MoneyPal Loan App Review: online loan app in Nigeria
MoneyPal is an online loan service by Zedvance that offers loan amounts from N2,500 to N5,000,000 with repayment periods from 60 days to 24 months at a daily interest rate of 0.5% to 1% and APR from 182.5% to 365%.
The loan is unsecured and requires minimal documentation, which is why the interest rate is very high.
This app has so far gained over 50k downloads on the Google play store with mixed reviews. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build the credit score of each borrower.
Because lending decisions are made by the computer, to qualify for higher amounts, be sure to keep good bank transaction messages on your phone and not have outstanding debts with other loan apps!
How to Download APK and get a loan from MoneyPal Loan app
- Download the MoneyPal Loan App available on the Google Playstore and install it 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 Know-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 in about 5 minutes.
- Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identification.
Note that binding your ATM card with N30 does not guarantee that you will get a loan, you still have to pass the credit score check.
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.
Is MoneyPal loan app legit or a scam?
MoneyPal is an online loan app developed by Zedvance Nigeria Limited. Zedvance is a financial service company based in Victoria Island, Lagos and their operation is regulated by the CBN.
Requirements to obtain a MoneyPal loan
- Have a bank account and bvn; your eleven-digit BVN will be used to check your credit score.
- Have source a of income
- Have a good credit score; if you have a history of late payments with other loan apps you might be denied a loan or be given a very high-interest rate.
- Reside in Nigeria
- Have a smart phone with which to download the app; the app is only available on the Google play store accessible only with an Android smartphone.
What other borrowers are saying about MoneyPal loan app
These reviews were written by users on the Google play store.
Tafida Mukhtar wrote, “It’s good application anyway, but the problem is that you can’t view your loan balance and you can not liquidate, also you can not view details of the repayment schedule, that’s you can not see principal deduction and interest rate, they are all merged together. It will be a good experience if you include the above observation please, thanks for the app.”
Peter Otutu Senior wrote, “This app is very good and the loan application is excellent and their system network is very good without Stress and the Interest rate is very good, understanding and good standard and excellent service.”
Nura Muhammad Bello wrote, “This is a goog and useful app in this era, but the only problem is that, if you change your phone, you cannot use the app again even if you use your user name and password. Snd if you are trying to sign up again they said the number was already taken.”
The Interest rate?
MoneyPal offers loan amounts from N2,500 to N5,000,000 with repayment periods from 60 days to 24 months at a daily interest rate of 0.5% to 1% and APR from 182.5% to 365%.
MoneyPal loan of N100,000 for 3 months
Interest: (0.5% daily * 90 days) = N45,000
Three monthly repayments: N48,333
Total payable amount: N145,000
Note that this interest rate and loan duration is just an example, expect your actual loan and duration to be much lower, but you can improve it by paying back your loan on time and keeping a good credit record.
MoneyPal loan app customer service number
- Consumer hotline: 09095017151
- Customer Service Email: email@example.com
- Office:65, Karimu Kotun Street, Victoria Island, Lagos