Ninimoney is one of the loan apps in Nigeria that promises quick personal loans. Many Nigerians are now turning to apps like this when they need urgent cash. But is Ninimoney the right choice? In this post, we will explain how Ninimoney works, how to apply, and what you should know before using the app.
What is Ninimoney Loan?
Ninimoney provides short-term personal loans to Nigerians. The app claims to offer flexible repayment plans and quick approval. It is designed for people who need money for personal projects, emergencies, or other expenses. You do not need any collateral to apply for a Ninimoney loan. The process is done completely online through their mobile app.
The company behind the app says they have transparent costs and no hidden fees. But users should always read the terms carefully before applying.
Loan Amounts and Interest
Ninimoney allows users to borrow amounts ranging from ₦5,000 to ₦999,999. The interest rate depends on how much you borrow and the repayment period.
Their daily interest rate is 0.15%. The Annual Percentage Rate (APR) ranges from 54.75% to 129%. This is considered high, so it is important to borrow only when necessary and ensure you can repay on time.
For example, if you borrow ₦999,999 for 300 days at 0.15% daily interest, you will pay back a total of ₦1,449,999. That means ₦450,000 will be added as interest.
Loan Tenure
Ninimoney offers repayment periods between 90 and 300 days. Their 300-day plan is for people who want more time to repay their loan. This may reduce the pressure of short repayment deadlines, but longer repayment means you will pay more interest overall.
Eligibility for Ninimoney Loan
Not everyone can apply for a Ninimoney loan. The app is only for Nigerians. You must be a citizen or legal resident of Nigeria. You should also be between 18 and 70 years old. Apart from that, you need a working smartphone and a valid means of identification.
They may also ask for your bank account details to disburse the loan and set up repayment.
How to Download and Apply for Ninimoney Loan
The application process is done through the Ninimoney mobile app. Here’s how to get started:
First, go to the Google Play Store and search for “Ninimoney“. Download and install the app on your phone.
Open the app and register with your details. You will need your phone number, bank details, and other personal information.
Follow the instructions on the screen to complete your application. They may ask you to provide an ID or other documents.
Once you submit your application, you wait for approval. If approved, the money will be sent to your bank account.
Ninimoney says funds are disbursed immediately after approval, but in reality, delays can happen depending on their verification process.
Is Ninimoney Loan Safe?
The app claims to use advanced risk control systems to protect users and their data. They also say they follow responsible lending practices. However, as with most loan apps in Nigeria, there have been mixed reviews from users.
Some people say the app disburses loans quickly, while others complain about high-interest rates, hidden charges, or poor customer support.
It is advised to read other reviews online and be careful when sharing your personal information. You should also visit their official website to understand their privacy policy and loan terms.
Things to Consider Before Applying
Ninimoney can be helpful if you urgently need cash and have no other option. But always consider the following:
The interest rate is high compared to traditional banks.
Failure to repay on time may lead to extra charges and affect your credit score.
Read all terms before accepting the loan.
Borrow only what you can repay.
Check reviews from other users to know their experience.
Customer Support and Contact
If you have questions or complaints, Ninimoney provides contact details:
Office Address: Aminu Kano Crescent, Wuse 2, Abuja, Nigeria
Email: support@nini-money.com
Website: www.ninimoney.com
Final Thoughts
Ninimoney is like many loan apps available in Nigeria today. It gives easy access to loans, but the cost can be high if not managed well. Before applying, make sure you understand the interest rates, repayment terms, and possible risks.
Loan apps should be your last option when facing financial difficulties. If you decide to use Ninimoney, borrow only what you can repay to avoid problems in the future.
