This loan app is also known as TLoan. Credit Moi app is owned by Leeburg Technology Limited. They also operate the Edonenter App.
Like many other modern loan apps, Credit-Moi loan app allows users to apply for loans directly with their smartphones without visiting a bank branch.
If you want to start using Credit Moi, it’s important to understand how it works, the loan limits, interest rates, potential risks involved with using it and how to download the app.
This article will guide and explain everything you need to know before downloading or borrowing from the Credit-Moi loan app.
The credit moi loan is an approved lender in Nigeria. So this is how we confirmed it.
We visited https://fccpc.gov.ng/registration-of-digital-money-lenders/
Scroll down and click on “See DML Approved Lists”
On the new page, type “Credit-Moi” into the search bar and search
On search, we discovered that the Credit-Moi app is owned by Leeburg Technology Limited. Leeburg Technology Limited is an approved lender in Nigeria, and operate both Credit-Moi loan and Edonenter Apps.
Loan Amount Offered by Credit Moi
The actual loan amount that you’ll be eligible to borrow from Credit Moi strongly depends on whether you are a new user or a returning borrower.
Credit-Moi loan limits are:
New users: ₦1,000 – ₦50,000
Returning users: upto ₦500,000 after successful repayments
Maximum loan: long-term loyal borrowers can borrow up to ₦1,000,000.
The app increases your loan limit gradually as you maintain a good repayment history over time.
Credit Moi Loan Duration
Credit Moi has a flexible and better loan repayment plans compared to some short-term loan apps that we know. Their repayment plans include:
7 days period
30 days period
91 days period
365 days period
However, some reviews from their borrowers reveals that the actual repayment periods for their loans depend on the loan type and user profile.
Interest Rates and Fees
Credit Moi charges a more higher interest on their loans. Their interest rates depends on the amount borrowed.
Their interest information includes:
Small Loan Interest rate: 6% to 24% depending on the loan amount
Approximate daily rate: around 0.5%
Estimated APR: roughly 12% – 30% annually
Like we have always said, the exact Credit-Moi interest rate depends on:
Loan amount
Repayment period
Borrower credit profile
Previous repayment behaviors
Note: it is always advisable to check the total repayable amount they offer before accepting a loan to avoid too much repayment amount.
Applying for a loan through the Credit Moi app is simple and usually takes only a few minutes.
Step 1: Download the App
Download the Credit Moi (TLoan) application to your smartphone.
Step 2: Create an Account
If you are a new user, create a an account using your phone number
Step 3: Verify Your BVN
After logging in, you’ll be required to verify your identity, and provide your BVN to confirm your banking identity.
Step 4: Fill in Personal Information
You’ll be required to fill in the following information:
Bank details
Employment information
Income source
Step 5: Choose Loan Amount
Check the amount of loan you are qualified for and select the loan amount you want to borrow, and also choose the repayment duration.
Step 6: Submit Application
Submit your loan request and await approval. Once approved, the loan will be sent directly to the bank account you provided.
How to Download Credit Moi App APK?
Below are two different methods to download the Credit Moi App from Google PlayStore and the Credit Moi App APK from their website:
Method 1: Google Play Store
Open Google Play Store on your device
Search for “Credit Moi” if you can’t find it, search for “TLoan” or “Moi”
Click on the “Install” button to download
After downloading, allow installation
Open the app from your phone and create an account
Method 2: Credit Moi Website
Visit Credit Moi’s official website (use your browser to search for Credit Moi website)
From the website, you’ll see “Install App” button
Click to the install button to download the APK file
After downloading, go to your settings and allow installation of apps from unknown sources.
After enabling it, install the app
Open the app and create an account
Is Credit Moi Loan App Legit?
Yes! Credit Moi loan app is a legit loan app in Nigeria that is fully approved by FCCPC (Federal Competition and Consumer Protection Commission)
Based on our research, Credit Moi appears on the approved registry of digital lenders monitored by the Federal Competition and Consumer Protection Commission (FCCPC).
FCCPC regulates digital lending practices in Nigeria, giving them a reason to be trusted at least.
Note: FCCPC approval is very important for a loan app, because the FCCPC works alongside the Central Bank of Nigeria (CBN) to enforce digital lending guidelines that regulate:
Interest rates
Debt collection practices
Customers Data privacy and protection
Being on the FCCPC registry suggests the app is regulated and operates within the regulatory framework.
However, this doesn’t automatically makes the app suitable for all borrowers. Borrowers should carefully read their loan terms before borrowing.
What’s good about Credit Moi Loan App?
Below are some advantages and positive reports about of Credit Moi loan app as reported by users:
Fast Loan Approval: their loan applications and processing is super fast, and loan approval is within minutes.
No Collateral is Required: Borrowers do not need guarantors or physical assets to be eligible for their loans
Entirely Online Application: Everything about their loan application and disbursement is done online through their app.
Loan Limit Increment: faithfully repaying your loans over time increases your borrowing limits.
Suitable for Emergency Loans: Their app can be helpful for urgent cash.
What’s Bad About Credit Moi Loan App?
Despite being a good loan app, some users have also reported some drawbacks, which includes:
High Interest Rates: Some users complain that their interest rates are too high.
Short Repayment Period: some of their loan options require quick repayment (within few days)
Android Only: Their loan app is only available for Android devices, making it inaccessible to iOS users.
Complaints About Collection Approaches: although the lender is licensed and regulated, some users still reported frequent disturbing calls and messages immediately loans are overdue.
Tips Before Borrowing From Credit Moi
Before taking a loan from Credi Moi loan, keep the following tips in mind:
Borrow the Amount You Can Repay: avoid borrowing more than you can comfortably repay.
Read their Loan Terms Carefully before accepting.
Avoid Late Repayment: late repayment of your loan may lead to additional fees and disturbing calls and messages.
Only download the app from trusted sources like PlayStore to avoid downloading a corrupt or phishing file.
Remember to Always check:
Total repayable amount
Interest rate
Repayment date
Frequently Asked Questions
1. Does Credit Moi Give Loans Instantly?
Yes. Once your loan application is approved, the money is usually disbursed to your bank account within few minutes.
3. What Is the Minimum Loan on Credit Moi?
The minimum loan amount you can borrow from Credit Moi loan app is usually around ₦1,000, especially for new borrowers.
4. Does Credit Moi Require BVN?
Yes. Credit Moi loan app requires BVN for identity verification and to assess your credit eligibility.
5. Can I Borrow ₦50,000 From Credit Moi?
Yes. If you are qualified for such amount, you can borrow up to ₦50,000 from Credit Moi loan app.
New users may not be eligible borrow up to ₦50,000 at their first application, but loan limits will always increase with good usage and repayment history.
6. DoesCredit Moi Need Collateral?
No. Credit Moi loans are without collateral. Their loans are unsecured, so collateral is not required.
However, like other loan apps, their loans come with high interest rates even for small short term loans. So borrowers should carefully review their interest rates and terms of services before taking a loan from them.
