Moneytree loan requirements shows that you need to show proof of income or salary. This is important because it helps the app assess your ability to repay the loan. A steady income indicates that you have the means to pay back the borrowed amount on time
Introduction
Moneytree is a loan app in Nigeria that has a very bad reputation. It has been delisted by the Central Bank of Nigeria (CBN), which means it is not officially recognized anymore.
You cannot find Moneytree in app stores; it can only be accessed through an APK file. This raises serious concerns about the app’s safety and reliability.
Many users have shared their negative experiences with Moneytree. One customer reported that they received a call from a staff member who saw that they had a good credit rating.
The staff member offered a loan of ₦50,000 for 30 days, stating that the total repayment would be ₦60,000. At first, this offer might seem attractive, but the high repayment amount shows that the terms are not good for borrowers.
After registering on the app, the customer discovered that the actual loan offer was much lower—₦13,000 for just 7 days, with a repayment of ₦20,000. This difference made the customer suspicious.
They complained to the staff member, who assured them that they could upgrade to the ₦50,000 loan once they applied. Trusting this promise, the customer followed the advice but only received an alert for the lower amount of ₦13,000.
When the customer asked about the upgrade, the staff member claimed that the system was down and would be fixed soon.
However, they kept postponing the update, leaving the customer frustrated. When the customer requested to refund the loan, the staff member threatened them, saying they would still have to pay the interest.
This kind of deception is very concerning. Moneytree seems to trick customers with attractive offers that are not fulfilled, leading them into high-interest loans. Many users have been trapped by these tactics, which can cause serious financial stress.
In conclusion, Moneytree is a dangerous loan app that you should be very careful about. Its delisting by the CBN, along with many bad reviews and unfair practices, makes it a risky choice for anyone looking for a loan.
It is important to do your research and consider safer options before borrowing money. Always be cautious with apps that do not follow proper regulations.
History and overview
Moneytree loan app started in 2022 but quickly got a bad name. In 2023, it was delisted by the Central Bank of Nigeria (CBN), meaning it is banned and not officially recognized anymore. You can’t find Moneytree in app stores; you can only access it through an APK file.
Many users have had negative experiences with Moneytree. One user shared a troubling story. After she clicked to apply for a loan, a lady from the company stopped responding and even blocked her on WhatsApp.
This kind of behavior shows poor customer service. After applying, the user received an alert saying she had been given ₦13,000, but the repayment amount was ₦20,000 due in just 7 days.
The user asked to cancel the loan, but the staff member told her to “just calm down.” This response is unprofessional and adds to the frustrations of many customers. People feel trapped by the high repayment amounts and lack of support, which only worsens the app’s bad reputation.
Overall, Moneytree’s short history is filled with problems and complaints. Many users warn others to be careful and avoid this app. With its ban by the CBN and many negative reviews, Moneytree is a risky choice for anyone looking for a loan in Nigeria.
Requirements
Have a BVN:
You must have a Bank Verification Number (BVN) to apply for a loan with Moneytree. The BVN is a unique number assigned to you by the Nigerian banking system. I
t helps verify your identity and ensures that you have a valid bank account. Providing your BVN allows the app to check your credit history and assess your ability to repay the loan, making the lending process safer for both you and the lender.
Naira Account Number:
You need to provide your Naira account number when applying for a loan with Moneytree. This is the account where the loan amount will be deposited once approved.
Having a Naira account ensures that transactions are conducted in the local currency, making it easier for you to manage your finances. Your account number also helps the app verify your banking details and ensures a smooth process for loan disbursement and repayments
Must Have an Income/Salary:
To qualify for a loan with Moneytree, you need to show proof of income or salary. This is important because it helps the app assess your ability to repay the loan.
A steady income indicates that you have the means to pay back the borrowed amount on time. You may need to provide documents like pay slips or bank statements to confirm your income. Having a reliable source of income increases your chances of getting approved for a loan