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

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

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.

Do you like this article?
Feel free share it.

Back to top button