Moniepoint Loan is a working capital loan that's given to Moniepoint Agents and personal banking users to help them grow their business. The Loan is flexible, no collateral or paperwork, low interest rates and long tenures for repayment.
However, to be qualified for Moniepoint Loans, you have to first give the fintech app a try. You must be a Moniepoint customers and login to your account to confirm your eligiblity for Loans.
Once you're qualified in your dashboard, you can easily apply for the Loan and get it disbursed in your Moniepoint Account within 2 business days.
As a business or agent, you can qualify and apply for Moniepoint Loan of up to N1,000,000 without any paperwork or collateral.
Moniepoint Loan Requirements for Individuals
Here are the eligibility requirements to qualify for Moniepoint Loan on the personal banking app:
- Moniepoint Personal Banking App
- A Fully Verified Moniepoint Account
- Your Must Be A NIGERIA National
- A Valid Means of Identification e.g. National Identification Number (NIN), Voter's Card, International Passport or Ecowas Passport, and National ID Card.
- You Must Be At-least 18 Years.
- Regular Monthly Income.
- You Must Have A Good Credit Score.
Once you can provide all these information, then you're good to apply for Moniepoint Loan and get approval with two business days.
Loan Requirements for Busineses/Agents
Here are the eligibility requirements to qualify for Moniepoint Loan on the business banking app:
- Moniepoint Business Account accessable via app or "atm.moniepoint.com"
- A Fully Verified Moniepoint Business Account
- Business Name Certificate of Registration (CAC)
- Business Ledger Valid for Six Months
- A Good Credit Score/History
However, if you're a Moniepoint POS Agent, you must have a good financial record or meet certain daily and monthly target to be eligible for the Moniepoint Loan in your POS terminal.
How to Apply
Once you're qualified, then you can easily apply for a loan within your Moniepoint app. So, all you have to do is login to your Moniepoint Account via app and choose among the loan offers available to request a loan.
Decide on how you want to repay the loan and amount to be paying back per weekly or monthly. Moniepoint Loans' Interest Rates are determined by three factors; the amount you want borrow, your credit score, and you repayment plan.
You can determine the interest rate based on these factors highlighted above. Generally, Moniepoint interest rate for personal loans is between 5% and 20%, and for small business, loans is between 2.5% and 10%.
Next, submit the loan application and once approved, you will get the loan amount disbursed into your bank account within 24 to 48 hours.
However, you need to note that thr Loan amount you can get depends on your business, which will be determined during the application process.
It's also essential to let you know that your loan repayments are automatically deducted from your Moniepoint account based on your payment plan.
Moniepoint Loan Calculator
Currently, Moniepoint doesn't offer a specific loan calculator on its website and app. However, here are tips that can helps you determine Moniepoint Loan offerings:
Loan Types
Moniepoint offers various loan types, including personal loans, working capital loans for businesses, and POS agent cash advances.
Interest Rates
The interest rate you receive can vary depending on the loan type and your individual circumstances.
Generally, personal loan rates range from 5% to 20%, while small business loans fall between 2.5% and 10%.
Merchant/POS Agent cash advances have a different structure, with daily fees of 0.3% or hourly fees of 0.0125%.
Repayment Terms
Loan terms also vary, but Moniepoint offers flexible options to suit your needs. You can choose this option during the loan application.
Moniepoint Loan FAQs
Is Moniepoint a loan app?
No, Moniepoint is not a Loan app. Moniepoint is a Fintech app that offers banking services (including Loans and Cash Advance) to individuals and busineses in Nigeria.
How is the interest calculated for Moniepoint loans?
Moniepoint likely uses the simple interest method, which multiplies the principal amount by the interest rate and loan term.
Does Moniepoint give Loan in 2024?
Yes, Moniepoint offers business loans in 2024. Moniepoint provides business loans designed to help businesses manage their financial needs. These loans are typically aimed at small and medium-sized enterprises (SMEs) like POS agents to help them grow, manage cash flow, and expand operations.