EaseMoni Loan App Review: Instant Cash Loans in Nigeria (2025)

Review of EaseMoni instant loan app in Nigeria by Blue Ridge MFB. Explore features, loan amounts (₦3k-₦2M), interest rates (5-10% monthly), eligibility, and how to apply online.

Apr 26, 2025 - 09:12 Updated: Apr 26, 2025 - 09:34
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EaseMoni Loan App Review: Instant Cash Loans in Nigeria (2025)
Review of EaseMoni instant loan app in Nigeria by Blue Ridge MFB. Explore features, loan amounts (₦3k-₦2M), interest rates (5-10% monthly), eligibility, and how to apply online.

Disclaimer: This post provides information about the EaseMoni loan app based on publicly available app store data. Hausa24 is not affiliated with EaseMoni or Blue Ridge Microfinance Bank. Loan terms, interest rates, and app features can change. Always verify information directly within the app or with the provider before applying.

Need quick cash in Nigeria? Instant loan apps offer a fast way to access funds, and EaseMoni is one option available. Backed by a licensed microfinance bank, it promises easy online applications and significant loan amounts. But what are the real costs and terms? This guide explores the EaseMoni app (search on Google Play and potentially the Apple App Store), detailing its features, loan products, application process, and crucial factors to consider before borrowing.

What is EaseMoni?

EaseMoni presents itself as an instant personal cash loan app operating in Nigeria. Importantly, it states it is offered by **Blue Ridge Microfinance Bank Limited**, which holds a microfinance banking license from the Central Bank of Nigeria (CBN). This distinguishes it from some unlicensed lenders and suggests a level of regulatory oversight.

The app aims to provide easy and quick loan approvals online without requiring collateral, accessible anytime via a mobile device.

EaseMoni Loan Product Details (As Advertised)

Based on the app's description, here are the key loan terms:

  • Loan Amount: Ranges from NGN 3,000 up to NGN 2,000,000. (Note: Actual maximum amounts achievable likely depend heavily on creditworthiness and history).
  • Loan Tenure (Repayment Period): Stated as 91 days to 365 days.
  • Interest Rate: Advertised as 5% to 10% per month. This translates to a very high Annual Percentage Rate (APR) of **60% to 120%**.
  • Hidden Fees: Claims "No any other hidden fee in the whole process." (Users should always verify this in the loan agreement).
  • Credit Evaluation: The amount offered and potentially the rate depend on the applicant's credit evaluation.

Example Calculation Provided by EaseMoni:

For a loan of ₦3,000 with a 91-day tenure and a 5% monthly interest rate:

  • Total Interest: ₦273 (This appears calculated simply, potentially not accounting for reducing balance if paid monthly. 5% of ₦3000 is ₦150 per month. Over 3 months, this might be closer to ₦450 if calculated flat, or slightly less if reducing balance. The ₦273 figure needs careful scrutiny in the actual loan offer).
  • Total Amount Due: ₦3,273
  • Advertised Monthly Repayment: ₦1,091 (₦3,273 / 3 months)

Important Note: Always review the final loan agreement presented in the app for the exact interest calculation method, total repayment amount, and monthly breakdown before accepting any loan.

Why Choose EaseMoni? (Advertised Benefits)

EaseMoni highlights several reasons to use their service:

  • High Loan Limit Claim: Advertises up to NGN 2,000,000 disbursement to your bank account.
  • Tiered Interest Rates: Suggests better credit ratings could lead to lower rates (within the 5-10% monthly range).
  • No Collateral/Deposit: Offers unsecured loans.
  • Fully Online Process: Paperless application via mobile.
  • Data Security Claim: Emphasizes being a licensed MFB and adhering to data protection standards (NDPR/CBN rules implied). States data isn't shared without consent.
  • Repayment Reminders: Sends messages to help users remember due dates.
  • Official Repayment Channels: Asserts they will NOT ask for repayment into personal accounts (a common tactic of scam lenders).

How to Apply for an EaseMoni Loan (Typical Steps)

While specifics might vary slightly within the app, the general process is usually:

  1. Download & Install: Get the EaseMoni app from your official app store.
    • Search EaseMoni on Google Play
    • Search EaseMoni on Apple App Store
  2. Register/Sign Up: Create an account using your phone number, BVN, and potentially other personal details. Set up a secure password/PIN.
  3. Allow Permissions: The app will likely request permissions (e.g., SMS, contacts, location). Review these carefully before granting.
  4. Complete Profile: Fill in any additional required information (e.g., employment details, bank account for disbursement).
  5. Apply for Loan: Navigate to the loan application section. Select the desired amount and tenure (the app may present pre-qualified limits).
  6. Review Offer: Carefully read the loan offer presented, including the exact amount, interest rate (confirm if monthly/annual), total repayment, fees (if any), and repayment schedule.
  7. Accept & Authorize: If you agree to the terms, accept the loan agreement and authorize using your PIN.
  8. Disbursement: If approved, the funds are typically disbursed to your linked bank account relatively quickly.
  9. Repay Loan: Make repayments on or before the due dates through the methods provided within the app (usually direct debit or in-app payment).

Is EaseMoni Legit and Safe?

Based on the provided information:

  • Licensing: EaseMoni explicitly states it's offered by **Blue Ridge Microfinance Bank Limited**, which is licensed by the CBN. This is a significant factor suggesting legitimacy and regulatory oversight, unlike many predatory unlicensed apps.
  • Data Security: As a licensed entity, they are expected to adhere to data protection regulations (like NDPR). Their claim of not sharing data without consent is standard practice for legitimate financial institutions.
  • Repayment Channels: Their statement about not using personal accounts for repayment is a positive sign, distancing them from scammer tactics.
  • App Store Presence: Having millions of downloads on Google Play suggests widespread usage, though this doesn't automatically guarantee user satisfaction or fair terms for everyone.

While the licensing provides a degree of legitimacy, users should still exercise caution:

  • Review Permissions: Understand why the app needs certain permissions.
  • Read Reviews: Check recent app store reviews for user experiences regarding interest rates, customer service, and repayment issues.
  • Verify Contact Info: Ensure the provided contact details are functional.

EaseMoni: Potential Pros and Cons

Potential Pros

  • Licensed by CBN (via Blue Ridge MFB)
  • Potentially fast approval & disbursement
  • Convenient online application process
  • No collateral required
  • High maximum loan amount advertised
  • Repayment reminders provided
  • Clear statement against using personal accounts for repayment

Potential Cons

  • Extremely High Interest Rates (60%-120% APR)
  • Short repayment terms can strain budgets
  • Risk of falling into a debt cycle if not managed carefully
  • Actual loan amount offered may be much lower than advertised maximum
  • Reliant on smartphone/internet access
  • App permissions might raise privacy concerns for some users
  • Clarity needed on the example interest calculation

Contact Information & App Details

Contact EaseMoni / Blue Ridge MFB:

(Re-Verify accuracy via official channels before contacting)

App Technical Details (As Listed):

  • Version: 1.8.3
  • Updated On: Apr 21, 2025
  • Requires Android: 5.0 and up
  • Downloads: 5,000,000+
  • Content Rating: Rated for 3+
  • Released On: Jul 17, 2021
  • Offered By: Blue Ridge Microfinance Bank Limited

Important Considerations Before Borrowing

Instant online loans like EaseMoni offer speed but come with significant costs and risks:

  • High Cost of Borrowing: The advertised APR of 60%-120% is extremely high compared to traditional bank loans. Ensure you understand the total amount you will repay.
  • Debt Trap Potential: Taking out high-interest, short-term loans repeatedly can lead to a cycle of debt that is difficult to escape.
  • Borrow Only What You NEED: Avoid borrowing for non-essential purchases. Use these loans only for genuine emergencies you can afford to repay quickly.
  • Read Everything Carefully: Before accepting, meticulously read the loan agreement provided in the app. Understand the interest calculation, fees (if any despite claims), and repayment schedule.
  • Repayment Ability: Be absolutely sure you can meet the repayment deadlines. Defaulting will negatively impact your credit score and may lead to collection actions.

EaseMoni FAQs

Is EaseMoni approved by CBN?

EaseMoni states it is offered by Blue Ridge Microfinance Bank Limited, which is licensed by the CBN. This provides regulatory backing, unlike unlicensed lenders.

How much interest does EaseMoni charge?

They advertise 5% to 10% interest *per month*, which translates to a very high Annual Percentage Rate (APR) of 60% to 120%. The exact rate you get depends on their credit assessment.

What happens if I cannot repay my EaseMoni loan on time?

You will likely incur late fees, increased interest charges, and negative reporting to credit bureaus, making it harder to get loans in the future. They may also use collection methods as permitted by regulations. It's best to contact them *before* you default if facing difficulties.

Does EaseMoni require collateral?

No, according to their description, EaseMoni offers unsecured loans and does not require collateral or deposits.

How do I contact EaseMoni customer care?

You can try the email (easemoni@blueridgemfb.com) or phone numbers (02014111222 / 07001236700) provided. Verify these channels are active.

Conclusion: Convenience at a High Cost

EaseMoni offers a potentially quick and convenient way to access instant loans online in Nigeria, backed by the legitimacy of a CBN-licensed Microfinance Bank. The fully digital process and lack of collateral are appealing. However, this convenience comes at a significant price, primarily through **very high monthly interest rates (60-120% APR)**.

If you are considering EaseMoni, weigh the urgent need for funds against the substantial cost of borrowing. Ensure you fully understand the terms, can comfortably afford the repayments, and use it only for essential, short-term needs. Explore lower-cost borrowing options if available before opting for high-interest instant loans.

Find the app on the relevant store:

Search EaseMoni on Google Play
Search EaseMoni on Apple App Store

Disclaimer

This article provides general information about the EaseMoni loan app based on app store descriptions and publicly available data, intended for educational purposes only. It does not constitute financial advice. Hausa24 is not affiliated with EaseMoni or Blue Ridge Microfinance Bank Limited. Loan terms, interest rates, fees, eligibility criteria, app features, and contact information are subject to change without notice. **Always verify all details directly within the EaseMoni app or via their official contact channels before applying for or accepting any loan. Carefully read the loan agreement.** Borrow responsibly.

Explore other loan and financial applications in our Business Apps Category.