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.
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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