How do I start the loan application process?
To begin, log in to your Money in Minutes app, and follow these steps:
- Click the 'Apply now' button on the specific loan product you want
- Proceed after reading the 'Notice' message pop-up
- Provide your Employment Information and click 'Continue'
- Enter your loan details (amount, purpose, and duration)
- Set up your Debit Card
- Add your Bank details (where the money you have applied for will be disbursed into)
- Set up your Lidya Direct Debit
- Complete your loan application
What if I am interested in the Credit Builder product?
If you are opting for the Credit Builder, you will be expected to complete the credit score builder cycle before accessing other loan products.
How do I verify my cards with Money in Minutes?
The system validates your cards with a ₦100 charge. Ensure cards are issued against your primary bank account.
Why do I need to set up a Debit Debit?
Direct debit is a repayment channel of your loan, your direct debit charges an administrative fee of ₦1000
What is the fee for Debit Debit?
The Direct Debit fee is ₦1000, payable from your bank account.
Why do I need to set up a Debit Card?
For quick loan approval, we need the bank card you will use for repayment. Ensure the card matches your primary bank account.
What is the fee for card verification?
The card verification fee is ₦100, payable from your bank account.
What cards can I add for verification?
Only add cards issued against your primary bank account. They should not expire in the next 2 weeks.
Why must I have at least ₦1100 in my bank account?
You will be charged ₦100 for card verification and ₦1000 for direct debit, and this amount must be available.
How do I add my bank account for disbursement?
Add your own bank account connected to the card provided.
How does the system calculate my loan offer?
The system calculates your offer by analyzing your bank statement.
How do I set up a 'Direct Debit'?
- Add a bank account for automated direct debit repayments
- Choose 'Manual Authorization' in the 'Add Account' pop-up
- Click 'Complete Mandate' and then 'Continue
What is the email subject for Direct Debit consent?
Check your email for "Webapp Collect Consent Request from Lidya Nigeria"
How do I grant consent for Direct Debit?
Click "Consent Request" in the email and follow instructions.
How do I sign the collection documents?
Find the email subject "Lidya Collect - Please Sign Collection Documents" and click the 'Direct Debit Authorisation' button.
What is the purpose of selecting a main account before signing a Direct Debit Mandate?
You are expected to choose a main account from the list of bank accounts that share your BVN (Bank Verification Number) because this is the account that will automatically be debited when your loan is due for repayment. This choice is mandatory and irreversible.
How do I sign the Direct Debit Mandate?
After selecting your main account, view the mandate, draw/upload your signature, and click 'Sign all Documents.'
What happens after signing the ‘Direct Debit Mandate’ documents?
You will receive a congratulatory message for successfully signing.
How do I complete my Direct Debit Setup?
Click 'Continue' after signing, and you will receive an email confirming your 'Collect.'
What is the email subject for the 'Consent to the Mandate’ email?
Look for "Webapp Collect Consent Request" email indicating your repayment amount.
How do I complete my Direct Debit Mandate?
First, you need to confirm that your bank has activated your mandate before you proceed to complete the mandate on the Money in Minutes platform. Once you get confirmation from the bank, login, on your Dashboard, click 'Continue' under Repayment Details. Then, click "Complete Mandate" and "Verify Mandate."
What if I receive a call from my bank concerning the Direct Debit Mandate?
Consent if your bank calls you in concerning your Direct Debit Mandate. Your consent is needed to activate your mandate.
What happens when my mandate is active?
You will get an email to continue your application.
Can I complete the setup on a different device?
Yes, you can log in from any device and continue the setup where you left off.
What if I accidentally close the setup process?
There is nothing to worry about. Your progress is saved. Just log in again to continue.
How long does the Direct Debit Mandate verification take?
Verification usually takes between 6 – 48 hours, and you might receive a call from your bank. If you do, kindly give consent.
What if I do not receive the verification call?
If you do not receive a call from your bank, kindly check your email to see if you have received an activation email from your bank. Please note that without the call (where you give consent) or an activation email from your bank, you will be unable to proceed with your application.
Can I use my secondary bank account for Direct Debit?
No, you can only use the bank account connected to the card provided.
Can I change my main account after signing the documents?
Unfortunately, the main account selection is irreversible once documents are signed.
What if I encounter an error during the signature process?
If you face technical issues, please reach out to our support team for assistance. Call us on 012298304, 09132965208 or 09123652310 between 9am and 6pm or send an email to customercare@moneyinminutes.ng
How long does it take for the signed mandate to be verified?
The verification process usually takes between 6 – 48 hours.
Why do I need to grant consent for BVN retrieval?
Granting consent allows us to retrieve your linked bank accounts for your application.
How do I confirm my BVN?
Dial *565*0# from your linked phone number to check your BVN.
How do I know if my BVN retrieval consent is successful?
You will receive an email titled " Lidya Collect - Please Sign Collection Documents " with instructions.
Is there a fee for checking my BVN?
Yes, your provider may charge N20 for each BVN check.
Why do I need to sign the collection documents digitally?
Digital signatures ensure maximum security and authenticity.
What if I choose not to grant consent for BVN retrieval?
Unfortunately, without this consent, we cannot proceed with the application.
What if I have multiple accounts linked to my BVN?
You will need to select a main account from the list provided in the Direct Debit Mandate document.
What should I do if my linked account is not displayed?
Reach out to our support team for assistance in such cases. Call us on 012298304, 09132965208 or 09123652310 between 9am and 6pm or send an email to customercare@moneyinminutes.ng
How do I know if my mandate is successfully activated?
You will receive an email notifying you when your mandate is active.
What if I still have doubts about the process?
Feel free to contact our support team, who will be glad to guide you through. Call us on 012298304, 09132965208 or 09123652310 between 9am and 6pm or send an email to customercare@moneyinminutes.ng
What happens if I forget my Money in Minutes app password?
You can use the "Forgot Password" option on the app to reset it.
Can I change my bank account after setting up the mandate?
No, once your account is set up, it is linked for automated repayments.
Can I have multiple loans with different repayment schedules?
Yes, you can have multiple loans with their respective schedules.
Is there a limit to the loan amount I can apply for?
The loan amount available depends on a range of factors, including your eligibility and affordability.
What if I need an extension on my loan repayment?
Apply for an extension loan on your dashboard.
Can I prepay my loan if I have the funds earlier?
Yes, you can prepay your loan. Contact our support for guidance on the process. Call us on 012298304, 09132965208 or 09123652310 between 9am and 6pm or send an email to customercare@moneyinminutes.ng
What if my loan application is rejected?
If your application is rejected, our team will provide details on the reasons.
Can I reapply if my loan application is rejected?
Yes, you can reapply. Make sure to address any issues from the previous application.
Can I edit my loan details after submitting the application?
Loan details cannot be edited once submitted. Ensure accuracy before proceeding.
How long does it take to receive the loan funds?
Once approved, the funds are disbursed usually within 24 hours.
What if my loan disbursement takes longer than expected?
Contact our support team if there are delays in your disbursement. Call us on 012298304, 09132965208 or 09123652310 between 9am and 6pm or send an email to customercare@moneyinminutes.ng
