
Please read these Terms and Conditions carefully before using this service on any of your devices. By using this service, you agree to be bound by the terms and conditions stated herein. If you do not agree with these Terms and Conditions, do not apply for this service. In the event that you have been made a Loan offer, you are advised to decline the Loan Offer by not accepting the option. It would be ideal if you note these terms are expansion to the terms and conditions pertinent on your existing relationship with the Bank and your good self. This Service is available to employed (salaried) individuals who meet MoniNow’s retail lending criteria, who have a monthly compensation record with the Bank, and whose employer is regarded as an acceptable risk to MoniNow.
Global Standing InstructionBy accepting this offer letter/loan agreement and by drawing on the loan, I covenant to repay the loan as and when due. In the event that I fail to repay the loan as agreed, and the loan becomes delinquent, the bank shall have the right to report the delinquent loan to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off my indebtedness from any money standing to my credit in any bank account and from any financial assets they may be holding for my benefit. I contract and warrant that MoniNow shall have control to set-off my obligation beneath this credit ascension from all such monies and funds standing to credit/benefit in any and all such accounts or from any other money related resources belonging to me and within the guardianship of any such bank.
DefinitionsIn this agreement, the terms "You", "Your", “Applicant”, "Customer" and "Borrower" shall mean the person who has applied for a credit facility and has agreed to the terms of this Agreement while "We", "Us" "Our" and "Lender" shall mean MoniNow. MoniNow (hereinafter referred to as the “Bank”) may approve or decline an application for credit facility at its absolute discretion. The bank is not obliged to disclose any reasons for decline or approval of an application. Account - means the Borrower's existing account or accounts with the App.
You agree to the terms and conditions as set out in the loan agreement, and you confirm that you are solvent and will be able to meet the principal and interest payment at the agreed due dates and time, to repay after 30 days.
DefaultIn the event of default, the Bank reserves the right to assign this agreement to a third party without the permission of the Applicant, to recover outstanding debt. The Bank reserves the right to set-off the full indebtedness against the Applicant’s bank account/s with MoniNow, and any other financial institution to which the Applicant’s BVN or phone number is linked.
Default FeeWhere loan instalments from the Applicant are not received on the due date for payment, the Bank reserves the right to charge a default rate on the outstanding balance for the month. This default charge will be applied 7 days after the due date.
ForeclosureThe Bank reserves the right to foreclose the loan and recover all outstandings in the event of loss or change of employment, or any other circumstance which may impede the loan repayment, and is thus considered a risk to the Bank.
VariationThe Bank will advise the Applicant of any change in prime lending rate, charges, fees and any other terms and conditions of the loan by a publication on its platform which includes, but is not limited to, website, mobile application, on-site branches, and customer's periodical. The Applicant will be deemed to have received notification of changes, after thirty (30) days of such publication. The Applicant understands and agrees that the bank is not obliged to obtain the applicant's signature for receipt of such communication.
Set-Off and Consolidated RightsThe bank may at any time and without notice combine all or any of the Applicant's accounts and liabilities with the Bank whether singly or jointly with any person or set-off all or any monies standing to the credit of such account(s) including the Applicant's deposits with the Bank (whether matured or not) towards settling any of the Applicant's liabilities to the Bank whether as principal or guarantor, actual or contingent, primary or collateral, singly or jointly with any other person.
Banking Instructions via E-mailUnless the Applicant instructs the bank to the contrary, the Bank is authorized but not obliged, to act on the Applicant's banking instructions transmitted through e-mail. The Applicant releases the Bank from, indemnifies, and holds the Bank harmless from and against all actions, suits, proceedings, costs, claims, demands and charges, expenses, losses and liabilities however arising, in consequence or in any way related to:
The Applicant undertakes to authorise present and future employers to deduct loan repayment from the salary and remit to the Bank or pay salary to Applicant's account with the Bank and cause future employers to issue an irrevocable letter of undertaking to the Bank to make the monthly requisite deductions in respect of all outstanding loans.
NoticesThe Applicant agrees to accept service of all notices and processes via his/her verified email and phone numbers.
AppropriationAll amounts received by the Bank will be appropriated firstly towards due charges/fees, followed by due interest. Any balance left thereafter will be appropriated lastly towards principal. The Bank reserves the right to refuse acceptance of post-dated cheques or such other instruments towards payment or settlement of the credit facility.
Disclosure of InformationThe Bank may use any information relating to the Applicant for evaluating the credit application and share such information with third parties including but not limited to the Applicant's employer (both present and future), for any purpose in respect of the credit facility. The bank is registered with the Credit Bureaus licensed by the Central Bank of Nigeria (CBN) to create, organize and manage databases for the exchange and sharing of information on credit status of individuals and businesses. This information shall be used for business purposes approved by the CBN and any relevant statute. By this, the Bank is under obligation to disclose to the Bureaus credit information and any other personal information disclosed to it in the course of the banker-customer relationship with it.
By submitting information to the Bank (whether or not the Applicant proceeds with the transaction):
The Applicant agrees to fully indemnify the bank against all costs and expenses (including legal fees, collection commission, et cetera) arising in any way in connection with the Applicant, in enforcing these terms and conditions or in recovering any amounts due to the Bank in any legal proceeding of whatever nature
WaiverNo forbearance, neglect or waiver by the Bank in enforcing these terms and conditions shall prejudice the Bank's right to strictly enforce the same. No waiver by the Bank shall be effective unless it is in writing. In so far as any right is conferred on the Applicant with regard to any obligation imposed on the Applicant by this contract, the Applicant hereby waives and forgoes all such rights and benefits, whether conferred by a statute, common law, equity and any other law in force.
GeneralThis Agreement represents the entire understanding between us and your good self with respect to the provision of this service.
Any amendment to this Agreement shall be made by us from time to time and communicated to you in writing.
You agree and undertake that for the period of this Agreement, you will continue to maintain your MoniNow account.
This Agreement shall be governed and construed in accordance with the laws of the Federal Republic of Nigeria. In the event of a dispute, same shall be subject to Arbitration in accordance with the provisions of the Arbitration and Conciliation Act, Cap A18 Laws of the Federation of Nigeria 2004. The Arbitration shall be held in English Language. The Arbitration shall be held in Lagos and the arbitral award shall be final.
We reserve the right to transfer or assign our rights and obligations under this Agreement (including its obligation to lend money to the Borrower or the amount owed under this Agreement) to another person. The Lender will only inform the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change.
The Borrower authorizes and consents to all lawful access, use or disclosure of the Borrower's particulars, data and information in the application by the Lender which may include but shall not be limited to purposes necessary to promote or sustain the business of the Lender; and the Borrower waives any claims the Borrower may have against the Lender arising from any such access, use or disclosure.
We provide fast cash deposited directly into your bank account.
Salary earners can get up to ₦300,000 with no collateral.
1
Create an account
Get MoniNow on our website, on the Google Play Store for Android or App Store for iOS.
2
Submit your application
Select the loan package that fits your needs and answer a few questions about yourself.
3
Get your application assessed
Upload your bank statement and supporting documents, we will review your application and let you know our decision.
4
Access funds
Once approved, we will disburse the funds in your account straightaway.
Everything about MoniNow is just awesome. From the user-friendliness of the app, to the professionalism of the customer service, to the speed and seamless loan process. I will definitely recommend you guys. Keep it up 👍👍
Customer service is top notch, app is user friendly and loan was disbursed on time. Keep it up👍👍👍
The best ever. Great services with a mix of seamless experience from the application to the loan disbursement . I got my loan in just 2hrs. Well-done guys.
Words can't explain how delighted I am to have given this great app a try. I'm glad and thankful. Got disbursement of 300k loan in less than one working day. The interest rate is so convenient. I am indeed glad and grateful! Big ups to the operators and I count it a great privilege.
If there's something higher than 5* I will like to give MoniNow. Very fast, the lowest interest rate I have ever seen, even my bank no fit give this kind interest. You guys need more publicity abeg. People need to know.