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

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

Truemoney loan app will give you Instant loan in Nigeria without collateral or paper work, you don’t need to visit any location with your smat phone you are good to go. Their loan processing is very fast within 1 hour of submitting application your loan will be disbursed.

Truemoney loan requirements

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


Have bvn and bank account

Have good credit score


Be above 18 years of age and under 60 years of age

Have source of income

Have smart phone with which to download the app

How to apply for Truemoney loan

The first step to take is to head over to play store and download the app


Register with your name 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 offer and wait for disbursement

How much you can obtain from Truemoney loan app

The amount you can obtain from Truemoney loan app is between #10,000 to #100,000. As a first timer your eligible loan might not be more than #30,000 depending on your credit score.

As you continue to use the app this will increase, you will be able to obtain more loan

Truemoney loan interest rate and repayment period

Their interest rate is between 12% to 25% depending on the amount of loan obtain. The repayment period is between 7 days to 90 days.

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 Truemoney loan

To pay back your loan head over to your dashboard

Locate and click on loan repayment

There you will she 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 default you will be punish with increase in your loan interest rate which is usually 2%.

If you decided not to pay back at all, your name, bvn and other bank details will be sent to credit bureau for black listing which means you will not be able to take loan anywhere in Nigeria until you pay back your loan.

Is Truemoney loan legit

Yes, Truemoney loan is legit, they will surely give you loan as long as you meet their requirement but they are not licence by CBN, nor insure by NDIC

Our verdict on Truemoney loan app

Truemoney loan app is legit , they have good review on play store, they don’t send defamatory message to their customer. The only problem with them is that they are not license by CBN so exercise caution when taking loan from them.


Truemoney loan app will surely give you loan in Nigeria, I will advice you to take what you can payback to avoid embarrassment, and had i know.

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