Freshmoni Loan App Review: Legit Or Not?

iPhone users seeking swift financial assistance often encounter the challenge of finding a suitable loan app tailored to their device, as many applications primarily cater to Android users. The Freshmoni loan app emerges as a potential solution for iPhone users in need of quick funds, offering them a glimmer of hope.

However, the legitimacy of the app remains a crucial concern. Is it a reliable choice? Is it safe to proceed with downloading the Freshmoni loan app? What are the consequences if a user defaults on payments?

These pivotal questions warrant careful consideration before committing to the app. In this comprehensive Freshmoni loan review, we aim to provide you with all the essential information to make an informed decision.

Freshmoni Review: Is The Freshmoni Loan App Legit?

Freshmoni, the latest loan app designed for iPhone devices by Step By Step Microfinance Bank, presents itself as a means for Nigerians to quickly access funds, up to 600,000 naira, without requiring collateral. While the app does deliver on its promise of disbursing loans, there are notable concerns about how it operates.

Medium to High-Interest Rate

Firstly, the interest rates, though not exorbitant, could be more accommodating for struggling Nigerians. Each loan obtained through the Freshmoni app may entail an interest rate ranging from 29-35%. For instance, a borrower taking 6,000 naira from the Freshmoni app would be obligated to repay up to 8,500 naira within a week or two of the loan. While this rate is comparatively lower than some other loan apps, it still remains on the higher end of the spectrum.

Incessant Payment Reminders

Furthermore, a concern raised by some users of the Freshmoni loan app revolves around the app’s frequent and persistent phone calls in the days leading up to the loan expiration. Users have expressed frustration over receiving calls almost every hour during this period, serving as reminders to repay the loan. While periodic reminders are a common practice for loan apps, the frequency and intensity of Freshmoni’s approach have prompted criticism. Some users argue that the excessive calls border on harassment, surpassing the reasonable expectations for reminders associated with loan repayments.

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Threats of Defamation

Still on calls and contact, a few users have accused Freshmoni of sending threatening messages to them, informing them of their intention to call the contacts on their phone and inform them of the loan taken.

Freshmoni calling contacts

While we could not verify if they indeed carried out their threats, this issue, if true, clearly violates section 4 of their privacy policy on the use of your personal information. So it appears that anyone willing to borrow money from the Freshmoni loan app should brace themselves up for defamation should they be unable to pay back.

Under-Developed Website

Quikmoni.Ng is the website designed for the Freshmoni loan app, however, this site appears to not be fully functional. On this website, there is minimal information about the Freshmoni app, how it works, its repayment terms, and interest rates. Plus several clickable buttons on the site seem to be redirected to the wrong page.

And Some User Reviews…

Scanning through the reviews left by the loan app users, a legit borrower will feel discouraged from taking out a loan from them.

Below are some reviews left by Freshmoni app users:

A user, Rinsade termed Freshmoni as scammers. According to him, he applied for a loan with them having entered all of his details. While the loan was not granted, Freshmoni proceeded to call him as well as his contacts, asking him to repay the loan.

Here is what he said:

Do not fall victim they’re scammers
I tried to borrow from you people,I dropped every of my details but still you didn’t disbursed any money into my account and for the past few days now you calling,texting,threatening and calling my contacts that I borrowed money from pls kindly go and fix the situation..and stop embarrassing yourselves – Rinsade109

For Chuks Nnadi, his case was slightly different. Unlike the above user, Chuks was indeed granted the loan but somehow it went overdue by a day and a late penalty charge was added to the outstanding debt. Chuks feels this charge is outrageous and also claims that his contact was contacted by the loan company.

Rude Customer Services
You guys are the most useless set of beings I have come across, not just useless but thieves I collected 16,000 to pay back 7,600 as interest which summed it up at 23,000 just this morning you added NGN481 overdue, the overdue was yesterday and you idiots already sending text and calling your useless family members to issue threat and you expect me to pay for the overdue. Just do anything stupid and watch your brand go down. – Chuks Nnadi

The below user who goes by the name Choice, says they were yet to request a loan from the app but were shocked to get a message that states that 7000 naira had been credited to them even without them adding a bank account.

Lies and scams don’t fall for it
I opened an account and they told me to hold that my account is being verified. I haven’t even requested for a loan and u sent me u have credited me 7000 my account number is not even there yet was going on. U better not collect any money from my account else he go hard oh – Choice

Hannah feels that the loan app is good and insists that they do not defame customers.

The app is good and convenient to use and helping people who are in need of money to pay back on the due date,and they don’t send defamatory message to their costomers – Hannah

Another user with the ID smssmse was left boiling by the loan app. According to him, his Freshmoni loan application was declined but he kept getting calls from their agents requesting for the loan repayment.

Loan not approved and you keep calling for repayments
These people are scammers, they declined my loan application and started calling and texting me to pay up my loan with them.  I had to download the application again and tried to contact them but they were hiding, I told them to show me prove of money sent to my account they refused. I further asked speak to real person but they told me they are not available for calls, who does that? Now they asked me to provide my bank statements, I generated statements from my mobile app but they refused to acknowledged it, saying I must go to the bank. If you guys call or text me again about this rubbish, I’ll get it hot with you guys. – Smssmse

Judging from the above reviews, it looks like the Freshmoni loan app is one to be taken with a pinch of salt.

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Downloading the Freshmoni Loan App

Download Freshmoni Loan App

If you decide to use the Freshmoni app to obtain a loan, you can download it from the iOS App Store. Simply launch the App Store on your iPhone device, search for the app, and hit the install button. Once downloaded, proceed to apply for the loan.

Freshmoni Loan App Contact Info

To contact Freshmoni, simply put a call across to the following numbers:


Alternatively, you can send an email message to with your issue.

Wrapping Up

In conclusion, while the Freshmoni loan app provides a convenient option for iPhone users in need of quick funds, several concerns require careful consideration.

The medium to high interest rates, incessant phone calls as reminders, and potential threats of defamation paint a picture of a potentially risky service. The app’s website appears underdeveloped and user reviews raise further questions about its legitimacy.

While some users have had positive experiences, others report scams, outrageous late fees, unauthorized actions on their accounts, and threats to contact their family members.

If you are considering using the Freshmoni loan app, it is essential to weigh the potential risks and benefits carefully.

Here are some key points to remember:

  • Interest rates: The interest rates on Freshmoni loans are medium to high, ranging from 29% to 35%.
  • Payment reminders: The app sends frequent phone calls in the days leading up to loan expiration, which some users find intrusive.
  • Threats of defamation: Some users have reported receiving threatening messages from Freshmoni, stating their intention to contact the user’s phone contacts and inform them of the loan.
  • Under-developed website: The Freshmoni website provides minimal information about the app and its terms of service.
  • Mixed user reviews: User reviews of the Freshmoni app are mixed, with some praising its convenience and others reporting negative experiences.
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Ultimately, the decision of whether or not to use the Freshmoni loan app is a personal one. Weigh the potential benefits and risks carefully before making a decision. Remember, there are other loan options available, and it is important to compare rates and terms before choosing a lender.


Many loan apps change their interest rates and repayment terms over time. Always review the terms and conditions carefully before downloading any loan app. B4loan doesn't promote any loan app, we just help you make informed decisions.

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