JaraMoni Loan Review in Nigeria: Everything You Need to Know About Interest & Repayment, How It Works, Pros & Cons, and Approval Process
If you’ve been searching for a reliable personal loan providers in Nigeria, chances are you’ve come across JaraMoni Loan. But is it legit, safe, and worth using? In this review, we’ll break down everything you need to know about JaraMoni, based on the exact questions Nigerians ask when researching loan apps.
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Is JaraMoni Legit or Scam?
JaraMoni is owned and operated by Evandale Lending Ltd, a registered lending company in Nigeria. The company has a physical office at No. 98, Ajayi Road, Ogba, Lagos State and provides contact via email (evandale@evandaleltd.com).
This indicates that JaraMoni is genuine and not a scam. Your BVN and personal details are used only for loan verification and are protected by their system.
Loan Amount & Eligibility
- Loan Range: ₦3,000 – ₦300,000
The loan amount for first time users is actually very small compared to other nano loan providers. If you’re borrowing for the first time, JaraMoni will start you with smaller amounts like N3000 – N7000. The more you pay back on time, the higher your next offer will be.
Eligibility:
To be eligible for JaraMoni loan, you need to meet the following requirements:
- You must be at least 18 years old
- You must have a valid Nigerian residency
- You must have a BVN and a Nigerian bank account
- You must show proof of stable income (salary or business)
In our previous article, we shared some of the best loan apps you can borrow money without BVN, feel free to check it out HERE.
How JaraMoni Loan Works – How to Use It
Using the JaraMoni Loan App is simple and fully digital. Here’s a step-by-step process to get started:
1. Download the App
Go to the Google Play Store (for Android) or App Store (for iPhone). Search for “JaraMoni Loan” and download the app.
2. Register an Account
Open the app and sign up with your Nigerian mobile number. You will receive an OTP (One-Time Password) to verify your phone number.
Create your profile by entering your basic details (name, date of birth, email, etc.).
3. Provide Your BVN and Bank Details
Enter your Bank Verification Number (BVN) for identity verification. Add your Nigerian bank account where loan funds will be disbursed.
4. Fill in Income & Employment Details
State your source of income (salary, business, freelancing, etc.). Provide any necessary proof of income if requested.
This step helps JaraMoni assess your repayment ability.
5. Select Loan Amount & Repayment Period
Choose your desired loan amount (₦3,000 – ₦300,000). Select a repayment period (from 90 days up to 365 days). Review the displayed interest rate and repayment schedule.
6. Submit Your Loan Application
Tap Apply and wait for the system to review your request. The app uses an automated scoring system to determine approval.
7. Loan Approval & Disbursement
If approved, your loan will be credited directly to your linked bank account. First-time users may get smaller loan amounts, but limits increase with timely repayment.
8. Repay Your Loan
Repay via the app payment options (bank transfer, card, or USSD). Repay on or before the due date to avoid penalties. Timely repayment helps you unlock higher loan amounts in the future.
Tip: Always borrow what you can comfortably repay to avoid penalties, harassment, or negative credit history.
Interest Rate Breakdown
To be honest, JaraMoni charges higher interest on their loans, although they promise an Annual Percentage Rate (APR) of 12% – 36% on their app advertisement, but in reality, the interest ranges between 24% – 40% monthly, depending on your credit profile.
Talking about hidden charges, well, there are no hidden charges beyond what is displayed in the app. However, if you default, penalties may apply.
Repayment
Repayment period ranges from 14 to 90 days. Payments can be made in installments. Missing repayment may lead to:
- Penalty fees
- Possible reporting to credit bureaus
- Strict reminders (sometimes aggressive, as with many Nigerian loan apps)
Speed of Approval & Disbursement
The app promises instant approval with funds sent to your bank account within minutes.
However, some users report delayed approval, depending on system checks. Once approved, disbursement is fast and direct to your wallet, and from there you can withdraw directly to your bank account.
Same method for repayment, you fund your wallet through bank transfer, and JaraMoni will deduct the exact due loan amount you owe, and your loan is fully settled.
Ease of Use (App Performance)
100% mobile-based – no paperwork needed. Registration is simple with a Nigerian mobile number and BVN.
Some users report approval delays, but the loan request process itself is smooth.
Customer Reviews & Complaints
Positive Feedback: Many users appreciate the flexible repayment period and licensed status.
Complaints: Some report delays in approval, smaller-than-expected loan amounts for first-time users, and strict repayment reminders.
No major complaints of harassment have trended online, which is a plus compared to other apps.
Customer Support & Contact Details
- Company Name: Evandale Lending Ltd
- Email: evandale@evandaleltd.com
- Address: No. 98, Ajayi Road, Ogba, Lagos State, Nigeria
- Website: https://www.jaramoni.com/
Having a real physical office is a good sign of legitimacy.
Approval Criteria
Approval is based on:
- BVN history
- Proof of stable income
- Accuracy of details provided
No collateral or guarantor is required, but inconsistent income history may affect approval.
Long-Term Trustworthiness
If you repay on time, your loan limit increases.
As a CBN/FCCPC licensed loan provider, JaraMoni is considered more trustworthy than many unlicensed loan apps.
They may report to credit bureaus, which could affect your credit score positively or negatively depending on repayment behavior.
Pros of JaraMoni Loan
- CBN licensed and genuine loan provider
- Flexible repayment (up to 12 months)
- Transparent interest rates with no hidden charges
- Fast disbursement once approved
- No collateral or guarantor required
Cons of JaraMoni Loan
- Approval may sometimes be delayed
- Interest rates may feel high for short-term borrowers
- Loan limits for first-time users are usually low
- Strict reminders if repayment is late
Final Verdict – Should You Use JaraMoni Loan?
If you’re looking for a licensed and trusted personal loan app in Nigeria, JaraMoni is a solid option. It offers flexible repayment periods, a wide loan range, and safe processing. While occasional approval delays and strict repayment reminders are drawbacks, its legitimacy and transparency make it one of the safer choices compared to many unregulated apps.
Download JaraMoni today if you need a fast, flexible, and secure personal loan in Nigeria.
If you’re no longer interested in using the JaraMoni loan, you can request them to delete all your information from their database.
To do so, chat the customer care via in-app chat or send them a mail via their support email address, requesting to clear their system and remove all your information.
In our previous article, we shared with you how you can stop loan apps from accessing your phone’s contact, you can check it out HERE.
FAQs About JaraMoni Loan
1. Is JaraMoni licensed by CBN/FCCPC?
Yes, it operates under Evandale Lending Ltd, a licensed lending company in Nigeria.
2. How fast is JaraMoni loan disbursement?
Funds are disbursed instantly after approval, but approval may sometimes be delayed.
3. What happens if I don’t repay on time?
You may face penalties, reduced credit rating, and strict reminders.
4. Can I get bigger loans if I repay on time?
Yes, timely repayment increases your loan limit.
5. Is my BVN safe with JaraMoni?
Yes, your BVN is used only for verification and is kept secure.
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