Mobi loan app (download): how to apply, is it legit

Mobi loan app is another loan app in Nigeria that give instant loan without collateral or paper work. You don’t need guarantor to obtain this loan, what you need is your smart phone with which you will use to obtain the loan.

Their loan processing is in three step and once you complete it, your loan will be disburse in short time. This loan app does not waste time just ensure you meet up with their requirements which will be listed below

Requirements to obtain loan from mobi loan app

Like many loan app in Nigeria mobi loan hast it own requirements which are

Have source of income

Have BVN and bank account

Have good credit score

Reside in Nigeria

Be above 18 years of age

Once you meet up with this requirements it is time to obtain the loan

How to apply for mobi loan

As stated above mobi loan application is in three step, we have expand this step in to the following

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 mobi loan

With mobi loan you can obtain loan as small as #100 and as big as #50,000. Like most of the loan app in Nigeria, you will not be able to obtain up to #50,000 in your first time of applying but as you continue to use the app your eligible loan will be increase.

One thing I love about this loan app is that you can apply more than one time, as long as you are within your loan limit.

Mobi loan interest rate and repayment period

Mobi loan interest rate is between 5% to 12% per month depending on the amount of loan obtain.

The repayment period is between 7 days to 365 days also depend on the amount of loan obtain.

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

Paying back your mobi 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 wil 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 mobi loan app legit

Yes, mobi loan app is legit, they have given loan to many people in Nigeria, but they are not license by CBN nor insured by NDIC.

Our final verdict on mobi loan app

Mobi laon app will surely give you loan, they have good review on plays store though this might due to the low number of reviewer.

They don’t send defamatory message to their defaulters contacts but since they are still new we don’t know what will become of them in the coming days.

Exercise caution when taking loan from this app, only take loan that you know you can pay back.

Conclusion

Above is how to obtain loan from mobi laon app, as stated above mobi loan will surely give you loan but take loan that you can pay back, too much of debt can “reck” a man.

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