Monidrop loan app will give you instant loan in Nigeria with out collateral or paper work. Their loan processing is fast within hour of submitting application your loam will be disburse.
Requirements to obtain loa form monidrop
Below are the requirements you need to meet up with be of you before you can obtain loan from monidrop
Have source of income
Have bvn and bank account
Be above 18 years of age
Reside in Nigeria
Have smart phone with which to download the loan app
How to apply for monidrop loan app
The first step to take is to head over to play store and download the app
Launch it and 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 dashboard
On your dashboard locate and click on loan
There you will see amount of loan you are eligible to obtain
Take the loan offer and wait for disbursement
How much you can obtain from monidrop loan app
With monidrop loan app you can obtain up to #70,000 at a go. As a first timer your loan amount will not be up to this this, maximum loan you can obtain will be around #30,000 but as you continue to use the app your eligible loan will increase
Monidrop loan app Interest rate and repayment period
Monidrop loan interest rate is between 12% to 25% per month depending on the amount of loan secure.
The repayment period is between 7 days to 90 days also depend on the amount of loan secure. As a first timer your interest rate will be high while your repayment period will be short this will improve as you continue to use the app.
Paying back your Monidrop loan
You can pay back your loan with ATM card or bank transfer. When paying back through bank transfer ensure you have their correct account number to avoid story that touch the heart.
Login to your dashboard
Locate and click on loan repayment
There you will see deferent options to payback 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 loan interest rate. If you decide not to payback, your name and BVN will be sent to credit bureau for black listing and they might send defamatory message to your contacts.
Is Monidrop loan legit
Yes, they are legit, they will surely give you loan but they are not license by CBN nor insure by NDIC
Our verdict on Monidrop loan
Monidrop loan is legit, they have good review on play store and good rating as well. The problem with this loan app is that they are not license by CBN so exercise caution when taking loan from them
Above is how to obtain loan from Monidrop. As you can see they do give out loan. Take loan that you know you can payback to avoid had I know.
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