Home loans EaseMoni Loan – USSD code, Interest Rate and Repayment

EaseMoni Loan – USSD code, Interest Rate and Repayment

Financial needs can arise unexpectedly, requiring quick access to convenient loan options. EaseMoni, a reputable financial service provider, understands the importance of simplicity and accessibility in meeting such needs. 

In this blog post, we will check into the features of EaseMoni loans, focusing on their USSD code system for loan requests, the interest rates applied, and the transparent repayment process. By understanding these key aspects, you can make informed decisions, confidently manage your borrowing experience, and fulfill your financial goals.

EaseMoni loan

EaseMoni loan is a financial product offered by EaseMoni, a prominent digital lending platform. It is designed to provide individuals with quick and convenient access to funds for various personal or business needs. EaseMoni aims to simplify the borrowing process and offer flexible repayment options to suit different financial situations. Here is a comprehensive overview of EaseMoni loan, covering its features, application process, eligibility criteria, loan amounts, interest rates, and repayment terms.

Features of EaseMoni Loan:

  • Quick and Convenient: EaseMoni loan provides a fast and hassle-free application process, allowing borrowers to access funds promptly when they need them the most.
  • Digital Application: The loan application can be completed entirely online through the EaseMoni mobile app or website, eliminating the need for physical paperwork and saving time.
  • Flexible Loan Amounts: EaseMoni offers varying loan amounts, ranging from small to medium-sized loans, to cater to different financial needs and requirements.
  • Customizable Repayment Terms: Borrowers have the flexibility to choose their preferred repayment duration, allowing them to align the loan repayment with their cash flow and financial capability.
  • Competitive Interest Rates: EaseMoni applies competitive interest rates to their loans, ensuring affordability and transparency in the borrowing process.
  • No Collateral Required: EaseMoni loans are typically unsecured, meaning borrowers do not need to provide any collateral or guarantees to access the funds.

Application Process: 

To apply for an EaseMoni loan, prospective borrowers need to follow these general steps:

  • Download the EaseMoni mobile app from the app store or visit the official EaseMoni website.
  • Create an account and complete the registration process.
  • Provide the necessary personal and financial information, including identification documents, employment details, and bank account information.
  • Submit the loan application through the app or website.
  • Wait for the loan application to be reviewed and processed by EaseMoni.
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Eligibility Criteria

EaseMoni has specific eligibility criteria that applicants must meet to be considered for a loan. While these criteria may vary, common requirements may include:

  • Age: Applicants must be of legal age (usually 18 years or older).
  • Residency: Borrowers must be residents of the country where EaseMoni operates.
  • Employment or Income: Applicants are often required to have a stable source of income or be employed.
  • Bank Account: A valid bank account is typically necessary for loan disbursement and repayment.

EaseMoni loan USSD code

The USSD code for EaseMoni loan is 347*334#. This code enables borrowers to access the EaseMoni loan application feature directly from their mobile phones. By dialing the USSD code and following the prompts, borrowers can conveniently initiate the loan application process without the need for a smartphone or internet connection. 

This USSD code simplifies the loan request procedure, making it accessible to a wider range of users, including those with basic feature phones. With the 347334# USSD code, EaseMoni aims to provide a quick and user-friendly borrowing experience for individuals in need of financial assistance.

EaseMoni loan Interest Rate

The interest rate on EaseMoni loans ranges from 5% to 10% per month, depending on the borrower’s credit score. It is important to note that interest rates may vary and are subject to change.

Using the example you provided, if you borrow NGN 3,000 for a duration of 91 days, and assuming an interest rate of 5% per month, the interest amount would be NGN 273. Therefore, the total amount to be repaid would be NGN 3,273, which includes the principal amount and the interest charged.

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EaseMoni Loan Repayment 

There are indeed two ways to repay your EaseMoni loan, as follows:

  • Automatic Debit: EaseMoni offers automatic debit as a convenient repayment option. When you apply for the loan, you will need to provide your bank account details. On the scheduled repayment date, EaseMoni will automatically deduct the due amount from your bank account. This automated process ensures timely repayment and eliminates the need for manual intervention.
  • Manual Repayment: Alternatively, you have the option to make manual repayments for your EaseMoni loan. You can access the repayment feature through the EaseMoni website or mobile app. By logging into your account, you can navigate to the loan repayment section and make a payment using the available payment options. Additionally, you may also be able to make a payment by dialing the EaseMoni USSD code, as provided by the company.

These two repayment methods provide flexibility and convenience for borrowers to repay their loan

FAQS

What is the interest rate for Easymoni?

The interest rate for EaseMoni loans varies depending on your credit score and the length of your loan. However, it is typically between 5% and 10% per month. For example, if you borrow N3,000 with a 91-day repayment term and the monthly interest rate is 5%, the total repayment amount will be N3,273 and you will repay N1,091 every month.

How do I repay my EaseMoni loan?

There are two ways to repay your EaseMoni loan:

  • Automatic debit: You can set up automatic debit from your bank account. This means that the repayment amount will be automatically deducted from your account on the due date.
  • Manual payment: You can also repay your loan manually by going to the EaseMoni app and clicking on the “Repay” button. You will then be able to enter your payment details and make a payment.
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Is EaseMoni approved by CBN?

Yes, EaseMoni is approved by the Central Bank of Nigeria (CBN). This means that the company is regulated by the CBN and is required to follow certain lending practices.

How good is EaseMoni loan app?

EaseMoni is a relatively new loan app, but it has received positive reviews from users. The app is easy to use and the application process is quick and straightforward. The interest rates are also competitive. However, it is important to note that EaseMoni is a high-risk loan app, so you should only borrow money if you are sure that you can repay the loan on time.

Who owns EaseMoni app?

EaseMoni is owned by Blue Ridge Microfinance Bank Limited. Blue Ridge Microfinance Bank is a licensed microfinance bank in Nigeria. The company was founded in 2018 and is headquartered in Lagos, Nigeria.

Conclusion

EaseMoni loan provides individuals with a convenient and accessible borrowing solution through its USSD code platform. With a simple dialing sequence, borrowers can initiate the loan application process swiftly and easily, without the need for a smartphone or internet connection. The USSD code feature reflects EaseMoni’s commitment to providing a user-friendly and inclusive borrowing experience.

Understanding the interest rate applied to EaseMoni loans is crucial for evaluating the cost of borrowing. While the specific interest rates may vary based on factors such as loan amount and borrower’s creditworthiness, it is advisable to refer to the official EaseMoni communication channels or loan agreement for the most accurate and up-to-date information. By being aware of the interest rates, borrowers can make informed decisions and manage their repayment obligations effectively.

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