EaseMoni loan- USSD code, interest rate and repayment
EaseMoni is a Nigerian fintech company known for its convenient loan services. With a user-friendly USSD code, borrowers can easily access short-term loans, eliminating the need for extensive paperwork and long queues at traditional banks. The app, available on Android and iOS, offers transparent interest rates and a smooth repayment process. Customers can also benefit from various financial services, such as savings, investments, and bill payments. This innovative approach simplifies the borrowing experience, making EaseMoni a popular choice for quick and hassle-free loans in Nigeria.
EaseMoni loan USSD code
The EaseMoni loan USSD code, *347#, offers a convenient and accessible way for individuals in Nigeria to secure quick loans without the need for internet access or extensive paperwork. By simply dialling the code and following the prompts, borrowers can enter their phone number, BVN, loan amount, and the repayment period. Once approved, the loan funds are swiftly disbursed to their designated bank accounts, typically within minutes to 24 hours. This user-friendly and efficient method ensures that loans are easily accessible, making it a popular choice for hassle-free borrowing across Nigeria, even for those without internet connectivity.
EaseMoni loan Interest Rate
EaseMoni offers varying interest rates depending on the loan amount and duration. For instance, a 14-day loan carries a 1% per day interest rate, a 21-day loan incurs a 0.75% daily interest rate, and a 28-day loan has a 0.6% daily interest rate. These rates are competitive, often lower than those of traditional banks. However, the actual interest rate can range from 5% to 10% and is determined by factors like lending history, loan specifics, and individual eligibility. It’s essential for borrowers to carefully review the terms and conditions, ensuring a clear understanding of the interest rates and repayment terms before taking out a loan.
EaseMoni Loan Repayment
EaseMoni offers flexible loan repayment options, ensuring a hassle-free experience for borrowers. You can choose to repay through USSD by dialing *347# and following the provided instructions, or repay via the EaseMoni app. The repayment period ranges from 14, 21, to 28 days, with the interest rate linked to your chosen duration. Notably, early repayment incurs no late fees, but late repayment results in fees depending on the loan amount and duration of delay. EaseMoni also provides additional methods, including direct debit from your bank account, using their mobile app, or making bank transfers with the loan account number as the reference for convenient payment allocation. Timely repayment is crucial to safeguard your credit score and future borrowing opportunities.
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EaseMoni Debt Management Tips
Exercise caution when borrowing from EaseMoni. Borrow only the necessary amount to avoid excessive debt. Prior to obtaining a loan, create a repayment plan to ensure timely repayments. Develop and adhere to a budget that includes your loan repayment strategy. Timely payments are essential for maintaining a favorable credit score, which can enhance your future loan eligibility.
F.A.Q
What is EaseMoni interest rate?
EaseMoni offers an interest rate ranging from 5% to 10% per month, with an annual percentage rate (APR) that falls between 60% and 120%. The actual interest rate applied to your loan is determined after a credit evaluation, ensuring a fair and personalized rate. EaseMoni is committed to transparency and assures borrowers that there are no hidden fees throughout the lending process. This approach makes it easier for individuals in Nigeria to access instant personal cash loans through the EaseMoni app, which operates under a microfinance banking license granted by the Central Bank of Nigeria.
Can I extend my EaseMoni loan?
EaseMoni allows borrowers to extend their initial credit limit. The credit limit is initially valid for one year from the effective date of the terms. Upon mutual agreement between both parties, the credit limit can be automatically extended for another year from its expiration date. Importantly, there is no specified limit on the number of extensions, providing borrowers with flexibility in managing their loans.
Can loan app block my bank account?
Loan apps do not possess the authority to block your Bank Verification Number (BVN) or your bank account. The only entity with the authority to take such actions is the Central Bank of Nigeria (CBN). Therefore, it’s essential to understand that loan apps cannot block your bank account; this regulatory power rests solely with the CBN. This knowledge empowers borrowers to make informed decisions while utilizing financial services offered by these apps.
How much can I borrow from EaseMoni for the first time?
EaseMoni offers an initial loan amount that ranges from N3,000 to N1,000,000, with repayment terms spanning 91 to 365 days. The specific amount you can borrow for your first loan is determined by your credit evaluation. Importantly, by responsibly repaying your initial loan, you can increase your chances of qualifying for higher loan amounts in subsequent applications.
How much is loan interest in Nigeria?
The interest rates for loans in Nigeria vary based on several factors, including the loan amount, repayment term, creditworthiness of the borrower, and the lending institution. Typically, personal loan interest rates in Nigeria fall within the range of 5% to 30%. The actual interest rate applied is relative to these factors and can differ among lenders.
Can I get a loan from Opay?
To access loans through Opay, you can use their USSD code by dialing *955# from the phone number registered with your Opay account. Once dialed, select the “loans” option to initiate the loan application process. This straightforward method enables users to access financial assistance through Opay’s loan services.
Who is the owner of EaseMoni loan?
EaseMoni, the instant personal cash loan app in Nigeria, is owned and operated by Blue Ridge Microfinance Bank Limited. Blue Ridge Microfinance Bank Limited is the entity responsible for the development and management of the EaseMoni platform, providing users with access to quick and convenient personal loans.
Is loan interest monthly or daily?
The frequency at which loan interest is calculated can vary among lenders. While the annual interest rate is commonly advertised, the actual calculation frequency may differ. Some lenders calculate interest on a monthly basis, while others employ daily calculations. The choice of calculation frequency is determined by the lending institution and the terms of the specific loan. Borrowers should carefully review the terms and conditions of their loans to understand how interest is computed and added to their repayment obligations.
Conclusion
EaseMoni, a trusted loan app in Nigeria, simplifies the borrowing process through its user-friendly USSD code. With interest rates ranging from 5% to 10% per month, personalized to your credit evaluation, borrowers can access loans with transparency and no hidden fees. The repayment options are flexible, including USSD and online methods, with varying durations of 14, 21, or 28 days. Timely repayment is crucial for maintaining a good credit score. EaseMoni empowers users to manage their finances with ease, providing a reliable and convenient solution for their short-term financial needs.
