Moneypal Loan and all you need to Know
Moneypal loan is a new name when it comes to instant and no collateral loan service in Nigeria but Zedvance Limited the brand behind Moneypal it is not new as they have been around for quite some time and has consistently given out loans to the salary earners in Nigeria till they decided to expand their reach with the introduction of instant loan service in 2019. Zedvance Limited has its office at 177A Ligali Ayorinde St, Victoria Island, Lagos.
In this post, you will get to know details about the Moneypal loan, how it works, how much loan you can request, repayment terms, interest percentage and how long it takes to get the loan.
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Table of Contents
What is Zedvance-Moneypal Loan
Moneypal is a microloan app launched in 2019 to enable individuals to request for small loans from the comfort of their smartphone using the Moneypal app downloaded from Google play store or iOS.
How it Works
The loan app is very easy to use and does not require any technical skills to operate. To request a loan using the app, all you have to do is install the moneypal app, complete the short registration form(Use this code 493588 as referral code), then login to the app using your phone number and password and click on the loan option in the app to request for a loan. The initial amount you can request through the app as a first-timer is between two thousand five hundred Naira to ten thousand Naira (N2,500 to N10,000) this is also the same in apps like Pay Later(Caborn), fairmoney and most microloan apps available in Nigeria. The most common similarities include; instant loan disbursement to qualified persons, percentage charged and payment duration. More on this later.
Read also: Top Ways to Get Loan in Nigeria without Collateral
How Much Loan Can I Request from Moneypal?
Just as stated above, the minimum you can request from the zedvance app at the moment is N2,500 while the maximum as a first time user is N10,000. You can request a higher amount after repayment of the initial loan just like in other microloan apps depending on how fast you can pay.
How to Request for Loan Online without Moneypal App
If you wish to apply for a loan with Zedvance Limited but don’t have a smartphone or you have low memory issues hence you can’t install the app, simply click on this link zedvance.com then signup and apply for your loan instantly.
Read also: 3 Ways to Get Loan as an SME in Nigeria
How Long Does it Take to Get a Loan from Moneypal?
Most loan app services offer instant-loan and the same is applicable on moneypal which means you can get the loan almost instantly provided you are approved after requesting to get a loan. The approval is done within a few minutes to some hours of requesting for a loan with the help of your BVN a background check is run on your banking activities to know if you are capable of repaying the requested amount. Once approved, the requested sum will be credited into your dashboard from which you can then disburse any account of your choice to your account. But this requires you to link an ATM to your account for verification. N100 charge applies for verification.
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Terms of Payment
The repayment or refund process varies depending on the amount requested. There are two options to choose from but the second option(one month) is only available after your first repayment which must be made within 15 days. As a first-timer, you are to pay back your loan in full at the end of the 15 days. After a successful payment, you can then choose to make a part payment every week depending on how much is assigned for you to pay. See the video below for better understanding.
What is the Interest Rate of Moneypal Loan?
Since moneypal is not a grant or an interest-free loan, it has an interest rate of which every user who has requested a loan must pay after a stipulated time. The interest rate here ranges from 2.5% to 30%. As a first-timer, you are given your loan at 15% but as the loan amount increases, the percentage will reduce gradually.
For N7,500 Naira simply divide 7,500/100 = 75. Multiply 75×15 = 1,125. That means for a loan of N7,500 you will pay N8,125
Benefits of MicroLoans like Zadvance-Moneypal
The major benefit of using such a loan is it can help you to start a small business if you are in need of capital to start a mini-business.
It can also help you solve financial issues rather than running from pillar to post looking for who to borrow from.
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Conclusion
Microloans are good when you have pressing financial needs but this can also leave you in debt also so it is important that you consider your options carefully before requesting a loan and also make sure you have means to repay the loan at the end of the day. Don’t request an amount you can’t pay and always check how important getting the loan is at that moment and if it’s worth it.
Do leave a comment if you have questions and please do use our referral code 493588 to apply for your loan.
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