Monthly NG: Your Gateway to Quick and Convenient Rent Loans in Nigeria
In today’s fast-paced world, securing decent housing can be a daunting task, especially for those with limited upfront funds.
This is where Monthly NG steps in, offering a seamless and accessible rent loan solution to help Nigerians achieve their dream homes.
Types of Loan Agencies
Monthly NG is a fintech company that operates as a loan aggregator, partnering with various licensed and regulated lending institutions in Nigeria.
This partnership model provides borrowers with a wider range of loan options and competitive interest rates.
Monthly NG’s Loan Products and Services
Monthly NG’s primary product is the Quick Rent Loan, designed specifically to cover rent expenses. Borrowers can access loans of up to ₦5 million, repayable over a flexible period of 4 to 12 months.
Eligibility Criteria
To be eligible for a Monthly NG Quick Rent Loan, borrowers must meet the following criteria:
- Be a Nigerian citizen or resident
- Be between the ages of 21 and 65
- Have a valid means of identification (national ID, driver’s license, or passport)
- Have a regular source of income
- Provide proof of residency
Interest Rates and Fees
Monthly NG’s Quick Rent Loan offers competitive interest rates ranging from 20.5% to 62.6%, depending on individual creditworthiness. There are no upfront fees, but a late payment fee of 10% of the outstanding balance may be applicable.
Repayment Terms and Conditions
Loan repayments are made monthly through a direct debit from the borrower’s bank account. Borrowers can also choose to make lump sum payments to reduce their overall interest charges.
Customer Service
Monthly NG is committed to providing exceptional customer service and offers a variety of support channels, including phone, email, and live chat.
Loan Application Process
The loan application process is simple and straightforward. Borrowers can apply online or through the Monthly NG mobile app. The application typically requires personal information, employment details, and income verification documents.
Loan Repayment Options
Monthly NG offers flexible repayment options, allowing borrowers to choose a repayment schedule that suits their financial situation. Borrowers can make monthly repayments through direct debit or lump sum payments.
Frequently Asked Questions (FAQs)
What is Monthly NG?
Monthly NG is a financial service platform in Nigeria that provides quick and convenient rent loans. It offers tenants an opportunity to pay their rent in instalments, making housing more affordable and accessible.
How does Monthly NG’s rent loan work?
Monthly NG allows you to apply for a loan to cover your rent. Once approved, the loan amount is paid directly to your landlord. You then repay the loan in manageable monthly instalments over a specified period.
Who is eligible to apply for a rent loan on Monthly NG?
To be eligible, you must be a Nigerian resident with a stable source of income, have a valid means of identification, and meet any other specific criteria set by Monthly NG. The eligibility may vary based on your credit profile and the amount you wish to borrow.
What are the interest rates and repayment terms for Monthly NG loans?
Interest rates and repayment terms vary based on the loan amount, your creditworthiness, and the repayment period. Monthly NG offers competitive rates, and you can repay the loan over several months, depending on the terms agreed upon during the loan application process.
Also Read: Irorun Loan App: Access Quick and Convenient Loans in Nigeria
