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Moneybay loan app review: interest rate, how to apply, is it legit

Moneybay loan app is another loan company that will give you instant loan in Nigeria without collateral or paper work, with just your phone you are good to go. You can obtain up to #100,000 loan from the loan app.

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Requirement to obatin loan from moneybay loan app

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

Have a bank account and bvn

Have good credit score

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Have smart phonh with which to download the loan app

Have source of income

Reside in Nigeria

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How to apply for moneybay loan app

The first step to apply for this loan is to head over to plays store 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, do so and proceed

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 on it and wait for disbursement

How much you can obtain form moneybay loan app

With moneybay loan app, you can obtain up to #100,000 at a go, but as a first timer you will not be able to obtain up to this your eligible loan might not be more than #50,000 but as you continue to take loan from them your eligible loan will increase.

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Moneybay loan interest rate and repayment period

Moneybay loan interest rate is between 3% to 20% , it depend on the amount of loan obtain and repayment period. Their repayment period is between 7 days to 3 months.

For example let say you took a loan of #10,000 for 1 month with interest rate of 5%
The amount of interest to pay back will be #500
While the total amount to pay back will be #10,500

Note: This is just an example

Paying back your money bay loan

To pay back your loan head over to your dash board

Locate and click on loan repayment

There you will see options to pay back your loan

Once you make payment it will reflect on your dashboard. If it does not you should contact them.

What will happen if I default

If you default, you will be punish with increase in interest rate and if you decide not pay back at all your name and bvn will be sent to credit bureau for black listing, which means you will not be able to take loan again in Nigeria until you settle your debt.

Is moneybay loan legit

Yes, moneybay loan is legit, they will surely give you loan but they are not license by CBN nor insure by NDIC so exercise caution when taking loan from them.

Our verdict on moneybay loan app

Money bay loan app is legit, they have good and bad review on play store. They do give out loan but their acceptance rate is low, also their app is litter with bugs which make it hard to obtain loan.

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We interview one of their customer and we find out they do not send defamatory messages to defaulters which is a good thing.

Conclusion

Though moneybay loan app offer instant loan, I will advice you to take loan that you know you can pay back to avoid embarrassment.

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