People in Nigeria can easily acquire loans with iMoney at any time and from any location. Simply fill out our application and we’ll deposit your money directly into your bank account. iMoney is always available for you, like a bank in your pocket.
How to Get the iMoney App
Google Play provides access to our lending platform. Search for “IMoney” on Google Play, download it, and then start the sign-up process using your phone number.
Eligibility Requirements
1. What are the requirements for an iMoney loan?
The only requirements are your MTN AIRTEL GLO AND 9mobile phone number, BVN, and a few short application questions. In order to determine your eligibility, we will also ask for access to the data on your phone.
2. How does IMoney decide which loans to approve?
IMoney makes lending decisions using information from your phone, such as your handset information and financial transaction SMS messages. This information is combined with your IMoney repayment history to create a unique credit score, which impacts the loan offers you are given.
3. Why was my loan application denied?
Don’t worry if you aren’t approved when you apply. Occasionally, it could take numerous tries to be approved for a loan. We advise you to keep storing data on your phone and to reapply when the allotted time has passed.
4. How can I improve my chances of getting in?
iIMoney makes a lending decision using information from your phone as well as data from other sources. Please remember to save the information to your phone, maintain good credit with all other lenders, and enter your account information accurately to increase your chances of approval.
Loan Proposals
1. How do I make a loan application?
Find the “IMoney” APP by searching Google Play. Once downloaded, you can launch the APP and proceed with the loan application process.
2. How much credit can I get?
Our loan amounts currently vary from 5,000 to 500,000 Ngn. You can borrow more money if you make your scheduled loan repayments.
3. What is the interest rate charged by IMoney?
The cost of lending to us and your repayment record with IMoney are two other factors that affect interest rates. The origination fee is assessed at a rate of 15% for a term of 120 days depending on these variables.
Any mobile money transaction costs, such as bank fees, related to loan repayment must be paid for by the borrower. Your mobile carrier’s standard SMS and data rates may apply.
You can also get a loan using NewCredit Loan App or The Branch Loan App
4. How do you enter the information for your family and emergency contacts?
The people who are best able to attest to your dependability, credibility, and honesty are your family and emergency contacts. When we decide on the loan, we might get in touch with them. Please be careful when entering the contact information.
Repayment
1. How can I pay back an iMoney loan?
You can do the following: 1. Launch IMoney on your smartphone. Click My Loan 2. 3. Decide which loan you want. 4. Select the Pay In Advance button. 5. Verify all information is accurate and click “Repay immediately.” 6. Select your method of repayment and click “Repay now.” 7. Finish the repayment process
Where can I find my repayment schedule?
Please select “Borrow History” under “My Profile” to see your repayment details. Your due date and the sum will be visible to you.
3. My repayment was not recorded. Whatdo do I do?
Please email us the transaction confirmation message you received and the phone number you used to make the payment via “Customer Care” if you don’t hear back from iMoney within a few hours confirming that your reimbursement was received.
4. May I pay back early?
The acceptance of early repayment. To improve the amount of your loan offer, we strongly advise timely loan repayment.
5. What occurs if I pay off my loan early?
Excess funds will be repaid to your Repayment bank account within 15 days after all payments have been reconciled.
6. May I make loan payments on behalf of another person?
No, you simply have to pay back your own loan.
Insufficient Funds and the First Central Credit Bureau
1. What will happen if I make late payments on my loan?
A fee of 2% per day is automatically assessed for late loan installments. It is consequently recommended that one adhere to the due date. If you pay back the loan on the due date, you might get bigger loans. If you make late payments, it will be harder for you to receive new or bigger loans. We notify the First Central Credit Bureau if your payments are consistently very late. Your ability to obtain credit from other lenders may be impacted if you are blacklisted by the First Central Credit Bureau.
2. Am I allowed to ask to pay back my loan later?
Unfortunately, after you’ve secured a loan, iMoney cannot change your repayment strategy. We suggest you start making partial repayments as soon as you can if you are unable to pay the full amount due.