Instant loans are made available through the quick and secure personal lending app iMoneyPlus to people in Nigeria so they may expand their enterprises, go shopping, or deal with any unexpected situations.
This page will offer a thorough overview of iMoneyPlus loans, including information on the loans’ characteristics, terms, tenure, interest rates, and service charges. We will also describe how to use the iMoneyPlus app to submit a loan application.
For whom is an iMoneyPlus loan available?
If you want to apply for an iMoneyPlus loan, you must fulfill the following criteria:
- being a citizen of Nigeria
- age range of 18 to 65 years
- have a reliable revenue source Interest Rate.
The iMoneyPlus loans have an Annual Percentage Rate (APR) that runs from 12% at the lowest end to 50% at the highest.
The amount of the loan, the length of repayment, and your credit score are all taken into account when calculating the interest rate.
iMoneyPlus doesn’t impose a service fee on its loans.
Loan Illustration
Consider that you are seeking for a $5,000 loan with a 36.5% annual percentage rate and a 180-day term. There is no service charge. The loan’s interest rate in this instance will be:
Interest is equal to 5,000 * 36.5%/365 * 180, or 900.
As a result, you will be given a loan of 5,000 and will need to pay back 5,900 (5,000 + 900).
Loan Amount: The loans offered by iMoneyPlus range in size from 8,000 to 200,000. The amount of the loan you are eligible for depends on your creditworthiness.
Loan Tenure: The loan’s term might be anywhere between 91 and 365 days. You can select a loan term based on your ability to repay it.
Repayment
You have the option of paying off the loan all at once or in monthly installments. After 180 days, you will need to pay 5,900 if you decide to pay off the loan in full. On the other hand, if you want to make monthly installments, your repayment amount will be $5,900 divided by six to equal $983.
- iMoneyPlus Loan Application Process:
- Join now: Create an account with the iMoneyPlus app by entering your email address, cellphone number, and password after downloading it from the Google Play Store.
- Specify the bare minimum: Once you’ve registered, you’ll be asked to enter some basic information, such as your name, date of birth, address, and employment information.
- Request a Loan: You can apply for a loan by choosing the loan amount and term you need after providing your basic information. A few additional papers, such as your ID card, bank statement, and paystub, must be uploaded.
- Wait for Approval: You will need to wait for approval after completing your loan application. The loan amount will be paid to your account after a brief approval process, which typically lasts a few minutes.
You can email the customer service department at help@iMoneyPlus.cc if you have any issues about using iMoneyPlus. You can also go to their office, which is in Egba, Lagos.
In conclusion, iMoneyPlus offers a simple and practical method for obtaining personal loans in Nigeria. For people looking for immediate loans to meet their financial demands, iMoneyPlus is a great choice because it offers a variety of loan amounts and flexible payback terms. If you satisfy the requirements,