Let me give you a quick Tradermoni Loan review. You will find it very detailed and informative. You are advised to read this Tradermoni Loan Review before going ahead to take a loan.
Are you an artisan or a Petty trader in need of a quick loan? If yes, then you are lucky to be reading this.
Have you heard of Trader Moni? Ooh, My bad! You should have. But, if you haven’t, I will be telling you everything you need to know about Trader Moni.
So before we dive into the main topic, why don’t we hear a story related to Trader Moni.
I introduced Tradermoni to my personal Tailor, when he informed me that he needed a bigger shop some years back. He didn’t agree at first, but later he did.
He took the loan and told me in 2019, that the repayment plan was very convenient for him. As at today, he has over 5 shops in Lagos. All thanks to TraderMoni.
So I felt I there is someone else who also needs to hear about this Tradermoni. Hence, the reason for this Tradermoni Loan Review.
About Trader Moni
Trader Moni is a loan programme introduced by the Federal Government of Nigeria in 2018. The programme was introduced to help Petty traders and artisans get access to free interest loans to grow their businesses. It is currently being executed and managed by the Bank of Industry(BOI).
Trader Moni offers Interest and Collateral-free loans ranging from N10,000 to N100,000. However, you can just get N10,000 if you are applying for your first loan.
If you pay back the first loan on time, you automatically qualify for the next loan level worth N15,000. Payback of consecutive loans on time make you qualify for N20,000, N50,000 and N100,000 loans.
Loan Information and Requirements
If you borrow the least available amount as a first time borrower, which is N10,000, you do not need a bank account nor a BVN.
However, after paying back your first loan, subsequent loans application will require a bank account and a Bank Verification number.
Also, you will be given a maximum loan tenure of 6 months to pay back your N10,000 loan. A sum of N430 must be deposited weekly for 6 months.
In the same vein, you can decide to pay back your loan in 3 months. This will require you to pay N860 weekly. Also, you automatically get a higher loan if you pay back sooner.
RELATED: Best Loan Apps in Nigeria | Top 5
Who is eligible to take a Trader Moni Loan?
All Nigerian traders and artisans are eligible to apply for a Trader Moni loan. For example, you can be a bread baker, carpenter, painter, wheel barrow pusher, a small shop owner, a plumber, a vulcanizer, a pepper seller, a tailor etc.
How to apply for a TraderMoni Loan?
If you are a trader or an artisan and want to apply for Tradermoni, then follow the procedure below carefully;
- Identify any Tradermoni agent in your state.
- The agent will capture your details.
- After that, you will receive a confirmation message with a code.
- Then, you will get your loan.
Continue Reading: Best Microfinance Banks in Nigeria | Top 8 in 2021
Is Tradermoni Loan truly interest-free?
I don’t know if you noticed something odd in the repayment details. Well, if you didn’t, I’ll explain what you missed here.
Tradermoni claims interest-free loans, but is it truly what it claims to be? Let’s cut the suspense and check this out.
For instance, you borrow a N10,000 loan, then the rule is to pay N430 per week for loan repayment. There you have (N430×4 weeks) to pay N1,720 in a month. Now multiply that amount by 6 months(1,720×6), you have N10,320.
I’m sorry if you probably didn’t get the maths well, but don’t worry, I’ll summarize it all here. You borrowed N10,000 and you’ll be required to pay N10,320 in 6 months. That is N320 on it.
If you calculate that, it should be about 3% interest rate. So I guess it isn’t really an interest-free loan.
RECOMMENDED: Visa Free Countries for Nigerians
Inaccessibility to loans via the web
The world is evolving and everyone is beginning to use the web to promote their business online. Traders and artisans are not left out.
But, the problem is Trader Moni loan cannot be given online. Instead of using your mobile phone, you now have to step out to find a Trader Moni agent and apply for a loan.
In conclusion,This Tradermoni Loan Review might have convinced you that there is an hidden interest attached to Tradermoni loans, it is still very advisable to borrow loans from it. It is far better when compared to commercial banks, microfinance banks and other money lending platforms.
Why not subscribe to our newsletter and be the first to receive updates on Loans available in Nigeria via email. You can also share this post with others who might need it.