iMoney is a loan service in Nigeria that allows eligible users to apply for and obtain instant personal loans. This post is all about how to get a loan from iMoney, how to repay, the interest rate, loan requirements, and many more.
What is iMoney, and how does it work?
The iMoney app is a loan services provider that provides fast and reliable loans for individuals without any paperwork or collateral. With your Android phone, you can obtain a loan amount up to ₦500,000.
The loan application process is very easy, you just have to fill in all necessary details honestly. However, you most probably won’t be allowed to obtain up to the maximum amount if you are a new user.
But as long as you continue to obtain loans and you pay on time, your credit score will increase, while also upgrading your loan limit.
iMoney loan requirements
It is vital that you know the requirements and get them ready before you start your loan application on the iMoney mobile app.
The more eligible you are, the faster it would take for your loan application to be approved. You can see the requirements below.
- An Android phone (iMoney is not available for iPhone devices)
- You must be at least 18 years old
- You must be a citizen and resident of Nigeria
- The applicant must have a reliable monthly source of income
- Your phone number will also be needed
- The bank account number with which you will receive the borrowed amount
- Your Bank Verification Number (BVN)
If you have all these requirements, then you are good to go. Just download and install the iMoney mobile app.
How to download the iMoney mobile app
You can download and install the iMoney Mobile app directly from the Google Play Store. It has a small size of 7.6 MB and over 1 million downloads. It currently has a review rating of 4.3 from over 34,000 users.
How to get a loan from iMoney
Once you install the app, follow the steps below to create your iMoney loan account.
- Launch the app
- The login and signup screen will be shown
- Sign up with your valid phone number
- You will receive a One Time Password (OTP). Enter the code to proceed
- Fill in your average monthly income, Bank Verification Number (BVN) and other necessary details
- Press the submit button and welcome to your dashboard
From your dashboard, you can view your profile, obtain loans, repay loans and monitor your credit score. To get a loan on the iMoney app, go through the following processes.
- From your dashboard, navigate to the loan application section
- Select the amount you want to obtain from the iMoney loan service. You can get between ₦5,000 to ₦500,000
- Set your repayment plan. The shortest repayment term is 3 months, and the maximum is 6 months
- Provide your account details
- Cross-check once more and submit
Your loan application will be reviewed, and then approved or rejected.
How can I increase my chance of being accepted for iMoney loans?
iMoney makes use of information stored on your phone, alongside details from other sources. This information is what is used to accept or reject loan applications.
To increase your chances and rate of approval, make sure to save the data on your phone, keep good credit with all other lenders, and correctly input your account details.
How much loan can you get?
On the iMoney mobile app, you can get a loan between ₦5,000 to ₦500,000. You can’t obtain more than this amount from iMoney.
iMoney loan repayment tenor
iMoney has a flexible repayment schedule. As a user, you can set your repayment plan to your preference.
You can repay your loan within 3 months (91 days) to 6 months (180 days).
iMoney interest rate
iMoney loan service charges an interest rate of 12% to 36% every year. Here is an example for a better understanding of the breakdown.
If you obtain an amount of ₦5,000 on the iMoney mobile app and you set your repayment term to be 6 months, your:
- Interest rate is 18%
- Interest amount will be ₦900
- Total amount to be repaid will be ₦5,900
Repayment of loans
Early payment is allowed on the iMoney credit platform. This will increase your credit score and upgrade your loan limit.
To repay your loan on the iMoney app, follow the steps below.
- Launch the iMoney app on your phone
- Click on “My Loan”
- Select one of your loans
- Press the “Repay In Advance” button
- The information will be automatically loaded. Confirm if they are correct
- Tap on “Repay now”
- Select your preferred Repayment method
- On the next page, click on “Repay now” and complete your loan repayment
iMoney Head office
iMoney has a head office in Nigeria. From this office, they maintain the iMoney loan service and also attend to customer issues.
Their head office is located at Sapetro Towers 1, Adeola Odeku Street, VICTORIA Island in Lagos, Nigeria.
iMoney customer care and email address
For complaints and enquiries, you can always contact iMoney customer support through their email address.
Facebook page: facebook.com/pg/iMoneytech
Email Address: firstname.lastname@example.org