Money in Minutes Review: What You Need To Know
Money in Minutes (MIM) is a financial technology company that provides Nigerians with access to affordable loans in minutes. The company was founded in 2016 with a mission to help people overcome poverty and achieve financial freedom. Money in Minutes has since grown to become one of the leading loan providers in Nigeria, with over 80,000 customers.
The company offers a variety of loan products, including quick loans, elite loans, credit builder loans, and salary advances. Loans are available up to ₦5,000,000, and the application process is quick and easy. MIM also offers a number of features to help customers manage their finances, such as a budgeting tool and a credit score tracker.
In this blog post, we will take a closer look at Money in Minutes. We will discuss the company's products and services, and its pros and cons.
So, if you are looking for a quick and easy way to get a loan in Nigeria, Money in Minutes is a good option to consider. However, it is important to do your research before applying for a loan, and to make sure that you can afford to repay the loan.
Products
Money in Minutes has a range of loan products to meet the needs of individuals and businesses.
Credit Builder
The Credit Builder loan is a unique product for people to build or rebuild their access to finance through their credit score, regardless of their credit history. Starting with N5,000, every timely repayment improves their credit score as they get access to more money auto-approved up to 5,000,000 and more.
It is offered at a monthly interest rate of 17%.
Elite Quick Loan
The MIM Quick Loan is a general-purpose unsecured loan available to low- and middle-income earners to help them meet their personal or business needs. With loan amounts ranging from ₦25,000 to ₦200,000 and flexible repayment options from 1 to 6 months, the MIM Quick Loan is designed to meet immediate financial needs.
The monthly interest rate of 1.4% ensures affordable repayments, allowing you to maintain financial stability while fulfilling your immediate obligations.
WageX Remita Salary Advance
WageX Remita Salary Advance is a specialized salary advance program exclusively available to employees who receive their salary through Remita.
At a monthly interest rate of 7%, the WageX Remita Salary Advance loans affords borrowers the opportunity to conveniently access up to 150% of their salary, all within a quick and seamless process that takes less than 10 minutes.
Sole Trader Business Loan
The goal of the Sole Trader Business Loan is to make quick and affordable finance accessible to viable small businesses across Africa. The loan requires collateral in the form of moveable assets such as vehicles. It is offered at a monthly interest rate of 15%.
Accessing Money in Minutes’ products on nairaCompare
1. Select ‘Money in Minutes’
2. Read through the information provided on the Money in Minutes page to understand more about the provider, and its products.
3. Select a product.
4. Click on “Apply” to begin the application process.
5. Fill in your personal details and provide all the necessary documents.
6. Submit your application form for review and processing.
7. After successful review of your application, you will receive an email notification confirming that your application has been approved!
What to note:
- To apply for a loan from Money in Minutes, borrowers must be Nigerian citizens and have a valid Nigerian ID card.
- They must also have a bank account in Nigeria.
- The application process is quick and easy, and borrowers can usually receive their funds within minutes of approval.
- The company also offers a variety of repayment options, so borrowers can choose a plan that fits their budget.
- Money in Minutes is a regulated financial institution by the Central Bank of Nigeria (CBN).
Pros of Money in Minutes
● Quick and easy application process
You can apply for a loan online or through the Money in Minutes mobile app. The application process is quick and easy, and you can usually receive your funds within minutes of approval.
● Funds available within minutes
Once your loan is approved, the funds will be deposited into your bank account within minutes. This can be helpful if you need quick access to cash for an unexpected expense.
● Competitive interest rates
Money in Minutes offers competitive interest rates on its loans. The interest rates are lower than some other quick loan providers in Nigeria.
● Flexible repayment terms
Money in Minutes offers flexible repayment terms. You can choose to repay your loan over a period of 30, 60, or 90 days. This can help you fit the loan payments into your budget.
Cons of Money in Minutes Quick Loans
● Unsecured loans
Money in Minutes’ quick loans are unsecured, which means that you do not need to provide collateral. This makes it easier to qualify for a loan, but it also means that you are more likely to be charged higher interest rates.
● High-interest rates
If you miss a payment on your Money in Minutes loan, you may be charged high-interest rates. This can make it difficult to repay the loan and can lead to further financial problems.
● Limited loan amounts
Money in Minutes loans have limited loan amounts. You can only borrow up to N50,000 in some cases. This may not be enough money to cover large expenses.
● Not available to everyone
Money in Minutes loans may not be available to everyone. The company has specific eligibility requirements, such as having a valid Nigerian ID card and a bank account in Nigeria.
Overall, Money in Minutes Quick Loans can be a good option for Nigerians who need quick access to funds.
However, it is important to compare interest rates and repayment terms before applying for a loan. You should also make sure that you can afford to repay the loan on time.
Visit nairaCompare to get information on other available investment platforms, interests in loans, savings opportunities and more.
