AddMoney Loan App Review: Borrow Money Instantly Online in Nigeria
AddMoney is a mobile Loan Platform which provides Nigerians wIth safe ways to borrow and solve the problem of urgent need for money with up to a maximum loan of NGN500000. Users can access collateral free loan products which is 100% online process.
This app is relatively new in the loan business with just over 100k downloads so far on Google play store and uses a loan software to collect prospective customers information including phone records, banking transaction alerts, BVN to build the credit score of each borrower.
To qualify for a loan or higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!
Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all Within a few hours.
How to Download APK and get a loan from AddMoney app
- Download the AddMoney loan App exclusively available on the Google Playstore and install on your Android phone.
- Register an account with your phone number.
- Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
- Fill in your basic Kwow-your-customer KYC information, including your residential address, next of kin and employment details
- You will also be required to provide your Biometric verification number BVN.
- Bind your ATM card to your account to increase your chances and get a higher loan amount.
- A one-time password OTP will be sent to your phone to confirm your details.
- After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
- The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
- Make sure you’re using a good phone as you will be required to take a clear live selfie for identify.
- You will also be required to provide your NIN so keep it handy
Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.
When you download this app it gets access to your phone book contacts, SMS, and other details it uses to build your credit score.
Is AddMoney loan app legit or scam?
Yes, AddMoney Loan app is legit and does give out loans to customers but with extremely high interest rates most especially for first time borrowers. Always read other customer’s reviews before you apply for a loan in Nigeria.
You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.
Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.
What AddMoney loan app can improve?
AddMoney does give loans to customers and even gives higher amount compared to other loan apps, but that is about the only good thing about this app.
First time borrowers usually don’t get above N5000 loan to payback N8000 within 7 days. The tenure is too short and the interest rate is just ridiculous. Though the app promises to give you a revolving loan with higher amount and higher tenure on your subsequent loans, there is no guarantee you’ll be approved.
AddMoney has plenty of hidden charges that the apps claims are processing fees. The loan amount displayed on the app is usually not the amount disbursed to your account, you will be required to payback all hidden charges and still pay interest on every loan you collect.
This app also have some bugs, some customers have complained that their loan isn’t being cleared on their dashboard even after repayment. If this happens to you, send message with your proof of payment to customer support to rectify the issue as you will still be charges late payment fees even though the fault is not yours.
AddMoney also collects way too many information from customers unlike other loan apps, they will collect your passport and still ask you to take live selfie, they collect NIN number and still collect a copy of your work ID card.
Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.
AddMoney interest rate?
Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 500,000.
Loan interest: the total interest range is from 2% to 24%. The equivalent monthly interest is from 1% to 2% and APR is from 12% to 24%.
Example Interest calculation:
If you choose a loan limit of NGN 6,000.00 with a period of 360 days,
the total interest must be paid: NGN 6000.00 * 0.05% * 360 = NGN 1080, monthly interest shall be paid:NGN6000.00 * 0.05% * 30 =NGN 90, monthly repayment bill including principle and interest shall be paid: NGN 6000/12 + NGN 90= NGN 590, total repayment bill including principle and interest shall be paid: NGN 6000.00 + NGN 1080 = NGN 7080
This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.
What are the requirements?
- Be a Nigerian citizen or legal Resident.
- Be at least 18 years old.
- Have a Monthly income source.
- Bind your ATM card to your account
- Provide details of two of your next of kins including their phone numbers.
- Have a good credit score with no outstanding loans from other lenders.
- Have an active Nigerian bank account.
- National identity number NIN
- Two passport photographs
- Work ID card.
What will happen if I don’t repay my loan or pay my loan late?
Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.
AddMoney loan app customer service number
- Email: help@Addmoney.ng
- Company Address:2nd Floor, 13, King George V Road, lagos,Nigeria