Easelend

EaseLend (originally branded as TrueMoney) is an online lending application in Nigeria, designed to provide fast and accessible personal loans. The app is operated by the registered company Kudi Pally Tech Limited, which holds the regulatory approval number FCCPC/DSE/INV/ML/450 from the Federal Competition and Consumer Protection Commission.

Loan Offering Details: The platform offers personal loans ranging from a minimum of ₦5,000 to a maximum of ₦50,000. Borrowers can choose a repayment term that suits their needs, with periods available from a short-term 90 days up to a full year (365 days). The annual interest rate charged ranges from 20% to 30%, which translates to a daily rate between 0.055% and 0.082%. In addition to interest, a low service fee of 1% of the loan principal is applied.

Representative Cost Example: To illustrate, for a loan of ₦20,000 taken over a 120-day term at a 0.08% daily interest rate, the costs would break down as follows: ₦1,920 in interest, plus a ₦200 service fee. This results in a total repayment amount of ₦22,120.

Eligibility and Process: To qualify for a loan, applicants must be Nigerian citizens between the ages of 20 and 50. The application process is fully digital and involves three main steps: creating an account and submitting the application, receiving approved funds directly into a personal bank account, and repaying the loan on time to potentially increase credit limits for future borrowing.

Security and Support: The company states that it employs data encryption and secure protocols to protect users' personal and financial information, which is used solely for loan verification purposes. For customer inquiries or support, EaseLend can be contacted via email at support@kudipallyltd.com or easelend@kudipallyltd.com. Their registered office address is 6, Ekundayo Street, Ijein Titun, Ogun State.