How to get iMoney loan in 5 minutes

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iMoney loan makes it easy for people struggling financially in Nigeria to apply for and obtain a quick, no collateral and no documents loan ranging from N5,000 t0 N500,000.

In this “How to get iMoney loan in Nigeria” guide, you will be shown how to get iMoney loan, how to repay iMoney loan, iMoney loan interest rate, iMoney loan requirements, and many more.

What is iMoney loan?

How to get iMoney loan

iMoney is a loan app that makes it easy for Nigerians to obtain a loan anytime and anywhere. You can get a loan amount ranging from N5,000 to N500,000 without any collateral and supporting documents, unlike the traditional bank loan.

The iMoney loan application process is also very easy, just download their application from the Google play store, sign up and fill in all necessary details correctly to start applying for loans.

Even though you don’t need to provide supporting documents, there are still some major requirements needed before iMoney can consider you.

iMoney loan requirements

It is important to know the requirements and get them ready beforehand, below are the basic requirements you must meet before you can apply for an iMoney loan.

  • You must be a Nigeria citizen/resident and at least 18 years of age
  • Since the iMoney loan app is only on the Google play store, for now, you must have an Android phone
  • Your BVN (Bank Verification Number), Bank account details, and also a reliable source of income
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The above-listed are the basic requirements to be met. Skim through them to see if you’re eligible, then move to the next section where you will be shown how you can apply for a quick iMoney loan.

How to get iMoney loan in Nigeria

To get started, first download the iMoney loan app from the Google play store. After a successful installation, launch the app and sign up with your active mobile phone number.

  • An OTP (One-time password) will be sent via SMS, copy and enter the code to continue
  • Fill in all other necessary information such as your BVN, full name, physical address, and so on
  • Now press the “Submit‘ button to finalize the account sign up process
  • From the user dashboard, go to the loan section to select the amount you would like to obtain. Remember that the loan cannot be lower than N5,000 and can also not exceed N500,000
  • Set your repayment period, between 3-6 months, and link your bank account details
  • Skim through the information provided to see if it’s correct and click on “Submit

Just wait a few hours for your loan application to be processed, you will be notified if it has been approved or rejected.

iMoney loan interest rate

iMoney interest ranges from 12% to 36% yearly rates. The interest rate imposed on your loan is determined by several factors such as your repayment history and credit score.

Make sure you are not a loan defaulter and you have a good credit score to attract low-interest rates.

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How to repay iMoney loan

It is advised to repay your iMoney loan early as this will increase your credit score, upgrade your loan limit and attract low-interest rates on borrowed money.

Follow the below-outlined procedures to repay your loan:

  • Open the iMoney loan app and click on “My loan
  • Choose one of your loans if you have multiple loans and click on “Repay in Advance
  • Tap on “Repay now” and choose your preferred repayment method
  • If you choose to pay using your credit card, fill in the card information and click on “Repay now” again to complete the repayment process

Summary

The iMoney loan is easy to obtain when compared to other lenders’ apps such as Easemoni loan, Fairmoney loan, and many more in its category.

If you have any more questions about this guide on “How to get iMoney loan in Nigeria”, kindly comment down below or contact iMoney customer service (help@imoney.ng) for official help.

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