When you need money urgently, getting a loan should be simple and quick. That’s what SomeMoni promises. I took some time to look into the SomeMoni loan app and what it offers. In this blog, I’ll share everything you need to know about it. From how Somemoni loan works, to interest rates, to why it’s no longer on the Play Store.
If you’re thinking of borrowing from them, this guide will help you decide.
What SomeMoni Says About Itself
SomeMoni describes itself as a fast and trusted online loan provider. They say their mission is to help people solve financial problems and reach their goals. The process is simple and quick. According to them, you can get a loan in five minutes.
They also say there’s no need for collateral and only minimal documents are required. The app is designed to be easy to use and they claim to offer strong customer support.
Requirements
To get a loan from SomeMoni, you must meet a few conditions. First, you need to be a Nigerian citizen and between the ages of 20 and 60. You must have an Android phone with the Fairmoney MFB app installed. You must also be at least 18 years old.
For the actual application, you’ll need a Bank Verification Number (BVN), proof of employment, and a monthly income. They accept salaried workers, students, and self-employed people. The minimum income required is ₦1000 per month. Your credit history also plays a role.
Interest Rates
SomeMoni offers loans from ₦60,000 to ₦400,000. Loan durations range from 91 to 365 days. The interest rate depends on how much you borrow and how long your loan lasts. The APR (annual percentage rate) can be as low as 15% or as high as 52%.
For example, if you borrow ₦160,000 for 180 days at 50% APR, you will pay a total of ₦200,000. That includes a loan fee of ₦40,000. You can choose to repay monthly or in one payment at the end of the loan term.
Our Review
SomeMoni looks good on paper; easy to get, no collateral and all. However, the interest rate can be high. Even though they say the rate starts from 0%, in reality, most people may not get that low rate. The example they gave used a 50% APR, which is a lot. So while the loan is easy to get, it can be expensive to repay.
Why Is SomeMoni Loan App No Longer in Play Store?
As of now, the SomeMoni app isn’t available on the Google Play Store. This could be due to several reasons. Sometimes apps are removed because of policy violations. Other times, the company may be updating the app or rebranding it. It’s also possible they’ve paused operations. There’s no official reason yet, but this raises a few questions about their current activity and trust level. If you already have the app installed, you might still be able to use it. But if not, getting access now could be difficult.
We advise that you should never download Somemoni loan app from untrustworthy sites. If you must borrow money from Somemoni, we advise you wait until the app is back on Google play store.
Is SomeMoni Loan Legit?
Somemoni has offered loans to a lot of Nigerians over the years. Many claim to get credited in just minutes of applying. That said, the fact that their app is now missing from the Play Store might be a red flag. I’d advise being careful.
Also, there are some complaints like high interest rate and aggressive loan collection for defaulting users. If you decide to use them, make sure not to offer any money upfront and ensure to read the terms properly and understand the repayment amount before accepting any offer.
Final Thoughts
SomeMoni offers a quick and simple way to borrow money. They don’t ask for collateral and have long loan periods, which is good. But the interest rates can be high, and with the app no longer on Play Store, it’s hard to tell how active or reliable the service still is.
If you’re thinking of borrowing from them, check all the details and be sure you’re okay with the repayment terms.
