Moneyman Loan: How does it work, and is it worth it?

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MoneyMan Loan is a fully online platform that offers several loan options to its customers. With a presence in Brazil, Spain, Mexico, and Russia, the Spanish company seeks to be the solution to short-term financial needs, offering loan services in a simple, fast, automated, and clear way.

If you want to know more about MoneyMan Loan, continue reading and stay on top of its operation, rates, and more information to find out if the company is a reliable option or not.

What is MoneyMan Loan

MoneyMan is a short-term online principal loan provider platform for individuals. In this way, the company plays the role of banking correspondent, that is, an intermediary between its users and the banks that offer loans.

And the partner bank of the platform, in this case, is Socinal SA – Crédito, Financiamento e Investimento. Furthermore, it is worth mentioning that the service offered by Moneyman is authorized and regulated by the Central Bank.

MoneyMan Loan was created by ID Finance Group, a fintech based in Spain focused on data science, credit scoring, and digital finance provider. 

Due to its pioneering and innovative profile, combined with its presence in emerging markets, the company has become a leader in its segment.

In summary, ID Finance works with advanced information technology and advanced risk management system, collecting and analyzing thousands of data in real-time. At the same time, fintech offers two financial platforms: Plazo and MoneyMan.

How MoneyMan Loan works

Regarding its functioning, MoneyMan analyzes all loan requests individually through its risk software. 

In this way, the platform is able to process different variables to be able to make, in a matter of seconds, the most appropriate and objective decision, guaranteeing instant comfort.

Speed ​​is an important point in the type of service that MoneyMan wants to offer. Therefore, the platform highlights the possibility of getting a short-term loan in a few hours.

According to its official Moneyman website, it is possible to purchase between R$500 to R$2,000 in credit, with payment in 6 to 12 installments. The interest rate can vary from 15.50% to 17.99% per month.

How to apply for a loan with MoneyMan

In principle, the criteria to apply for a MoneyMan loan is to be over 18 years of age, have an active CPF, and have a bank account.

It is worth mentioning that professionals with a formal contract, civil servants, retirees, and pensioners have the possibility of a more advantageous rate, but the loan is also available for the self-employed.

In addition, negative people also have access to a line of credit. However, the interest rates charged are higher.

To apply for your MoneyMan loan, simply follow the steps below:

  • Access the MoneyMan website;
  • Do the simulation on the home page and click on “Request my loan”;
  • Fill in the registration fields;
  • Provide the requested data (addresses, telephones, bank account, etc.);
  • Some documents, such as proof of income and address, may be requested at this stage. So, pay attention to the submission deadline.
  • Wait for the credit analysis ;
  • Sign the contract online.

What are the advantages and disadvantages of a MoneyMan Loan?

Applying for a loan online has numerous advantages, and when talking about MoneyMan Loan, we can highlight:

  • Possibility to apply for credit directly from your home;
  • To be a reliable company;
  • Loans ranging from BRL 500.00 to BRL 3,000.00;
  • Possibility of payment in up to 1 year;
  • Fast credit approval;

Another feature of MoneyMan is the loyalty program, in which the customer accumulates points as he accesses the company’s services. The higher this score, the easier it is to obtain credit and discounts when applying for a loan online.

However, although it seems like an excellent option for those who are in need of money, unfortunately, there are negative points that need to be considered.

Due to the fact that credit is released in a very simple and fast way, as expected, interest rates are much higher than other credit options you can find on the market. Believe me; you can pay twice the amount borrowed or even more.

The MoneyMan loan stipulates shorter payment terms, which can be made in up to 12 installments, with a minimum of six.

As a result, the Total Effective Cost (CET) varies between 294% and 5050% per year. Therefore, a loan of R$ 3 thousand, paid in 12 months, would have installments of R$ 487.38. This means a total amount of BRL 5,848.56, with an IOF tax of BRL 11.20.

It is worth noting that, for the first loan, there is a fee of R$ 99.00, and the interest rate is 17.99% per year, with an annual interest rate of 621.38% per year and CET of 277% per year.

Therefore, before applying for a MoneyMan loan, always assess the real need for it, as very high-interest rates are involved.

Conclusion

As you can see, a MoneyMan loan can be a good credit option if you are in a hurry and are dealing with an unforeseen event that requires a reasonable amount of money.

In addition, with the simulator available on the website and the convenience of requesting credit completely online, they make its benefits even more attractive.

However, don’t forget: because of all this practicality and speed in credit payment, the MoneyMan loan applies one of the highest interest rates on the market.

Therefore, it is essential that you research and assess whether it is really necessary to apply for credit. And in case you need other options that offer low and advantageous interest rates, at CashMe, you will find the loan with a property guarantee.

Here you will find a secured loan with the longest payment term and the lowest rate on the market. 

Did the content help you and clarify your doubts? Comment and share on your social networks!

By Master James

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