MoneyTap is Asia’s first app-based credit line for consumers, offered in partnership with FE Credit.
MoneyTap introduced the concept of Credit Line (personal line of credit for consumers) in Vietnam when it launched in February 2019. MoneyTap Credit Line gives a credit limit of up to VND 50 Million, without any collateral or guarantors. Customers can borrow any amount from this limit multiple times. Interest is charged only on the used limit, not on the total approved limit. The interest rate starts as low as 35% per annum. Customers can choose flexible repayment options on the app with installment tenure choice of 2 - 36 months. The limit also gets automatically replenished as soon as the installments are paid back.
Having MoneyTap on the phone is like having a safety net for emergencies. Customers have access to fast, flexible and hassle-free money at their fingertips.
MoneyTap Credit Line app is available on Android. Customers can apply for the Credit Line by providing their details on the app using a Chatbot interface. The technology enables MoneyTap to provide an instant credit decision within minutes. It is a 100% online approval process with zero paperwork. Although all actions are initiated on the MoneyTap app, customers have to visit the nearest post office and show the OTP on phone as national ID at the counter to get their desired amount in cash.