iMoney Loan App Review – personal loans in Nigeria

iMoney loan app offers instant, safe an Reliable loan in Nigeria starting from ₦5,000 ~ ₦500,000 for personal and business use. The app users artificial intelligence to collect and analyze applicant’s data to build their credit worthiness and offer them a loan.

iMoney loan app is in the class of tested and trusted loan apps on the play store with over 1 million downloads so far and about 34k reviews. It 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 apply for a loan from iMoney?

Getting an iMoney loan can be done easily online by:

  • Download the iMoney personal 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.
  • You’ll be charged N30 to 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 with enough memory space as you will be required to take a clear live selfie for identity.

The N30 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.

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.

Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.

When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.

iMoney Loan App interest rate

The interest rate offered on your iMoney loan is 12% – 36%APR, with 0% service fee.
Example: If the loan amount is ₦5,000, the loan term is 180days, and the Interest rate is 12%, the total Interest should be ₦5,000 * 12% = ₦600.

Note: expect both your loan amount and loan tenure to be significantly lower as individual interest rate, loan amount and loan tenure are calculated based on the applicant’s credit score and credit worthiness. Keep a good credit score and repay your loan on time to qualify for higher amounts.

Is iMoney legit or a scam?

iMoney loan is legit. A lot of customers have testified to receiving a loan from them. Read other customer’s review on Google Play. However, this app will call your contacts and embarrass you if you default on your loan.

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 iMoney can improve

Overall, iMoney is an okay personal loan app for short term loans, but there’s still a few things that can be improved.

Their customer service is not as professional as they ought to be. They resort to insulting defaulting customers who don’t pay on time, and they even automatically debit customers accounts sometimes a day before due date.

The interest rate on this app is also on the high side, upto 20% on a 7 days loan term. This short 7 days loan term can also be improved. Most other loan apps in Nigeria already offer 14 days loan term and above.

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.

If you’re being threatened or bullied by any loan shark in Nigeria, see this Facebook group where you can find support and read about the experience of others who have suffered bullying from loan apps.

iMoney loan app review

What will happen if I don’t repay my iMoney loan?

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, they report to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.

How to repay iMoney loan?

  1. Open iMoney on your phone
  2. Click My Loan
  3. Choose one of your loan
  4. Click the Repay In Advance
  5. Confirm that all details are correct and press “Repay now”
  6. Choose your Repayment method and press “Repay now”
  7. Complete your Repayment

iMoney customer care and CONTACT

  • Customer service phone: 09036094805
  • Facebook page: https://www.facebook.com/pg/iMoneytech
  • Email:help@imoney.ng
  • Office Address: (SAPETRO) TOWERS 1, ADEOLA ODEKU STREET, VICTORIA ISLAND LAGOS.(Lagos, LAGOS)

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