Freshmoni is a loan app in Nigeria that gives quick loans to people who need money fast.
But many people think Freshmoni is a “loan shark.” This means they believe the app uses unfair and harmful practices to make money.
Freshmoni charges very high interest rates on the loans it gives.
This means people have to pay back a lot more money than they borrowed.
Many users have found it very hard to pay back these loans because of the high interest.
The app also uses threats to make people repay their loans.
Borrowers have said they receive scary messages and threats from Freshmoni if they do not pay back on time. This makes people feel very stressed and scared.
Freshmoni is a real app and many people in Nigeria have used it. It was available on the Google Play Store, which made it easy for people to download and use.
But because of the bad things people were saying about the app, it was removed from the Google Play Store.
This shows that the app was causing a lot of problems for its users.
Freshmoni’s story shows a bigger problem with loan apps in Nigeria. Many people need quick money and use these apps without understanding how much they will have to pay back. These loan apps often take advantage of people who are in a difficult situation.
History and overview
Freshmoni is a loan app in Nigeria that started in 2023. It quickly became known because it gave people fast loans when they needed money urgently.
But Freshmoni also got a bad reputation. This is because it offered loans with very high interest rates.
This means that people had to pay back much more money than they borrowed. Many people found it very hard to pay back these loans.
The Central Bank of Nigeria (CBN) has now stopped Freshmoni from operating. This is because many people complained about the high interest rates and the problems they faced in repaying the loans.
The CBN decided to suspend Freshmoni to protect people from these bad practices.
Freshmoni also had other problems. The company did not have a customer care number.
This means that people could not call them for help or ask questions. Even on WhatsApp, it was not possible to contact Freshmoni. This made many people feel frustrated and helpless.
The app also asked for some strange and suspicious requirements before giving out loans.
Many people felt that the process was not clear or fair. This added to their worries and made them feel more anxious.
In summary, Freshmoni’s history is a warning to everyone. It started as a way to get quick loans, but it became known for high interest rates and poor support.
The suspension by the CBN shows that there is a need for better rules and protection for people using loan apps in Nigeria.
If you need a loan, be very careful. Make sure you understand all the terms and conditions before you borrow money. This can help you avoid the problems that many people faced with Freshmoni.
Requirements
Active phone number
To get a loan from Freshmoni, one of the key requirements is that you must have an active phone number. This means you need a working phone number that can make and receive calls and messages. An active phone number is important because Freshmoni uses it to contact you for various reasons.
Access to your phone book
Another requirement to get a loan from Freshmoni is that you must give the app access to your phone book. This means Freshmoni will be able to see the contacts saved on your phone.
Here’s why they ask for this and what it means for you:First, giving access to your phone book allows Freshmoni to verify your identity and your social connections.
By checking your contacts, they can see if you have a stable network of friends and family. This helps them decide if you are likely to repay the loan.