Last month, I heard about Frimoni loan app and I decided to give it a try and borrow some money from it. My experience? In this post, I’ll be sharing all that with you.
I’ll tell you how frimoni disburse their loans, where to download their app, how much they can give you for a start, their interest rate, loan period and so much more.
Is Frimoni loan Legit?
Yes, as you can see from what I have said so far. Frimoni is a legitimate loan app which you can download from Google play. However, note that for a start, their interest rate is very high and loan amount usually small and period is often short. If you need a urgent loan to get some food stuff or attend to some urgent personal needs before your payment date, frimoni may be an option for you. But if you need a huge sum for a business, please stay away from them.
What’s their requirements?
Like many other loan apps, all you need to qualify is your bvn, account number and an age range of over 18 years. Also, you must live in Nigeria.
How to Downloan Frimoni Loan app
You can download frimoni loan app directly on the Google play store. If you’re an android user, this is the place for you to get the app. Lunch play store and search for Frimoni app, install it and register for an account immediately.
Frimoni loan app Stats
- 4.1 star ratings
- 3,000 reviews
- Over 1M downloads
Interest rates and Loan Period
To be truthful with you, Frimoni loan interest rate is very high. On a 15,000 naira loan for a period of 7 days, their interest rate is over 4,000 naira. As a matter of fact, the interest will be removed from the 15k before they even disburse it to your account.
In other words, they are only giving you less than 11k to repay 15k in just 7 days period. If you translate that to a month, it means for 30 days, you’re paying about 16,000 naira interest on a loan of 40,000 naira.
Also, like I have said earlier, for a start, their loan period is just 7 days and they usually offer you less than 10,000 naira loan
I advise that you should only go for frimoni if you’re cool with this outrageous interest and you have a means to repay them on the due date. If you don’t meet up, the interest will continue to add up every day and that’s not good for your credit score.
Alternatively, you can consider the following
How to Apply for FGN BoI MSME Intervention Loan
Conclusion
Frimoni loan can be a good option for you if you need a small loan. Just go to play store and download the app. Sign up and request for a loan. Make sure you check the interest rate before proceeding.
