Trader Moni Loan Application form 2019: Before you think of applying for the loan in 2019 kindly take your time to read this article carefully.
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Are you looking for a way to apply for a trader moni?
Do you need directions on how to carry out your trader moni registration?
Are you looking for the Trader Moni Loan Application form 2019?
If YES is your answer to any of these questions listed above, then you can continue reading the article but if NO is your answer then kindly go back or close the tab on your device.
In this article, we are going to touch all of the above questions and also the ones listed below.
- How to complete your Trader Moni registration.
- How you can find or locate a Trader Moni agent near you.
- Trader Moni Loan interest rate.
- Trader Moni Loan repayment
- How you can initiate withdrawal of your funds direct to your bank account.
- Alongside other rudiment information.
Let’s get down to business; let’s start by explaining what Trader Moni Loan is.
What is Trader Moni Loan?
Trader Moni Loan is a program designed by the Federal Government of Nigeria with the aim of encouraging petty traders by providing loans for them without collateral together with a good interest rate and repayment plan.
Furthermore, the Federal Government does provide 30,000 loans in each state of Nigeria.
The Bank of Industry Company is the brain behind this awesome loan opportunity.
For you to apply for the Trader Moni Loan, you will be required to complete the registration/application form.
Benefits of Trader Moni Loan
Let’s take a look at the benefits of Trader Moni Loan.
- You can apply for a higher loan each time you complete paying back your previous loan.
- Trader Moni Loan is one of the companies that provide a loan with up to six months of repayment.
- All trader can benefit from this platform i.e. all trader can access a loan on Trader Moni.
There are many ways you can apply for a loan, the first is by applying for the Loan via Trader Moni registration portal/application form.
How to apply for Trader Moni Loan through an agent
Here are for those who don’t trust online services;
- You need to identify a Trader Moni agent near your area (Below are how you can do that).
- The Trader Moni agent will first capture your information (for instance, your bank information, phone number, and many others).
- After that you will receive an instant Trader Moni Loan code on the same phone you used when registering for the Trader Moni.
- Finally, you will get your loan to disburse directly to your bank account.
How to find a Trader Moni agent.
If you are looking for a way of getting an agent, you should contact your zonal coordinator by clicking HERE.
If you are in any doubt, you can contact the Trader Moni Loan agent through 0700-6275-386 or email at email@example.com
You can as well visit the Trader Moni official website HERE you can also have a live chat with the agent.
How to get up to N100,000 loan from Trader
You will probably get as little as N10,000 the first time you apply for the loan and as soon as you pay back the N10,000 within months of approval you should dial the Trader Moni code sent to your phone during your registration to get instantly get N15,000.
On the other hand, if you repay the N15,000 and dial the Trader Moni code, you get N20,000.
If you pay back the N20,000, dial the Trader Moni code sent to you when registering, you will get N50,000.
Finally, if you pay back the N50,000 re-dial the Trader Moni code sent to you and you will get N100,000.
Trader Moni interest rate
Although they said that is an interest-free loan but the truth is that you are required to pay a little interest.
According to what the screenshot we have below and our calculation, we can say that it’s totally true.
Credit: Google image
For instance, you borrow N10,000 you will pay back N10,250 on or within 6 months of the loan approval.
If you borrow N15,000 you will pay back N15,375 within 6 months of the loan approval.
If you borrow N20,000 you will pay back N21,000 within 6 months of the loan approval.
Furthermore, if you borrow N50,000 you are expected to pay back N52,000 within 6 months of the loan approval.
Finally, if you borrow N100,000 you will pay back N103,000 within 6 months of loan approval.
Trader Moni Loan repayment
Knowing how much to pay back is first and where to pay back is second and now you have known how much to pay back, let’s talk on where to pay back.
You can make a repayment of your loan in any of the banks listed below
- Eco bank
- Fidelity bank
- Guarantee Trusted Bank
- Sterling bank
- Stanbic IBTC bank
- Jaiz bank
- Heritage bank
- Wema bank
How to transfer your Loan direct to your bank account
We understand that you may be finding it difficult transferring your Loan to your bank account, below are the steps on how to transfer directly to your bank account.
After finding an agent and getting your loan application approved, you will get an alert then go to your Google play store, download and install the EYOWO APP.
After installing the app, follow the directions on the eyowo app, with that, you will be able to transfer your fund directly to your bank account.
The program is a wonderful opportunity for traders who are already in the system and also for the upcoming traders.
Like we always say here at Payglobal, it’s always advisable to pay your loan before or on the agreed date to avoid having a bad credit score which can affect your credit history.
Note that all loan defaulters are reported to the National Credit Bureau and once you are being reported to the National Credit bureau accessing a loan from the same loan provider or other loan providers in or outside Nigeria won’t be possible.