this amount but you will surely be given loan if you have good credit score. This type of loan is instant once they check your credit score and approve you, your loan will be disburse in minutes
Salary advance loan (wagex)
This loan product is targeted at salary earners, here you can get 80% of your salary as loan before pay day.
For instance if you are collecting #100,000 per month you will be able to get up to #80,000.
Pay back period is 1 month and the interest rate is between 5% to 20% depending on your credit score and the amount of loan you want to obtain.
This is where you will secure loan of up to #20m but you need guarantor and sometimes collateral. The payback period can be up to a year and the interest rate is between 5% to 30% depending on your credit score and the amount of loan obtain.
If you want to obtain this kind of loan you will need to go their office. Thier office address will be release before the end of this article.
Requirement to get loan from Mim loan
Like other loan app you need to meet up with some requirements before you can apply for MIM loan, these requirement are
Have BVN and bank account
Have source of income
Have good credit score
You must be above 18 years of age
You must not have defaulted on any loan before
Have ATM card
How to apply for MIM loan
Since MiM loan is in 3 categorise which is personal loan, salary advance loan and guarantor loan. They have deferent way of applying
To apply for individual loan, head over to their website
Register with your name and other details
Once login to your dashboard locate and click on loan
There you will see available loan offer
If your credit score is good you will see high amount
Click on the loan and wait for disbursement
In minutes your loan will be disburse.
Salary loan (wagex)
You will aslo apply for this through their website
Head over to their website and register with your name and other details
You will be login automatically to your dashboard
On your dashboard locate and click on loan
You will see deferent loan product
Click on wagex
Once you click you will amount of loan you are eligible to get
Note: while registering ensure to input your salary account if asked.
Your BVN will be used to check the amount of salary you are receiving per month.
How much you can get from mim loan (money in minutes)
With MIM personal loan you can get up to #2m
For salary loan you will get 80% of your salary
For guarantor loan you can get as much as #20m
MIM loan interest rate and repayment period
Their interest rate varies but it is usually between 5% to 30% depending on the loan product, amount of loan and credit score. The repayment period is between 1 month to 2 years, also depend on the types of loan product, amount of loan and credit score.
Repaying your Mim loan
To repay your Mim loan you can do so with ATM card or ask for their account number and pay into it but ensure you have the correct account number belief me you don’t want to lose your money.
Is Mim loan legit
Yes Mim loan is legit, they have given loan to many people in Nigeria. So far they have disburse more than $10b loan since their inception.
Also mim (money in minutes) loan is an international company they have, presence in three continent of the world and they have been in business for more than 20 years.
But they are not yet approved by CBN in Nigeria
Mim loan contacts
PC 31, Churchgate St, Victoria Island,
Above is information on how to apply for t min loan, as usual take loan that you known you can pay back to avoid trouble.
Though Mim loan might not send defamatory message to your contact, they will surely send your details to credit bureau for blacklisting which means you will not be able to get loan again in Nigeria
Do you like this article?
Feel free to share it.