iMoney Plus Loan: Interest Rate, Repayment, Steps to Apply

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iMoneyPlus is a fast and safe personal loan app that provides instant loans to help individuals in Nigeria grow their businesses, go shopping or handle any emergencies that may arise.

This article will provide a comprehensive guide on iMoneyPlus loans, including product features, loan amounts, tenure, interest rates, service fees, and loan repayment examples. Additionally, we will outline the steps to apply for a loan on the iMoneyPlus app.

Who is eligible for an iMoneyPlus loan?

To be eligible for an iMoneyPlus loan, you must meet the following requirements:

  1. Be a Nigerian citizen
  2. Be between 18-65 years old
  3. Have a regular source of income

Interest Rate.

The Annual Percentage Rate (APR) on iMoneyPlus loans ranges from a minimum of 12% to a maximum of 50%.

The interest rate is determined based on various factors, including your credit score, loan amount, and repayment tenure.

Service Fee: iMoneyPlus does not charge any service fee on its loans.

Loan Example:

Suppose you are applying for a loan of ₦5,000 with an APR of 36.5% per annum and a tenure of 180 days. The service fee is 0%. In this case, the interest on the loan will be:

Interest = ₦5,000 * 36.5% / 365 * 180 = ₦900

Thus, you will receive a loan amount of ₦5,000 and will have to repay ₦5,900 (5,000 + 900).

Loan Amount: iMoneyPlus offers loans ranging from ₦8,000 to ₦200,000. The loan amount that you can get depends on your eligibility and creditworthiness.

Loan Tenure: The tenure of the loan ranges from 91 days to 365 days. You can choose the loan tenure that best suits your repayment capacity

Repayment

You can choose to repay the loan in one go or opt for monthly repayments. If you choose to repay the loan in one go, you will have to pay ₦5,900 after 180 days. On the other hand, if you opt for monthly repayments, your monthly repayment amount will be ₦5,900/6 = ₦983.

Steps to Apply for a Loan on iMoneyPlus:

  1. Sign up: Download the iMoneyPlus app from the Google Play Store and create an account by providing your email address, mobile number, and password.
  2. Fill in Basic Details: Once you have signed up, you will be prompted to fill in your basic details, including your name, date of birth, address, and employment details.
  3. Apply for a Loan: After filling in your basic details, you can apply for a loan by selecting the loan amount and tenure that you require. You will also be required to upload a few documents, including your ID card, bank statement, and payslip.
  4. Wait for Approval: After submitting your loan application, you will have to wait for approval. The approval process usually takes a few minutes, after which the loan amount will be disbursed to your account.

If you have any questions about using iMoneyPlus, you can contact their customer support team via email at help@iMoneyPlus.cc. Alternatively, you can visit their office located in Egba Lagos.

Conclusion:

iMoneyPlus provides an easy and convenient way to access personal loans in Nigeria. With a range of loan amounts and flexible repayment tenures, iMoneyPlus is an excellent option for those looking for instant loans to cover their financial needs. If you meet the eligibility criteria

All rights reserved. Do not copy, rewrite or republish this content, in part or in whole, without proper credit to the source.

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About the Author: Femi Olawole

Femi Olawole is a seasoned blogger with interest on providing helpful Contents on online loan apps, Tech and Business.

5 Comments

  1. Goodmorning Femi,
    I applied for a loan of #14000 with Imoney plus and they debited their account with #18200 for one week without given me the loan i requested for. This happened before but i have forgotten about it that is why i fall to them again. Kindly advice them to clear the debit account. I have complained but nothing happened. They might be using the same way to trap many poor Nigerians. Reaping where they did not sow.

  2. Hello, you are putting a lot of Nigerians into a problem we all know that they are loan shark and yet you still put positive content about them on your blog. This is not fair at all… don’t fall victim they will ruin your mental health for you and reputation.

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