Getting a loan from Nigerian bank can take time and needs some paperworks. MoneyBay loan app comes in handy and quite beneficial here.
In this post, you’ll find all MoneyBay information like requirements, interest rates and repayment methods.
Although MonayBay is still in its early stages in the loan industry, customers’ feedback has been positive.
MoneyBay loan app has received well over 11,500 downloads on Google Play, with mixed reviews.
It uses loan interface to collect information from prospective clients such as phone records, banking transaction alerts, and BVN in order to establish each borrower’s credit score.
MoneyBay loan Interest Rate
MoneyBay Loan interest rates range from 6 percent to 24 percent, with a monthly interest rate of 0.5 percent. The annual percentage rate (APR) on a moneybay loan is 12%30%.
If the loan amount is ₦20,000 for 91 days (3 months), the APR is 20%, the interest and total amount to pay on the due date is as follows
- Interest: ₦ 20,000 * 20% / 365 * 91 = ₦ 997
- Principal repayment = ₦20,000
- Total amount of repayment: ₦20,000 + ₦997 = ₦20,997
- As the repayment period is for 3 months:
Monthly repayment is ₦20,997 / 3 = ₦6,999
- 18 years old or older
- Residents of Nigeria
- Having a consistent source of income
- 4. Phone number for registration
How to apply
- Download MoneyBay first
- Create a profile using your phone number.
- Complete the required information.
- Submit the application, and
- Await acceptance
MoneyBay loan Features
- Loan amounts range from 7,000 to 100,000 NGN.
- 91 to 365 days for loans.
- The Annual Percentage Rate (APR) ranges from 10% to 25%.
- Completely online application and 24/7 access to loans
- No credit history is necessary
- Various loan amounts available
- Low interest rate
- An entirely online process with simple steps
- No additional fees
- Safeguarding all of your personal data
Is MoneyBay Legit?
MoneyBay loan app has been providing Nigerians with micro and medium term loans up to a maximum of N50,000. They do, however, have extremely high interest rates and some glitches that prohibit seamless registration.
Note that you are responsible for your own security while using loan applications in Nigeria; the Play Store only provides a channel for download.
MoneyBay is available on Google Play but that isn’t a proof of safe transaction.
You should be aware that these lending applications are not registered or controlled by the CBN or any other Nigerian government body.
You are solely responsible for the safety of your transactions with them, and there is no recourse for poor customer service.
MoneyBay loan app makes it super easy to access credit for emergencies purpose on your smartphone.
MoneyBay is willing to support business owners as they expand their enterprises as well as help individuals with urgent needs like unpaid utility bills, car repairs, and family emergencies.
You can meet these urgent needs thanks to the instant credit we offer.
There is no lengthy wait, no lengthy line, and no requirement for collateral. You only need a smartphone to access instant money that is deposited directly into your bank account.