Moninow Personal Loans

10K+
Downloads
Content rating
Everyone
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About this app

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.
Updated on
Apr 26, 2022

Data safety

Safety starts with understanding how developers collect and share your data. Data privacy and security practices may vary based on your use, region, and age. The developer provided this information and may update it over time.
No data shared with third parties
Learn more about how developers declare sharing
This app may collect these data types
Financial info
Data is encrypted in transit
Data can’t be deleted

What's new

1. Improved workflow for existing and new customers.
2. FastCash Implementation.