Money In Minutes: MIM Finance Company

PHONE

+234 +234 (0)1-229-8304

EMAIL

[email protected]

Money in Minutes (MIM) is a fintech startup that offers Nigerians quick and inexpensive lending services. The firm was established in 2016 with the objective of assisting individuals in overcoming poverty and attaining economic independence. Money in Minutes has seen significant growth and is now a prominent loan provider in Nigeria, serving more than 80,000 consumers.

The organization provides a range of lending options, such as expedited loans, premium loans, credit-building loans, and salary advances. Loans may be obtained for amounts up to ₦5,000,000, and the application procedure is efficient and uncomplicated. MIM provides consumers with many services to facilitate financial management, including a budgeting tool and a credit score tracker.

This blog article will provide a detailed examination of Money in Minutes. We will engage in a comprehensive analysis of the company’s offerings, including its range of goods and services, as well as a thorough evaluation of their advantages and disadvantages.

If you are seeking a fast and convenient method to get a loan in Nigeria, Money in Minutes is a viable choice to contemplate. Prior to asking for a loan, it is crucial to do thorough research and ensure that you have the financial means to repay the loan.

Products

Money in Minutes offers a variety of loan packages designed to cater to the requirements of both individuals and corporations.

Credit Builder

The Credit Builder loan is an exclusive offering designed to assist individuals in enhancing or restoring their ability to get financial resources based on their credit score, irrespective of their past credit record. Commencing with an initial sum of N5,000, each punctual payback enhances their credit rating, granting them eligibility for larger amounts of money that are automatically accepted, with a maximum limit of N5,000,000 or beyond.

The monthly interest rate is 17%.

Elite Quick Loan

The MIM Quick Loan is an unsecured loan designed for those with little to moderate income. It may be used for various personal or commercial purposes. The MIM Quick Loan is specifically intended to cater to quick financial needs, offering loan sums ranging from ₦25,000 to ₦200,000 and providing various payback choices spanning from 1 to 6 months.

The interest rate of 1.4% per month guarantees manageable repayments, enabling you to preserve financial security while meeting your urgent responsibilities.

WageX Remita Salary Advance

WageX Remita Salary Advance is a dedicated salary advance service specifically designed for workers who get their income via Remita.

The WageX Remita income advance loans allow borrowers to easily access up to 150% of their income at a monthly interest rate of 7%. The procedure is rapid and simple, taking less than 10 minutes.

Sole Trader Business Loan

The objective of the Sole Trader Business Loan is to provide expedient and cost-effective financing options to viable small enterprises across Africa. The loan requires the provision of movable goods, such as automobiles, as collateral. The monthly interest rate is 15%.

Accessing Money in Minutes’ products on NairaCompare

1. Choose the option ‘Money in Minutes’.

2. Familiarize yourself with the details shown on the Money in Minutes page in order to have a better understanding of the company and its offerings.

3. Choose a product.

4. Select the option “Apply” to begin the application procedure.

5. Complete the sections with your personal information and submit all the required papers.

6. Present your application form for evaluation and handling.

7. Upon a favorable evaluation of your application, you will be sent an email message verifying the approval of your application.

What to note:

• In order to be eligible for a loan from Money in Minutes, individuals must possess Nigerian citizenship and a valid Nigerian identification card.
• In addition, it is necessary for them to own a bank account domiciled in Nigeria.
• The application procedure is expeditious and uncomplicated, and borrowers often get their money within minutes of being approved.
• In addition, the organization provides a range of repayment alternatives, allowing borrowers to choose a plan that aligns with their financial constraints.
• Money in Minutes is a financial organization that is under the regulation of the Central Bank of Nigeria (CBN).

Pros of Money in Minutes

● Efficient and straightforward application procedure
One may submit a loan application either online or via the Money in Minutes smartphone application. The application procedure is expeditious and easy, and upon acceptance, you may often have your cash within minutes.

● Instant access to funds
Upon approval of your loan, the cash will be swiftly sent into your bank account. This might be advantageous if you want immediate access to funds for an unforeseen expenditure.

● Highly competitive interest rates
Money in Minutes provides loans with very competitive interest rates. The interest rates offered by this fast loan provider in Nigeria are comparatively cheaper than those of some other suppliers.

● Adaptable payment conditions
Money in Minutes provides borrowers with the option to choose from a variety of payback arrangements that may be adjusted to suit their needs. You have the option to repay your loan within a time frame of either 30, 60, or 90 days. This might assist you in integrating the loan installments into your budget.

Loans that do not have collateral are a drawback of Money in Minutes Quick Loans.

Money in Minutes’ expedited loans are unsecured, eliminating the requirement for collateral. This facilitates the process of meeting the requirements for a loan, but it also implies a greater probability of being subjected to elevated interest rates.

● Elevated interest rates
Failure to make a payment on your Money in Minutes loan may result in the imposition of exorbitant interest rates. This might create challenges in repaying the debt and could exacerbate existing financial difficulties.

● Restricted loan amounts
Money in Minutes loans offer a restricted range of lending amounts. In some instances, the maximum amount that may be borrowed is limited to N50,000. This amount of money may be insufficient to meet significant costs.

● Limited accessibility
Money-in-Minutes loans may not be accessible to all individuals. The firm has explicit qualifying criteria, including the possession of a valid Nigerian identification card and a bank account domiciled in Nigeria.

In general, Money in Minutes Quick Loans might serve as a viable choice for Nigerians in need of prompt access to finances.

Prior to applying for a loan, it is crucial to do a thorough comparison of interest rates and repayment conditions. Additionally, it is important to ensure that you possess the financial means to promptly return the loan.