In the past, it was difficult to get a loan to start a business. This would require going to the bank and standing in long queues for hours. Sometimes, you could spend the whole day and still end up being unsuccessful at it. However, with the development of apps such as EaseMoni, requesting a loan has just got easier. What does getting a loan from EaseMoni entail? In this article, you would be reading all the information you need to know about the EaseMoni loan. This article would cover important areas such as EaseMoni loan requirements, how to borrow a loan on EaseMoni, EaseMoni interest rates and so much more. If you intend to get a loan anytime soon, you wouldn’t want to miss this! Let’s get started with it.
EaseMoni Loan Requirements
To be eligible for an EaseMoni loan, certain criteria must be met. Let’s find out some of them:
1. A Nigerian Bank Account
A Nigerian bank account is an essential requirement for getting a loan on EaseMoni. Without a legitimate bank account, you would not be able to get credit. So, you must have a working bank account for this operation.
2. A Bank Verification Number (BVN)
The function of your Bank Verification Number (BVN) in this case is to help the bank know the kind of person you are. Your BVN contains all records about your banking operations and transactions and also helps the bank get adequate information about your loan history.
3. A Valid Phone Number
A phone number would be needed to send you to code or keep you updated regarding your loan.
4. Must Be Over 18 years of age
To be able to get a loan from EaseMoni, you must be over 18 years of age. This would signify that you are an adult and you are well aware of your decision of taking a loan.
5. Source Of Income
To be able to pay back, you should have a source of income. It would not be wise to take a loan and not have a man to pay back. So, having a source of income to pay back is also as important as taking a loan.
EaseMoni USSD Code
EaseMoni USSD Code is *347*334#. Once you dial this code on your phone, you would be able to get access to loan packages tailored to suit you.
If you have met the above requirements, you would find it easy to request a loan on EaseMoni using this code.
How To Borrow Loan On EaseMoni
To borrow a loan on EaseMoni is quite simple, follow the steps below to get your request granted.
Step 1. Create An EaseMoni Account
To create an EaseMoni account, you would need to download the EaseMoni app. In the process of creating an account, you would be sent a One Time Password (OTP) to verify your ownership of your phone number too. So, make sure to input your correct details.
Step 2. Click On “Get Loan”
After you’ve successfully created your EaseMoni account, locate the “Get Loan” button. Once you click that button, a new page would be displayed to you.
Step 3. Enter Your Amount
At this point, a new page would be displayed to you. InOnhis page, you would be required to input the amount you wish to collect as a loan. You can input amounts ranging from 3,000 naira to 1,000,000 naira on the platform.
Step 4. Customize Your Repayment Schedule
Your repayment schedule should be the next step. When you wish to pay and how you wish to pay back should be customized in this section. You can decide to pay within 3 -12 months. This is depending on the amount you intend to get a loan for.
Step 5. Enter Your Bank Account Details
This is the most important step. Entering your bank account details would make it easier for the loan you wish to collect to get to you. So, in this section enter correctly your bank account details in order to avoid misdirected funds.
You’ve so far read about the requirements needed to be met before requesting a loan from EaseMoni. Also, you’ve seen the detailed steps about getting a loan from EaseMoni. Now, what interest rate should you expect from EaseMoni? Let’s find out in the next subheading.
EaseMoni Interest Rate
EaseMoni interest rate is usually between the range of 5 percent and 10 percent of the loan amount. Several factors come into play at this point. Factors such as repayment schedule, and loan amount play a huge role in the interest rate value of EaseMoni.
EaseMoni Repayment Option
There are two major methods of repayment of EaseMoni. These methods are legitimate methods to pay back loans from EaseMoni to avoid scammers. Let’s get to know them:
1. Card Option
You can submit your ATM card details to EaseMoni via the app to make payment on your behalf. At the stipulated time, you can schedule when you want the money to be deducted and it would be done.
2. Manual Option
The manual option involves using the EaseMoni app to pay by yourself without using the automatic means (card Option). This is the common method used to repay loans on EaseMoni.
How much interest does EaseMoni charge?
EaseMoni charges an interest rate of 5 percent – 10 percent. This is dependent on the repayment schedule you choose and the amount you request for.
How do I repay my EaseMoni loan?
You can repay your EaseMoni loan with two methods. First, you can use the card option or the manual option.
How much is the EaseMoni loan limit?
EaseMoni loan limit is 1,000,000 naira.
Is EaseMoni approved by CBN?
Yes. It is approved by CBN.
Is EaseMoni legit?
EaseMoni is a legitimate app that you can use to request a loan.
With EaseMoni, you can get loans in the comfort of your house. The requirements, as you’ve seen above are not burdensome. Thanks to this article, you’ve been given insight into details about the EaseMoni loan such as its repayment options, how to borrow the EaseMoni loan successfully, and its interest rates.