EaseMoni: How to get a loan, requirements & more

EaseMoni is an instant personal cash loan app in Nigeria owned and controlled by Blue Ridge Microfinance Bank Limited. In this post, you will learn how to get a loan from EaseMoni, the requirements, interest rate, and lots more.

How does it work?

EaseMoni is a loan service provider in Nigeria, a subsidiary of Blue Ridge Microfinance Bank. It has provided loans to many Nigerians and it’s not stopping.

With a microfinance banking license from the Central Bank of Nigeria, the EaseMoni loan app is very safe to use. You can obtain loans on the app without submitting documents or providing collateral.

You only need to have some requirements and once you do, you are good to go.

EaseMoni loan requirements

Here are the requirements you need before you can get a loan from the EaseMoni loan service.

A Nigerian bank account
Your Bank Verification Number (BVN)
A valid phone number
You must be a citizen and resident of Nigeria
An Android device
To get a loan from EaseMoni, you have to be at least 18 years old
You must have also had a source of monthly income

How to download the EaseMoni mobile app?

You can download and install the EaseMoni Mobile app directly from the Google Play Store. It has a small size of 1 MB and over 1 million downloads. It currently has a review rating of 4.5 from over 82,000 users.

Opay – EaseMoni Integrated Service

Do you know that you can also use EaseMoni loan services if you are a user of Opay? All you need to do is visit your dashboard on the Opay app. You will see “EaseMoni 1 – 12 months Loan” among the integrated services.

Clicking on it will take you to a new page where you can obtain a loan from EaseMoni.

In case you don’t know what OPay is, OPay is an online wallet that is used by many people for making payments and transactions on mobile phones. You can check it out on the Google Play Store or Apple App Store.

How to get a loan from EaseMoni

After getting the EaseMoni mobile app, you can create your EaseMoni account and obtain a loan. To do so, see the steps below.

Sign up with your Bank Verification Number (BVN)
Input your mobile phone number
A “One Time Password” will be sent to your phone as an SMS. Input the password to proceed
Provide details about your identity and employment
Your account will be created and you can now use the app.
Locate the “Get Loan” button
Input the amount you want to obtain from EaseMoni. You can get a loan amount between ₦3,000 to ₦1 million on the EaseMoni app
Customize your repayment schedule. You can repay within 3 months to 12 months
Submit your bank account details, cross-check them and press the “Apply Loan” button

Your application will be reviewed by EaseMoni staff. The loan amount will be sent to your bank account once it’s approved.

How much loan can you get from EaseMoni?

The beauty of using EaseMoni is that you can get high loan amounts. This is because EaseMoni is not just a loan service provider, it’s a Sister company of a bank in Nigeria.

You can get a loan amount up to ₦1,000,000 on the EaseMoni app. Meanwhile, the lowest amount you can obtain is ₦3,000.

Repayment terms

You can repay your EaseMoni loans within 3 months to 12 months.

EaseMoni interest rate

The EaseMoni loan service charges an interest between 5% to 10% on each loan you obtain. Aside from this, there are no other fees.

To have a better understanding of how the interest is calculated, you can see an illustration below.

If you get a loan of ₦10,000 from EaseMoni, an interest rate of 5% will be added every month. So now, if you will repay in 3 months, you will have to pay: ₦10,000 plus the interest for 3 months (500 × 3).

That makes it ₦11,500 in total.