Monzo loan app: interest rate, is it legit, how to apply - Startuppreneur
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Monzo loan app: interest rate, is it legit, how to apply

Monzo loan app is another loan app in nigeria where you can obtain loan without collateral or guarantor, you don’t need to visit any location before you will obtain the loan, everything will be done on your smart phone.

With this loan app, you can obtain up to #100,000 loan without collateral or paper work.

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One of the interesting thing about this loan app is that their loan processing is very fast, give this loan app 30 minutes after submitting application, your loan will be disburse.

Requirement to obtain loan from monzo loan app

Before you can obtain loan from this app you need to to meet up with some requirement which are

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  • Have good credit score
  • Have bvn and back account
  • Have source of income
  • Be above 18 years of age
  • Have smart phone with which to download the loan app

Once you have all these requirement you can go ahead and obtain the loan

How to apply for monzo 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

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

On your dasbboard 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 monzo loan app

The maximum amount of loan you can obtain form this loan app is #100,000 and as a first timer you will not get up to this, your eligible loan will be around #30,000 but as you continue to use the app your loam limit will be increase.

Monzo loan app interest rate and repayment period

Monzo loan interest rate is between 5% to 30% depending on the amount of loan obtain and the repayment period.

Their repayment period is between 7 days to 180 days also depend on the amount of loam secure. As a first timer you will be given high interest rate and short repayment period. As you continue to use the app this will improve.

How to pay back your monzo 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 wil 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.

Trust me this process is usually time consuming, your best bet is to pay your loan as at when due.

Is monzo loan app legit

Yes this loan app is legit, they will surely give you loan but they are not license by CBN

Our final verdict on monzo loan app

Monzo loan app is legit, they have given loan to many people in Nigeria. They have good interest rate and their repayment period is not bad except for first time which start from 7 days. They don’t send defamatory text to their contact which is a good thing.

Though they are legit I will advice you to exercise caution when taking loan from this app. Only take loan that you know you can pay back.

Conclusion

Above is how to obtain loan form monzo loan app, as stated above, they will surely give you loan but take loan that you know you can pay back to avoid embarrassment or had I know.

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