Welcome, Today we’ll be discussing on EaseMoni loan- USSD code, interest rate and repayment.
EaseMoni is a licensed fintech platform in Nigeria providing quick, convenient loans to customers via their mobile phones. Here is a breakdown of how to access and manage EaseMoni loans using USSD codes.
Founded in 2020, EaseMoni seeks to expand financial access by offering digital financial services including small personal loans with flexible repayment. Their mission is driving financial inclusion of unbanked populations in emerging markets like Nigeria.
Applying for EaseMoni Loan via USSD
You can easily request an EaseMoni loan using USSD menu prompts:
Dial *347*334#
Enter the Easemoni USSD code on your mobile phone to bring up loan application options.
Select “Apply for Loan”
Follow USSD menu to choose loan amount and enter personal details like BVN for verification.
Get Confirmation
You will receive SMS confirming loan approval eligibility and amount payable including fees and interest.
Accept Offer
Review terms and input OTP confirmation code sent to finish loan application process via USSD.
EaseMoni Loan Interest Rates and Fees
EaseMoni offers loans at competitive rates including:
5% Flat Interest
Five percent charged upfront on approved principal loan amount.
10% Processing Fee
Ten percent of approved loan size added as one-time processing charge.
No Hidden Costs
Transparent interest and charges helping you plan repayment budget.
Repaying EaseMoni Loan
There are three different methods that you can use to repay your loan conveniently. Most times, after collecting a loan, you will have issues repaying, but Easemoni made everything more accessible by providing different methods of repayment. Below are the two most straightforward methods to repay your Easemoni loan.
1. Auto Repayment
If you have provided your ATM card details during the registration, your account will be debited automatically once your loan is due. However, this method will not work when you don’t have any money in your bank account.
To ensure seamless repayment through this method, you must have up to the amount required from you to pay, though they can still debit part of the money if they can’t get it entirely from your account.
2. Bank Transfer
A manual bank transfer will not allow Easemoni to debit your account without your approval. I usually use this method because I wouldn’t say I like any loan app to have full access to my account, so even if you can provide all your bank details, including the ATM, during registration, you can disable it somehow and only transfer to the account number provided for you by Easemoni.
When you click on repay now from the Easemoni loan app, select bank transfer, and you will see the account details you need to send money to. Use your mobile app or any channel you usually use to send money to the provided account, and within a minute, you will see a notification that your loan has been repaid in full.
3.Pay via USSD
Follow *347*334# menu to repay outstanding loan balance using your mobile money wallet.
Easemoni Loan General Requirements
Mobile loan providers always say there is no paperwork or collateral when applying for a loan. Still, you must be ready to compromise some of your personal details during the registration. However, that is their requirement if you need a loan from them. The requirements are as follows:
Your bank verification number (BVN), but there is nothing to be worried about. No one can steal your money with your BVN. They use it to know you more.
They will request your phone number, which can help them to communicate. It also helps to authenticate your login to their mobile app.
According to them, you should be between 20 to 55 years old before qualifying for a loan from Easemoni.
They will also need your bank account number to send your loan to you.
Your ATM card details, including the PIN, might be required to verify your account, but it also gives them access to debit your account when your loan is due for repayment.
Benefits of EaseMoni Loans
Key advantages of borrowing from EaseMoni include:
Fast Access
Receive loan decision in minutes and get money same day once approved.
No Collateral
Qualify for loans without any asset or payslip submission demands.
Convenient Repayment
Flexible options to repay loan from cash, mobile money or bank transfer.
Improved Credit Profile
Repaying EaseMoni loans can help build personal credit history and scores.
Free Financial Tips
Money management resources and tools provided to help borrowers.
Responsive Support
Dedicated customer service via phone, email, WhatsApp and in-app chat.
FAQS About EaseMoni loan- USSD code, interest rate and repayment
1. How quickly can I access loan after applying?
Already approved repeat borrowers can access loan in under 10 minutes. New applicants get loan decision feedback within an hour after successful application.
2. Can I apply for loan increase after repaying existing loan?
Yes, EaseMoni customers demonstrating healthy repayment behavior can qualify for higher repeat loan amounts to meet growing needs.
3. What if I miss my EaseMoni repayment date?
You have a 3 days grace period after due date to repay before loan defaults. Contact EaseMoni immediately if unable to meet repayment timeline to avoid further penalties.
4. How does EaseMoni verify customer identity?
EaseMoni utilizes your BVN details, government ID submissions, phone number, home location and other personal information to securely verify identities under regulatory requirements.
5. Can I repay my loan before repayment date?
Yes, EaseMoni allows and encourages early or lump-sum loan repayment even before initial set due date without any early settlement fees.
6. I lost my phone, how can I still access my loan?
Contact EaseMoni support to temporarily disable online account access for security. Restore account by submitting ID proofs after obtaining replacement SIM card to regain access.
7. What should I do if my repayment is not reflecting after I made payment?
Contact EaseMoni support with evidence of payment made so they can apply correct loan balance offsets after verifying receipt of your transaction.
8. Is there any EaseMoni physical office or branch in Lagos or Abuja?
Currently no, EaseMoni operates as a cloud-based digital lender without designated physical customer offices for now. However cash repayments can be made at their banking partners.
9. I heard EaseCredit and EaseMoni are related. Is this true?
Yes, EaseMoni is the consumer lending brand under EaseCredit fintech group. They share technology, operations and product resources to serve diverse borrowing segments.
10. What is the maximum loan amount I can get from EaseMoni as a salary earner?
Formal sector workers can qualify for up to 500,000 Naira loans from EaseMoni upon sufficient verification. Higher 6-7 figure loans offered for special prime customers.
11. What exactly happens if I default on my EaseMoni loan repayment?
After the 3 days grace period, your account will be flagged in default in credit bureaus. EaseMoni can initiate appropriate lawful recovery measures including potential forfeiture of collateral assets.
12. Is there any penalty for early repayment of my EaseMoni loan?
No, EaseMoni does NOT charge any early repayment fees or penalties. In fact, they encourage customers to pay back loans quicker whenever possible.
13. How do I update my contact details on my EaseMoni profile?
Login via USSD menu, select “Edit Profile” to update details like email address, phone number and postal address for effective communications.
14. I have an unresolved complaint with EaseMoni. What should I do next?
Escalate your unresolved grievance to appropriate regulators like the CBN or NCC to investigate and instruct EaseMoni as deemed appropriate in safeguarding your interests.
15. Who owns EaseMoni Nigeria?
EaseMoni operates under the EaseCredit fintech group which has backing from reputable international investors like Greycroft Partners, Rocketship VC and AU21 Capital.
16. Does EaseMoni provide credit reports and scores?
Yes, as a value-add service EaseMoni loan customers can access their latest credit profiles from CRC Credit Bureau including personal credit rating scores for free.
Read more: finance moniepoint loan how to borrow money from moniepoint app
Conclusion
In summary, EaseMoni continues expanding financial access with quick digital loans servicing unbanked populations across Nigeria.
Contact their customer support channels for any other questions on managing your EaseMoni loan account or related services.
After reading this blog you know about EaseMoni loan- USSD code, interest rate and repayment.
