ThumbMoni Loan App Review: loans without any interest in Nigeria

Thumbmoni markets itself as a company offering loans without any interest in Nigeria.

This claim is false as the Thumbmoni app charges you processing fees and other hidden charges before they can give you a loan.

ThumbMoni is a Nigerian mobile Loan Platform which provides professional and safe ways to borrow and solve the problem of urgent need for money starting from N2000 up to a maximum loan of NGN500000. Users can access collateral free loan products which is 100% online process.

This app is relatively new in the loan business with just over 10k downloads so far on Google play store and 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 ThumbMoni app

  • Download the Thumbmoni 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 as you will be required to take a clear live selfie for identify.

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.

When you download this app it gets access to your phone book contacts, SMS, and other details it uses to build your credit score.

Is ThumbMoni loan app legit or scam?

Yes, ThumbMoni Loan app is legit and does give out loans to customers but with extremely high interest rates most especially for first time borrowers. But the claim that they give interest free loans is false, they charge both interest and processing fees on every 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 ThumbMoni loan app can improve?

ThumbMoni loan app contains plenty of coding errors, you might have repaid your loan long before your due date and still notice that you in-app dashboard hasn’t been cleared. If this happens to you, you should keep your proof of repayment handy in case you’re challenged to pay late fees.
These coding errors also lead to difficulty in registration, some customers have complained that the OTP sent to their phones don’t arrive on time, or they are unable to bind their ATM card to account.

First time borrowers usually don’t get above N5000 loan to payback N8000 within 14 days. The tenure is too short and the interest rate is just ridiculous. Though the app promises to give you a revolving loan with higher amount and higher tenure on your subsequent loans, there is no guarantee you’ll be approved.

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.

ThumbMoni interest rate?

Loan time tenure: from 91 days to 365 days.
Loan amount range: from ₦5000 to ₦ 500,000.
Loan interest: the total interest range is from 2% to 24%. The equivalent monthly interest is from 1% to 2% and APR is from 12% to 24%.

Example Interest calculation:
If you want to borrow 100,000 with loan term of 365 days, the total interest you would need to repay would be: 100,000 x 20% = 20,000.
The total amount you will need to repay is: principal + interest = 100,000 + 20,000 = 120,000.
And the interest you need to repay each month is 100,000 x 20% / 12 = 1,667.
So your monthly repayment is (100,000 + 20,000)/12 = 10,000.

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 Nigerian citizen or legal Resident.
  • 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 Nigerian bank account.
  • Your phone number must be the one connected to your BVN.

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.

ThumbMoni loan app customer service number

  • 08139042257
  • Address: 10089, Iba Town Rd, Ojo, Lagos, Nigeria
  • Email:


A writer! Columnist and an academic researcher


  1. I borrow Thumbmoni 25000 naira they added interest on it total 27000 but they only credit me 16,250 naira to pay 27000 In 7days i drive with my car to make a living but my car breakdown so i couldn’t pay back that very day but everyday i make sure that these money in my account for then to debit, more than 20 different numbers are calling me sending me treating message calling me of today i am the money rest 9000 naira but they went ahead and spread my name to all my contact list both sms and WhatsApp how can they do this to me i need help

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