Moninow Personal Loans

moninow is a digital lending app through which people can apply
for and obtain loans of up to ₦300,000 for a repayment period of 3 months
to a maximum of 6months.
• Minimum and maximum period for repayment: 3 months to 6 months
• Maximum Annual Percentage Rate (APR): 35%
• Full loan repayment period is not less than 60 days
• No collateral
• No hidden fees
• Flexible loan tenors: Between 3 months and Six months

Example interest calculation for a sample loan as follows

Principal: 100,000.00
Loan Interest: (APR): 30%
Tenor: 4 months

Annual Interest (: 100000 * 0.3) :30,000 Naira
Total Interest for 4 mths: 100000 * 0.3 *4/12 :10,000 Naira
Monthly Interest : 2,500 Naira
Monthly Repayment (principal + interest) :27,500 Naira
Total Repayment :110,000 Naira

As customers repay their loans on schedule, they increase their reputations
and amount eligible for subsequent loans. Customers are accessed based on performance on previous loans to arrive at the APR.