Moneyclub loan app review: Interest rate, how to apply, is it legit - Startuppreneur

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Moneyclub loan app review: Interest rate, how to apply, is it legit

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Moneyclub is a loan company in Nigeria located in Kaduna. They give out loan without collateral or paper work.

You don’t need to visit any location before you will obtain the loan, with just your phone you will secure the loan and also their loan processing is very fast within hour of submitting application your loan will be disburse.

Moneyclub loan app requirement

Below are the requirement you need to meet up with before you can obtain loan from money club

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Have bank account and bvn

Have source of income

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Have good credit score

Be above 18 years of age

Have smart phone with which to download the app

How to apply for moneyclub loan

The first step to take is to head over to plays store and download the moneyclub loan app

Register with your name, bvn and other details

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Once you are done with registration you will be login to your dashboard

On your dashboard 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 money club loan app

With money club loan you can obtain up to #300,000 at a go. As a first timer you will not be able to get up to this, your eligible loan might not be more than #50,000. As you continue to use the loan app this will increase.

Moneyclub loan interest rate and repayment period

Their interest rate is between 10% to 19% depending on the amount of loan secure and the repayment period. The repayment period is between 90 days to 365 days also depend on the amount of loan obtain.

Paying back your moneyclub loan

To pay back your money club loan head over to your dashboard

Click on loan repayment

There you will see options 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 refuse to pay back you will be punish with increase In your interest rate, which is usually 2%. If you decided to abscond; your name, bvn and other details will be sent to credit bureau for black listing, which means that you will not be able to take loan again in Nigeria until you settle your debt and clear your name with credit bureau and trust me the process is hard.

Is money club loan legit

Yes money club loan is legit, they have given loan to many people in Nigeria but they are not license by CBN nor insure by NDIC

Our final verdict on money club loan app

Money club loan will surely give you loan, they have good review on plays store, they do not send defamatory message to their customer.

Also they don’t charge loan processing fee. The only problem with them is that they are not license by CBN so exercise caution when taking loam from them

Conclusion

Above is how to obtain loan from moneyclub loan app. Though they will give you instant loan I will advice you to take loan that you know you can pay back k that to avoid had I know and embarrassment.

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