As Nigeria regulators continue to license more loan companies, the more instant loan apps are available to Nigerians. One of these Loan apps is Easemoni, a product of BlueRidge Microfinance Bank (MFB).
BlueRidge MFB is a CBN-licensed Loan company in Nigeria. The company uses it MFB Licence to offer various Loan apps including Easemone and OKash.
Easemoni is also being offered via the OPay App. This simply means, you can access Easemoni's instant loans through your OPay Account.
Accessing Easemoni Loan via OPay is adventurous because your credit history will be automatically transferred to the company for review, enhancing your chances of getting high loan amount.
Many people are asking if OPay gives Loans to customers. Well, OPay doesn't directly offer Loan services to its users. The fintech app gives Loan and other credit and savings services via third-party providers - BlueRidge Microfinance Bank.
Due to the partnership between OPay and BlueRidge, they can effectively offer financial solutions to individuals and businesses who needs loan via the OPay App.
Easemoni Loan App
Aside the fact that you can easily access the EaseMoni Loans via your OPay App, you can also download the EaseMoni app on Google play store or Apple app store to use the service.
However, even though you access the loan service via OPay, you'll still be redirected to EaseMoni official website to continue with the Loan request.
To download the EaseMoni Loan app, open your phone's app store and use the search bar to find "Easemoni". Once it brings out the app, click on Download/Install to simply download the Loan app to your device.
Once downloaded, you can continue with Loan request and application.
Apply for EaseMoni Loan
No deposits or guarantees are necessary, and every step can be completed online for convenience. By maintaining a good credit rating, you can enjoy significant savings, with APR ranging from 60% to 120%. There's no requirement for deposits or guarantees, and the entire process can be conveniently completed online via the EaseMoni app.
To begin the Loan request and application, you will have to sign up first. To sign up, open the EaseMoni app and input your registered phone number.
Preferably, your BVN registered phone would work well because it'll give easy verification to your BVN. But if it's not available, no problem. You can certainly verify your Bank Verification Number (BVN) through another means.
Once you input your number, an OTP code will be sent. Confirm the code and proceed to your EaseMoni dashboard.
Next, you'll be required to input and verification your Bank Verification Number (BVN). Follow the steps highlighted in the dashboard to verify the BVN.
Next, upload your National means of identification such as NIN, Voter's Card Driver's Licence or International Passport. The names on the ID must tally with the name you enter when signing up the EaseMoni Loan Account.
Once all the required and necessary documents are submitted, EaseMoni will access your credit history and use it to determine how much you can get for the first time. This process usually takes 5 minutes. You can leave the app and check back again in few minutes.
Once the app finally highlights your eligibility loan amount, click you "Apply" and input your bank account number and bank name to receive the loan disbursement.
The Loan amount will be disbursed into your submitted bank account within five minutes. Easemoni Loan repayment usually starts a month from the day your request the Loan.
Easemoni Loan Repayment
You can repay your EaseMoni Loan via OPay App. You'll be given a dedicated OPay Account number in which you can transfer from your OPay Account to it and repay your outstanding Loans.
You will also be assigned a dedicated regular bank account will you can transfer into from any bank account in Nigeria to repay your EaseMoni Loan.
In a nutshell, Loan repayment is made easy on the EaseMoni Loan app. When your due for repayment, it's advisable to payback on time to avoid the consequences of debit over your credit score and other stuffs that needs financial report like VISA.
Easemoni Loan Interest Rate
In the entirety of the process, there are no concealed fees. Easemoni Loan products offer flexibility, ranging from NGN 3,000 to NGN 1,000,000, with repayment terms spanning from 91 to 365 days.
Interest rates fall between 5% to 10%, with a minimum rate of 5%. The APR ranges from 60% to 120%, where a favorable credit rating can significantly reduce costs.
However, it's crucial to adhere to repayment timelines, as late payments automatically trigger a 1% per day rollover interest. Hence, it's recommended to stay within the specified repayment period to avoid unnecessary costs.