The money bag loan app is one of the outstanding loaning platforms in Nigeria.
You are reading this post now because you want to find out if the loaning app is legit or not.
To clear your head straight away, the money bag loaner app is a legit platform that you won’t regret using.
What is Money bag loan app?
The money bag loan app is a platform where one can request a loan, also one can save his/her money with the platform.
Another function of the Money Bag Loan App
Interestingly, the Money bag loaner app is not just a place to borrow money. You can as well save your money with them and begin to earn interest.
That is to say, with this loan app you can save your money just like Piggyvest.
How to register
To register on the platform you will need to first of all head over to Playstore to download the application.
After the download is complete you will need to install the application and follow other registration directions.
When you are done filling out the necessary forms, you are good to go.
Always bear in mind that you will be requested to provide your Bank Verification Number (BVN).
After your registration is complete you are now free to start applying for a loan.
How much can a new customer borrow from the Money bag loan app?
When you are completely new to the platform you won’t be allowed to borrow anything less than N10,000.
To build trust, the platform loans out a very limited amount of money to avoid risking a huge sum on a new customer.
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While your operations with them increase over time, so also are the amounts you can request for.
That is to say, Money bag can loan out more money to you when they have confirmed that you can be a trusted customer.
Though this does not happen in a day. Your regular activities with them will make them build trust in you and would want to loan out more to you.
As a new customer, also expect an increased interest and limited time to refund.
What I am trying to say here is that, when you borrow money from the Money bag app as a new customer, the interest you will be asked to pay will be a bit higher than the interest required from an old customer.
Also, the days to refund the money you borrowed are limited to sometimes one week or two weeks.
These among many others are the challenges faced by new customers.
Why such hard policies on new customers?
You may be wondering why the Money bag loan app would maintain such unfriendly policies against new customers.
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Well, to answer this question, you as a business owner wouldn’t want your business to fail simply because you want to attract new customers.
Money bag are kept on to these policies so that new customers will ensure that they pay back their loans on or before the refund date expires.
Punishment for not refunding or absconding with the money
This is one of the things that happen when financial companies don’t outline strong monetary policies/laws that will guide their business.
When a business is too loose for everyone, the tendency of criminals wanting to steal money in the disguise of borrowing will be unavoidable.
They will steal the money and never pay it back.
This is why upon registration you are required to provide your Bank Verification Number, (BVN) and also link your ATM.
The BVN is a single number unique to each bank user in Nigeria. The number also bears all information about a bank user.
When you fail to pay back or abscond with the money, the money bag loan app will report you to the body in charge of recovering the loan in Nigeria.
You will be blacklisted until you pay up all the loans you are owing.
As simple as it sounds, you cannot borrow money from Money bag and abscond (run away) with it.
Can I make money with the money bag loan app?
If you are looking for a site or platform where you can make money by doing almost nothing, sorry to disappoint you, but money bag is not that place.
Anyway, you can save your money with them and with time they will begin to yield interest for you.
This is the only way you can make extra money with the platform.
With the way one needs money these days, making money with Money bag loan app is not an option.
But if your interest is based on borrowing money from them you are more than welcome to apply for a loan using their app.
Wrapping things up on money bag loan app
The money bag loan app is one of the best platforms available in Nigeria where you can request a loan and also save your money.
Though, I will always encourage you to only go for the amounts you are very sure you can repay before the expiration time reaches.
This will help you to run away from unnecessary embarrassment.
I am sure you wouldn’t want to be running from one place to the other in the name of hiding from the police and the Nigerian government.
Feel free to borrow the amount you can pay back and have your peace.
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Thanks for reading and sharing.
