Money in Minutes loan app review
Money In Minutes is a Nigerian loan app that offers relatively large quick loans ranging between 25,000 – 2,000,000 without collateral and repay in 4 – 12months.
Most of the loan apps we review on this website have one similar significant draw back – they mostly offer very small amounts, sometimes as low as N1,000. If you require a larger loan amount, Money in Minutes might be just the perfect fit for you.
How do I apply for the loan?
Money in Minutes offers its services both via website and on its mobile app. But our experience of using their Nigerian website suggests the website might not yet be functional. It is best to use the app.
- Download the Money in Minutes Nigeria mobile app via the Google Play store or on Apple store if you’re using iOS.
- Provide your details and register for your account.
- You will be required to provide your BVN for them to verify your information and check your credit worthiness
- You will also be required to submit your bank statement and also bind your ATM card to your account via Paystack.
Eligibility requirements for the loan
For you to qualify for a Money in Minutes loan, you have to be between the ages of 18 – 55, be a legal citizen or resident of Nigeria. You also need to prove that you’ll be able to pay back your loan by providing your bank statement of account. The app doesn’t require any physical collateral but you will provide your Bank Verification Number BVN and bind your ATM card to your account.
What is the interest rate on Money in Minutes loan?
Monthly interest rate ranges from 4% – 30% and the maximum Annual Percentage Rate (APR) is 360%
Loan Amount: ₦1,000,000
Loan Tenure: 12 months
Number of Repayments: 12
Monthly Interest Rate: 4%
Monthly Repayments: ₦106,552.17
Total Amount Payable: ₦1,278,626.07
No other fees charged
Is Money in Minutes legit?
Yes, Money in Minutes is a U.K originated money lender with operations in several countries including Nigeria and India. Since its inception the company has disbursed more than $10 billion to borrowers across the world.
Money in Minutes address and customer care number?
Their Nigerian office is located in Victoria Island, Lagos. You can reach their customer care service on:
Frequently asked questions
How much can I borrow?
You can get up to ₦2 million for up to 12 months
How long does loan approval take?
Every loan application undergoes an assessment process and a decision is made accordingly. Upon successful review and due diligence done, disbursement is done within minutes of all checks done and completed successfully.
Can I reapply immediately after liquidating my existing Loan
Once your existing loan is repaid completely, you are eligible to apply for a new loan immediately. Early repayments are encouraged and help to put you in good standing and could qualify you for higher amounts and lower interest rates. However, kindly note that each loan will be assessed and a decision will be made on the merit of each loan application. Kindly go to your mobile app or website and find the repayment options under “Repayment Schedule” under “Loan Management” in your account.
BVN Error Message (BVN does not match disbursement account)
You can only (and should) only register and make a loan application using your true and verified data/information. Always ensure that you use the(your) BVN tied to your bank account and reattempt your application.
I have issues linking my card to my account
Please note that a security feature with one of our Partners Paystack, will require you to wait at least 24 hours before attempting to link your card to your account. This is required after a few unsuccessful attempts have been made, and is necessary to prevent any unauthorized use of your card. Kindly try again after at least 24 hours have elapsed.
Issues with Mono and Bank Statement Upload
This would likely mean that your bank might currently be experiencing some service downtime and therefore unable to provide the information required for you to progress to the next stage. You simply need to try again with an alternative bank account.
Why was my loan disapproved?
We might be unable to make you a loan offer at this time, based on an evaluation of income and affordability derived from the account you provided. As a responsible lender and a CBN-regulated company, we are obliged to only make offers to customers who meet certain lending criteria. While we might not be able to make you an offer now, we earnestly look forward to being able to serve you in the future.
I Encountered an “Invalid Key” Error
To fix this kindly update the mobile app by uninstalling and then reinstalling it. If you are attempting the application on the web/desktop, kindly log out and refresh your browser on your desktop by clearing history and cache, and then try again. If you encounter the same problem or any other problem again, please share a screenshot and we will be happy to assist you.
My account is Inactive and I am unable to access my profile
Upon your loan disapproval, our customer care agent would have communicated the reason for the rejection in the email received. There are several reasons why a loan application may be rejected and an account deactivated. This may include, but is not limited to, income and loan affordability, verification of information provided, general qualification for a loan by age and other factors, and much more. While we may not be able to serve you now, we might be able to serve you in the future, and we will be glad to welcome you at such a time.
Are my details safe and secure when I upload my statement or link my card?
In our bid to make the best loan offer available to you, we use your bank statement provided through Mono to determine income and affordability. Please note that we DO NOT see or store your login details nor have access to your account when you carry out this action. We are a Central Bank of Nigeria (CBN) regulated company and our customer security and satisfaction is our top priority.
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