Last month, I heard about this new loan app called Frimoni and I decided to give it a try and borrow some money from them. 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 lend you for a start, their interest rate, loan period and so much more.
Interest rates and Loan Period
To be truthful with you, their 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 ther 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 11,000 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 this loan 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.
How to Downloan Frimoni Loan app
Frimoni loan app can be downloaded and installed 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 app Stats
- 4.1 star ratings
- 3,000 reviews
- Over 1M downloads
Is Frimoni 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 their interest if very high and loan amount and period is really small and short. If you need a urgent loan to get some food stuff or attend to some urgent needs before your payment date, frimoni may be an option for you. But if you need something for a business, please stay away from Frimoni.
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.
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.
