Through a user-friendly web and mobile app, Menofund is transforming the lending sector in Nigeria by offering quick, collateral-free microloans.
The specifics of Menofund loans are covered in this blog post, including interest rates, payback schedules, and a step-by-step tutorial on how to apply for a loan.
Interest rates and terms of repayment
For its microloans, Menofund provides adjustable interest rates and repayment terms:
- The interest rate for loans for 30 days is 20%.
- The interest rate on loans with terms of 60 to 90 days is 40%.
- The minimum time frame for repayment is 61 days.
- The maximum time for repayment is 90 days.
- 40% is the highest possible annual percentage rate (APR).
For instance, you would pay back N140,000 (N100,000 plus 40% interest) if you borrowed N100,000 for 90 days.
How to Apply for a Loan from Menofund
- Get the Menofund app now.
- Utilize your email address and phone number from your income bank account to sign up for the app.
- The Menofund verification email should be located in your inbox or spam folder.
- Follow the instructions provided in the verification email for once-off new user verification.
- Log in to the app and use your credit limit to borrow money.
- Repay the debt within the allotted time.
- If you are a new user, take note that your credit limit won’t increase until Menofund has approved your one-time new user verification process. After you have successfully completed the verification process, this could take up to 48 hours.
Limit the number of registrations.
To prevent being added to a blacklist, make sure not to attempt to register more than once.
For Nigerians looking for immediate microloans without collateral, Menofund is a creative option.
Menofund offers a practical platform to access funds for both personal and corporate growth, with variable interest rates and repayment options. Visit www.menofund.ng to find out more about Menofund and to apply for a loan.