JaraMoni Loan App is one of the new digital lenders released on August 8, 2025.
The app has gained more than 10,000 downloads since it was released.
But does it really work? Let’s look at interest rates, loan amounts, how to apply, and user reviews.
We will also break down everything you need to know about the JaraMoni loan app before borrowing money from them.
About JaraMoni
JaraMoni is a mobile loan app in Nigeria.
It is owned and operated by Evandale Lending Ltd. It offers instant personal loans without collateral.
The company is based in Lagos at NO 98, AJAYI ROAD, OGBA, LAGOS STATE, NIGERIA, and is a registered digital lender company.
The app allows you to apply for loans entirely from your phone.
Funds are sent straight to your bank account.
It is available on the Google Play Store with thousands of downloads.
Loan Features
- JaraMoni gives loans from ₦3,000 to ₦300,000.
- The repayment period is 90 days to 365 days.
- Interest rate is between 12% and 36% APR.
You don’t need collateral or a guarantor.
Everything is done online through the app.
Eligibility Requirements
- To qualify, you must be a Nigerian.
- You must be at least 18 years old.
- You must have a Bank Verification Number (BVN).
- You must have a valid bank account.
- You must have a stable income.
Without these, your loan may be rejected.
How to Download and Apply for JaraMoni Loan
To download the JaraMoni loan app and apply for a loan, go to the Google Play Store and search for “JaraMoni Loan App.”
Click install and open the app.
Register with your phone number and details.
Provide your BVN and bank information.
Fill in your income details.
Apply for the loan amount you need.
If approved, the money will be sent to your bank account.
Click here to download the JaraMoni app.
JaraMoni Loan Interest Rate
The app says the interest rate is 12% to 36% APR.
For example, if you borrow ₦100,000 for 180 days, you may pay about ₦10,800 in interest.
However, in real use, some borrowers report higher interest rates.
Its interest rate can even reach 24% to 40% per month depending on the borrower profile.
Always check the repayment terms before accepting a loan.
Repayment Terms and Conditions
Repayments can be made in installments.
You can pay through bank transfer, debit card, or USSD.
If you pay late, penalty fees will be added, and your BVN and credit history may be affected.
The app also sends strong reminders if you miss payments.
To avoid stress, it is best to pay on time.
Is the JaraMoni Loan App Legit or a Scam?
JaraMoni is a legit new loan app in Nigeria owned by Evandale Lending Ltd, a registered company.
The app is licensed and approved by the FCCPC with a verifiable office address in Lagos.
There are no reports of scams or fraud.
The main issue is the high interest rate, not legitimacy.
JaraMoni Loan App Reviews
The app has gained a 3.6 user rating with mixed user feedback. Many users complain of delays in loan approval that take up to 24 hours. High interest rates and small loan amounts.
While some say it is fast, simple, and secure. Some also like that it is licensed and safe and that it offers longer repayment terms than some other apps.
The majority complaint is that loan approval takes longer than expected.
Below is what real users are saying:
Omofebisola Oluwabusayo on 9/21/25 says, “For over 24 hours now that I have applied for a loan I haven’t received any response. it’s just telling me to wait patiently, for how many days do I have to wait? If I could rate zero star then I will. It isn’t encouraging at all.”
Irie Konoubi on 9/8/25 says, “How long does it takes this app to review a loan for approval? For 24 hours now they are still reviewing my application but they keep saying it will done in minutes. One star for now. So frustrating.”
Positive feedback:
Faith Anozie on 9/1/25 says, “getting a personal loan so simple! Secure, licensed, and their support is great if you have questions. Couldn’t ask for a better loan partner.”
ELEBUTE Christopher on 9/1/25 says, “So impressed with this app! It’s fast, easy to operate. No annoying ads — just a fantastic app. 5 stars all the way!”
Overall, reviews are mixed but mostly negative, making it a high-risk loan app.
Pros:
- No collateral or guarantor needed.
- Licensed by FCCPC and trusted.
- Longer repayment period compared to other apps.
Cons
- High effective interest rates.
- Delay in loan aproval
- Small loan amount fro First-time user.
- Strict reminders if you miss payments.
- New loan app
- Not as popular as other loan apps yet.
See Also: Best Loan Apps Without Face Verification in Nigeria 2025
FAQs About JaraMoni Loan App
Is JaraMoni approved by CBN?
JaraMoni is not directly operated by CBN, but it is licensed by FCCPC and operates under Nigerian financial laws.
It is run by Evandale Lending Ltd, a registered company with an office in Lagos.
What is the maximum loan I can get?
The maximum loan amount is ₦300,000.
However, first-time users usually get smaller loans.
The limit increases after you repay on time.
How do I repay my JaraMoni loan?
You can repay using your debit card, bank transfer, or USSD options provided in the app.
Make sure you pay before the due date to avoid penalties.
What happens if I don’t repay?
If you don’t repay, penalty fees will be added to your balance.
Your BVN may be blacklisted.
You may also receive strict reminders, and your credit score will be affected.
Can students apply for JaraMoni loan?
Yes, students can apply if they meet the requirements.
But you must have a BVN, an active bank account, and proof of income.
Without stable income, your chances of approval are low.
Conclusion
JaraMoni Loan App is a real option for Nigerians who need quick cash.
It is safe, licensed, and transparent.
But it comes with high interest rates and strict repayment conditions.
Always borrow only what you can repay.
If used wisely, JaraMoni can be a helpful financial backup.
