MoneyHub Loan App Review: Borrow loan in Nigeria
MoneyHub loan app is a convenient loan platform for Nigerian android phone mobile users that provides collateral free loans to Nigerians with minimal documentation.
If you’re an Android user, you can apply for the collateral free loan starting from N5,000 to a maximum loan amount of N50,000 with minimal documentation.
MoneyHub loan app has so far gained over 10k downloads on Google play store with mixed 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 Download APK and get a loan from MoneyHub loan app
- Download the MoneyHub online 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 N50 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 N50 charged to bind your ATM card to your account is refundable, but can take 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.
Is MoneyHub Loan app legit or scam?
Yes, MoneyHub loan app is legit, tho the app is still relatively new on the play store it does give out loans to customers but caution should be taken before taking any online loan. 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 MoneyHub loan app can improve?
MoneyHub contains some bugs which can leave customers frustrated during registration, for example the location field might not display the state you’re located leaving you unable to register.
The app also has an extremely high interest rate with short repayment tenure. One customer reported that they were given a loan of N14,000 to payback N23,000 within 7 days.
Note that high interest rates is usual for short term payday loan apps, but some do offer longer repayment tenure, starting at 2 weeks and UpTo a month.
This app is not an instant loan app as it also takes too long to disburse loans, your loan might have been approved and your repayment date already counting and still not receive the money in your bank account. If such happens to you, be patient or contact support.
The app also doesn’t have the option to select the loan amount you want. Ones an amount has been approved for you, you can’t select a lower or higher amount based on your needs, you have to accept what ever amount the system approved for you.
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.
MoneyHub loan app interest rate?
Loan term: 91-180 days
Loan amount: NGN5,000-100,000
Interest rate: the minimum annual interest rate is 14.4% and the maximum (APR) is 21.5% (no additional fees)
Daily Interest Rate:0.04%-0.06%
Service fee: NGN 0
•For example, if the loan amount is NGN 10,000 with a term of 120 days and interest rate of 14.4%
The payment amount is calculated as follows:
Loan amount * Interest rate divided by number of days * Loan term + Loan amount (10,000 * 14.4% / 365 * 120 + 10,000) = NGN10,473
For example, if the loan amount is NGN 10,000 with a term of 91 days and interest rate of 21.5%
The payment amount is calculated as follows:
Loan amount * Interest rate divided by number of days * Loan term + Loan amount (10,000 * 21.5% / 365 * 91 + 10,000) =NGN10,536
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 legal citizen or legal Resident of Nigeria
- 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 bank account.
- Your phone number must be the one connected to your BVN.
- Have a valid government issued 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.
MoneyHub loan app customer service number
Customer Service Hotline: 07088953673
Please if I borrow 200000 how much will I be paying every month for 12 months
That will depend on your credit score – how much enters and leaves your bank account and your history of borrowing from other lenders.