Monthly NG offers a unique financing solution for Lagos, Nigeria residents, enabling them to access up to ₦5 million within 24 hours to cover their rent through a ‘Rent Now, Pay Later’ scheme.
This comprehensive guide will explore the specific details about Monthly NG’s loan offerings, including interest rates, requirements, application processes, app download instructions, customer care contacts, and the platform’s legitimacy.
What is Monthly.NG Loan Interest Rate?
Understanding the interest rates provided by Monthly NG is crucial before considering this financial solution:
- Minimum APR: 20.5%
- Maximum APR: 62.6%
- Representative Example: For a loan amount of ₦500,000 with a tenure of 12 months:
- Monthly Repayment: ₦51,741.97
- Total Repayment: ₦620,903.64
- One-time Fee: ₦20,000
- Interest: ₦120,903.64
- Total Cost: ₦140,903.64 (28.18%)
Readers should note that interest rates can vary based on personal circumstances, and it’s essential to verify current rates before proceeding with a loan application.
Requirements
To be eligible for Monthly NG’s ‘Rent Now, Pay Later’ scheme, applicants must meet specific criteria:
- Age 18 or above
- Monthly income of at least ₦50,000
- Residing and renting in Lagos, Nigeria
How to Apply for Monthly NG Loan
Accessing a loan through Monthly NG involves a straightforward process:
- Sign up on their website or app
- provide necessary information
- State the desired loan amount and repayment duration.
- Input referrer code if you have one
- Get a loan approval verdict within 24 hours.
Monthly NG App Download
Downloading the Monthly NG app securely from the official platform is crucial to ensure safety:
- Visit the Google Play Store.
- Search for “Monthly NG.”
- Select the official app developed by Monthly NG.
- Download and install the app.
Avoid downloading loan apps from unofficial sources to safeguard your information.
How to Contact Monthly NG Customer Care
For inquiries or assistance, applicants can contact Monthly NG’s customer support directly on their app or website
Is Monthly NG Legit?
Yes their app is on Google play store. And it has good amount of positive reviews. This means that people like you have benefited from their loan offers.
However, while Monthly NG provides accessible rent financing, caution is necessary. Company policies can change, and individuals should engage with Monthly NG prudently, understanding terms and conditions before proceeding with a loan.
In conclusion, Monthly NG offers a rent financing solution tailored for Lagos residents. However, it’s crucial to comprehend interest rates, meet eligibility criteria, and responsibly utilize the services.
Contact customer care for any inquiries or clarifications before committing to this financial solution.
