Somemoni (aka SomeMoney loan app) is one of the digital lenders in Nigeria that promises quick, collateral-free loans for individuals and small business.
Are you considering using this loan app? If yes, you need to read this article to the end.
Here we will provide Somemoni loan app review—its features, loan amounts, interest rates, how to download it, and whether it is legit or a scam.
About SomeMoni Loan App
The Somemoni loan app is a digital lender operated by New Credage Nigeria Ltd. It is designed to provide short-term loans without documents or collateral.
The app aims to provide quick loans for students, salary earners, small business owners, and self-employed individuals.
See Also: Best Loan Apps with Low Interest Rates in Nigeria 2025
Features
- Instant loan approval and disbursement.
- No collateral required.
- Loan amounts range from ₦3,000 to ₦1,000,000 for loyal users.
- Online application process via official website.
- Available only to Nigerian residents.
Loan Amount
Somemoni offers loans from ₦3,000 to ₦5,000 for first-time borrowers but can increase as you build your repayment history.
- Minimum loan: ₦3,000 – ₦5,000
- Maximum loan: Up to ₦1,000,000
- Loan tenure: Between 91 days and 12 months (though some users report terms like 30–120 days).
Example: when you borrow ₦10,000 for 180 days, you may repay ₦11,800, which includes ₦1,800 interest.
Interest Rate and Fees
Somemoni interest rates are high, with annual percentage rates ranging from 24% to 56%. Its interest rate is high compared to banks and other microfinance institutions.
Example: If you borrow ₦10,000, you may repay ₦11,800 or more in 6 months, which equals about 36.5% APR.
- Service fees: No processing fees, but it comes with late repayment penalties.
How to Download Somemoni Loan APK
Currently, the Somemoney APK is not available on the Google Play Store for download. You can only download it from its official website, which is risky and may expose your phone to malware. Click here to download the APK on its official website.
How to apply for a loan:
- Download and install the app (from h5.somemoni.com).
- Register with your phone number, BVN, and personal details.
- Click on “Loan” and select loan amount and tenure.
- Submit your application.
- When approved, the loan will be credited to your bank account.
See Also: How to Get an Urgent ₦10,000 Loan Without BVN in Nigeria
SomeMoni Loan App Review: Legit or Scam?
Many Somemoni users complain of harassment, such as calling or messaging of family and friends. The loan app can defame and pressure the borrower for loan repayment even before the due date.
Below is the screenshot of some of its user complaints:
The app is on the FCCPC list of approved loan apps in Nigeria, showing it is not a scam lender.
Verdict: Somemoney is a legit but high-risk loan app. While it does give out real loans, its interest rates and loan recovery methods make it controversial.
Pros
- Quick loan disbursement.
- No collateral required.
- Large loan limit for repeat customers.
Cons
- High interest rates between 24% and 56%.
- Aggressive debt collection and harassment reports.
- Privacy concerns due to access to contacts.
- Not always available on Play Store, forcing risky APK downloads.
Conclusion
The Somemoni (aka Somemoney loan app) can offer urgent cash without collateral, but it comes with high interest and privacy risks.
While the app is legit in Nigeria, it is not the safest option compared to other loan apps.
See Also: Full list of Loan Apps Without Face Verification in Nigeria 2025
FAQs
1. What is the minimum and maximum loan on Somemoni loan app?
You can borrow as little as ₦3,000 and up to ₦1,000,000, depending on your repayment history.
2. What is the interest rate of Somemoney loan app?
Interest rates range between 24% and 56% annually, with examples showing 36.5% APR for a 6-month loan.
3. How do I download Somemoney loan app?
You can download the Somemoni APK from the official website. And avoid downloading in the third-party as they may be unsafe.
4. Is Somemoni loan app approved by CBN or FCCPC?
It is listed by the FCCPC as an approved lender. However, there is no strong evidence of direct CBN licensing.
5. Why are people complaining about Somemoney loan app?
Borrowers complain about harassment, defamatory messages, and aggressive debt collection practices.
