Last Updated on February 2, 2021 by Ope Quadri
When you pay back your tradermoni loan you automatically qualify for a higher amount.
In this post we’ll guide you on how to pay back tradermoni loan for you to get a higher one.
TraderMoni is designed for micro-retailers like puff-puff sellers, bread sellers, hawkers, plantain sellers, and small retail sellers and other Nigerians who are doing very small businesses.
It has gotten to some states at the time of filing this report, and it’s going to cover all the 36 states plus FCT.
Tradermoni Loan Pattern
- Loan Tenor: 6 Months
- Weekly repayment with a two week grace period
- Administrative Fee of 2.5% (No other charges).
Tradermoni is a collateral-free loan under the GEEP, it is in stages: N10, 000, N15,000, N20,000, N50,000
When you pay back the first you’ll be able to apply for the next one, on and on till you reach maximum.
There are tradermoni remunerators known as agents across the country, they can register you with their device within minutes.
Tradermoni repayment mode
It is designed for your convenience, so you can be paying back weekly so that it won’t be a burden when it’s time to return the whole money.
- You can make a small payment of N430 weekly for 6 months if yours is N10,000 (+N250 administrative charge)
- Pay N640 weekly for 6 months if yours is N15,000 (+N375 administrative charge)
- Pay N875 weekly for 6 months if you collected N20,000 (+N875 administrative charge)
- Pay back N2,187.50 weekly for 6months if you applied for N50,000 (+N2,500 administrative charge)
That’s the repayment mode of tradermoni loan.
In one of our guides we shared with you how to withdraw your tradermoni fund from eyowo mobile wallet to your bank account.
Banks where you can pay back tradermoni loan
To refund tradermoni loan (pay back your tadermoni loan), walk into any of the partners of the Bank of Industry (BOI).
Banks where you can pay back are:
Tell the customer support of any of the above banks that you would like to pay your “BOI-GEEP” tradermoni loan on PayDirect.
You’d be guided on how to pay back and apply for higher one.
That’s how to pay back tradermoni loan.
How to request for another loan after paying back the previous one
For every time you payback the loan, you automatically qualify for a higher amount. Dial *540*265*12# once you pay back.
When you dial this USSD code processing of another loan will begin right away and a message will be sent to you.
You’ll only be granted 15, 000 Naira if you’ve paid the 10, 000 Naira you earlier collected, while your application for 20, 000 Naira will also be granted after paying 15K you earlier collected…on and on
The code to request for a higher loan is *540*265*12#
How to report a tradermoni field agent who is collecting registration fee from market women
Tradermoni registration is free, if you ever find anyone collecting money for registration, report such a person immediately by calling any of the following phone numbers:
Tradermoni isn’t a ploy to buy votes in the 2019 general elections, the presidency has said. Payback your tradermoni loan on time to get a higher one.