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Moninow Loan App Review: salary backed loans in Nigeria

Moninow is a digital lending app that offers Nigerians salary backed personal loans of up to ₦300,000 for a repayment period of 3 months

Unlike most loan apps, Moninow loan app is mostly available for salary earners who can proof it with their bank account statement. The has been on the play store since last year and 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 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 Moninow loan app



  • Download the Moninow 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 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.
  • You will also be required to provide your bank account statement and some details about your place of work.

Do note that some customers have reported that this app sent agents to their workplace to verify that they actually work their. And if you’re located outside of Lagos, this app might not work for you.

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 Moninow Loan app legit or scam?

Yes, Moninow 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.

Again do not that this app might send agents to your workplace to verify that you work their.

What Moninow loan app can improve?

The app takes from several hours to weeks to disburse loans, that’s for the lucky customers. Most customers don’t get a loan at all or can’t even register.

Moninow also has some networking issues that prevents some customers from binding their ATM card smoothly among other registration issues. The app also delays in acknowledging loan repayments. After repaying your loan, be patient and keep your proof of payment Handy as it may take a while to clear your dashboard. Sending verification is also complex as most customers report not getting it.

When taking loan, be mindful of the repayment plan. If you take a 60 days loan with two repayment installments, the app might attempt to auto debit you on the due date of the first installment and even charge overdue charges before the end of your 60 days tenure.

You can change your ATM card password to prevent auto debit.

The loan tenure is very small, starting from just 7 days. This is lower than the 30 days minimum tenure recommended by the CBN for short term personal loan providers.

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.

Moninow loan app interest rate?

Loan rates and fees
Loan Amounts: ₦ 5,000 to ₦ 100,000
One-time service / interest fee: 2%- 35%
Maximum Annual Percentage Rate (APR): 66.21% – 270.44%
Late fee: one-time fee of 8% of outstanding amount due
Minimum repayment period offered = 61 days
Maximum repayment period offered = 180 days

Example interest calculation for a sample loan as follows

Principal: 100,000.00
Loan Interest: (APR): 30%
Tenor: 4 months

Annual Interest (: 100000 * 0.3) :30,000 Naira
Total Interest for 4 mths: 100000 * 0.3 *4/12 :10,000 Naira
Monthly Interest : 2,500 Naira
Monthly Repayment (principal + interest) :27,500 Naira
Total Repayment :110,000 Naira

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.
  • Provide your work details and bank account statement.

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.

Moninow loan app customer service number

+234 9121540760.

Ismaeel

Statistician with interests in finance, risk management, loan products and market surveys. I also write on crypto currencies, Forex and a variety of financial instruments.

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