Money bag is another loan app in Nigeria, that give out quick loan. With this loan app you don’t need collateral or paper work in fact you don’t need to leave your location, with your phone you will obtain the loan. You can obtain up to #100,000 loan form this app.
What is money bag app
Money bag is not like a typical loan app, apart from taking loan. You can also save your money while getting good ROI. Money bag is simply a Fintech
Requirements to obtain loan from money bag loan app
Below are the requirement you need to meet up with before you can obtain loan from this app
Have good credit score
Have bvn and bank account
Have source of income
Be above 18 year of age
Have smart phone with which to download the app
How to apply for money bag 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 this loan app
The amount you can obtain from this app is between #10,000 to #100,000. As a first timer your eligible loan might not be more than #30,000 but as you continue to use the app, this will increase.
Money bag loan interest rate and repayment period
Money bag interest rate is between 5% to 15% depending on the amount of loan obtain and the repayment period.
Their repayment period is between 7 days to 365 days this also depend on the amount of loan secure.
As first timer be ready for high loan interest rate and your repayment period will also be short. If you continue to use the app this will improve.
Paying back your money bag 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 money bag loan legit
Mobey bag loan is legit, they will surely give you loan. They have given loan to many people in Nigeria.
Our final verdict on moneybag loan app
Money bag loan is legit, they are approved by appropriate authority in Nigeria. Apart from loan you can also save with them and make profit on your savings.
The only thing I don’t like about them is that their interest rate is too much especially for the first timer.
Above is how to apply for loan from money loan app, as stated above they are legit, but do not take loan that you can not pay back try to avoid embarrassment.
Do you like this article?
Feel free to share it