EaseMoni Loan App Review | Scam or Legit?

EaseMoni is one of the instant loan apps out there for anyone looking for a quick loan of 3,000 naira and up to 1,000,000. In this post, we’re going to talk about the EaseMoni app, how to download it, whether the EaseMoni app is legit or a scam, and other information about the app. So, this post is basically an EaseMoni loan app review, where we will check if this app is worth it or not.

I am a user like you, so you will be getting a firsthand user experience obtaining a loan from this app. First off, this review is purely for educational reasons. If you need advice or have questions, reach out to the app support directly.

What is EaseMoni Loan App?

EaseMoni is a lending service in Nigeria that offers loans without any collateral or visiting an office. Simply download the EaseMoni app, fill in your details—you are set to apply for a loan anytime and anywhere.

If you need a loan from the EaseMoni App, here’s what you need to know. It’s a digital banking app that provides loans. It is simple to apply for anyone. For Android users, go to the Google Play Store, search for the EaseMoni Loan App, find the official account, and download and set up the app. iPhone users cannot use the EaseMoni App as it is not available in the Apple App Store.

EaseMoni Loan App Review: Is EaseMoni Loan App Legit?

Well, if look at its Google Play store app and site description, this company claims to have a microfinance banking license from the CBN (Central Bank of Nigeria). I have checked the CBN list via cbn.gov.ng and there is a mention of this company under the name ‘Blue Ridge MFB’. So, its CBN license claim is true. EaseMoni is also approved by the FCCPC under the name Blue Ridge Micro Finance Bank Limited.

Now, searching online and popular forums like Nairaland, I have seen some reports or let’s say, complaints about EaseMoni giving out unrequested loans to people. When such people reached out to cancel such applications, the company simply turned them down and requested a repayment with interest. Could such online reviews be true? Well, so we see them.

Generally, EaseMoni operates as a loan shark. If you borrow here, you have to make sure to pay up. Yes, the interest rate may be high, but if you accept the terms, you have to repay. There have been some reports about the company reportedly violating user privacy by reaching out to the debtor’s contacts and asking for their money back. But following EaseMoni’s privacy policy, this shouldn’t be part of the system.

Now, some loan apps have been raided by the Nigerian government in the past, including the Okash loan app which I reviewed recently. Guess what? Okash is also owned by Blue Ridge Microfinance Bank, which owns EaseMoni. Note that the raided banks were because of customer privacy violations. One would wonder why this MFB runs two loan apps. Could it be because Okash has a bad reputation? Perhaps.

I have searched for EaseMoni in these lists but did not find them. However, Punch reported names like ‘Easynaira App’ and ‘Ease Cash App’ while TechCabal reported ‘Easi Moni’ as some of the raided apps. I identified these ones because of the similarity in the brand names. You may want to check these out as well.

But when it comes to being legit, yes, EaseMoni is 100% legit, and they actually give out loans to people. I’m just concerned about how this company handles personal information. It turns out that their privacy policy page does not say so much about this.

How Safe is EaseMoni?

According to this loan app itself, they collect “certain” data to help them provide loan service to you. They collect your personal data to verify your identity and to create credit-scoring models that help to determine the loan options you qualify for. Your data is also used for collections and credit reporting.

Regarding how your data is used, EaseMoni says that it does not “use your data for unauthorized activities.” Online findings show that they can sometimes be aggressive in their requests. However, I found that loan defaulters are usually the affected parties. This is an EaseMoni loan app review, so I have to remain unbiased.

How Does EaseMoni App Work?

1. Install the app from the Google Play store
2. Sign up or create an account.
3. Fill in all the required information.
4. Once that’s done, you can access the EaseMoni Loan App and obtain the loan.

The amount you can borrow from the EaseMoni Loan App increases as you successfully repay each loan you take out. This system allows you access to higher loan amounts over time.

Let’s say you choose a loan payment period of 91 (3 months) days and the monthly interest rate is 5%. So, if you take out a loan for ₦3,000, the interest comes to ₦273. This makes the total you need to pay back ₦3,273. This means your payment for the first month would be ₦1,091, the second month’s payment would also be ₦1,091, and the third month’s payment would be ₦1,091 as well.

Where to Download EaseMoni Loan App

As part of this EaseMoni loan app review, let’s talk about where you can download the app. Go to the Google Play Store and download the app. If you try to download the app from some other site or a third-party website, there’s a chance you might end up with a fake version of the EaseMoni loan app. This could lead to confusion, making you think you’ve been scammed by EaseMoni.

Pros of EaseMoni Loan App

1. You can borrow up to 1,000,000 naira paid into your bank account.
2. Your credit rating can help you save a lot of money.
3. You don’t require any deposits or guarantees.
4. The loan application is done online with your phone.
5. EaseMoni loan app is recognized by the CBN under name Blue Ridge MFB.
6. EaseMoni is approved by the FCCPC.

Cons of EaseMoni Loan App

1. Currently not available on the Apple app store.
2. It’s a loan shark.
3. They have high interest rates of minimum 5% to 10%, APR 60%-120%.

Conclusion

So, that’s all about the EaseMoni loan app review. With this information, you should be able to make a decision for yourself. Remember, do not obtain a loan amount you won’t be able to repay. Also, make sure that the interest rate is okay and something you can afford without huge debts. If you default on this loan, it can affect your credit history and rating.