Somemoney loan requirements shows that you need to provide your banking information. This includes details about your bank account where the loan will be deposited and where repayments will be made
Introduction
SomeMoney is a loan app that provides instant loans but is different from many other apps. Instead of downloading it from popular app stores like Google Play, you have to download the app directly as an APK file from its website or other sources.
The app offers loans in a wide range of amounts. You can borrow anywhere from ₦3,000 to ₦1,000,000, depending on how much you need and what you qualify for. T
he time you have to repay the loan is flexible, ranging from 91 days to 365 days. This means you can choose a repayment period that fits your financial situation.
The cost of the loan is shown as an Annual Percentage Rate (APR). This rate depends on how much you borrow and how long you take to repay it.
For example, if you borrow ₦10,000 for 180 days, the APR might be around 36.5%. This rate tells you how much it will cost to borrow the money over the loan period.
SomeMoney is careful about how it lends money, aiming to offer responsible financial services. However, some people are worried about the app because it charges high-interest rates and is sometimes called a “loan shark.”
Also, the app’s approval status with the Central Bank of Nigeria (CBN) is still pending. This means it might not yet be officially approved or regulated by the CBN, which could be a concern for users.
Before using SomeMoney, you should carefully read all the terms and conditions. Make sure you understand how much the loan will cost and if the app fits your needs.
If you have any doubts about the app’s trustworthiness or its approval status with the CBN, you might want to consider other loan options. Being cautious and informed will help you make the best decision for your financial situation.
History and overview
SomeMoney is a loan app owned by New Credage Nigeria Limited, which started in 2024. Unlike most loan apps, you can’t find them in popular app stores. Instead, you have to download it as an APK file from local blogs and websites.
The app offers loans from ₦3,000 to ₦1,000,000. You can choose to repay the loan over 91 days to 365 days. The cost of borrowing is shown as an Annual Percentage Rate (APR), which varies depending on how much you borrow and how long you take to repay. For example, if you borrow ₦10,000 for 180 days, the APR might be around 36.5%.
There are some problems with them that users should be aware of. For instance, a customer complained that the app sent them a threatening message after they refused to pay a debt of ₦61,000.
The message wished them sorrow and failure, which raised concerns about the app’s customer service and practices.
Since SomeMoney is only available for download as an APK from local sources, not from major app stores, users should be extra careful.
It’s important to read all terms and conditions and understand how the app works before borrowing money. Make sure to consider the feedback from other users and be cautious if you have any doubts about the app’s reliability.
Requirements
Citizenship and age
To use the SomeMoney app, you must be a Nigerian and at least 18 years old. This means you need to have Nigerian citizenship and be an adult to apply for a loan through the app.
Source of income
To qualify for a loan with SomeMoney, you need to have a steady source of income and a history of good bank deposits. This means you should be earning money regularly and have a record of responsible financial behavior, showing that you manage your money well.
Access to phone book
The SomeMoney app requires access to your contacts. This means the app can view and use your contact list, possibly for purposes like verifying your identity or reaching out in case of any issues with your loan. Make sure you are comfortable with this requirement before using the app.
Banking information
To use the SomeMoney app, you need to provide your banking information. This includes details about your bank account where the loan will be deposited and where repayments will be made.
This information helps the app manage the loan transactions securely and efficiently.