Moniepoint loan is one of the easy-to-access loans in Nigeria. If you need loans, either personal or business loans, we encourage you to give moniepoint a try.
Many people have been asking countless questions about Moniepoint loans. That is why we have taken our time to research about moniepoint and have written this comprehensive article just for you.
In this article, you will learn everything about Moniepoint loans and how to apply seamlessly. We will conclude by answering some of the most frequently asked questions. Enjoy the ride!
Overview Of Moniepoint
Moniepoint is a Microfinance bank in Nigeria. It is one of the most popular and best Microfinance banks in Nigeria.
Since it began operation within the last decade, Moniepoint has proven that it is worth the tag. Moniepoint has served Nigerians in no small way by ensuring proper and efficient banking systems for individuals, businesses, and even corporate bodies.
Its services are not limited to traditional banking but extend to digital and mobile banking through its mobile app.
This means that one does not need to visit the bank physically before one would access the available services. With your smartphone connected to the Internet, you are good to go anywhere and anytime!
How Does Moniepoint Work?
Moniepoint Microfinance bank is similar to other microfinance banks but has its unique features.
All the financial activities that go on in the commercial banks can be replicated at Moniepoint. You can borrow personal and business loans from Moniepoint without much stress or paperwork.
What Services Are Available At Moniepoint?
There are tons of services and products available on Moniepoint. Yes, they are uncountable, but the most common ones are;
- Receiving money
- Sending money
- Making transfers
- Payment of bills
- Settlement of debts
- Recharging of lines
- POS services and
- Borrowing of loans
These are the common services and products offered by Moniepoint, but in this article, we focus squarely on the Moniepoint loan. Keep reading!
A loan from Moniepoint may be received quickly and without any paperwork or collateral. With a mobile phone and an internet connection, you can easily use Moniepoint’s lending services, unlike traditional financial institutions that have strict requirements and a lot of bottlenecks.
The platform provides short-term loans with flexible payback options, low-interest rates, no embarrassment, and no hidden fees, making it an attractive choice for people and small enterprises.
All you need to apply for a loan from Moniepoint is a registered number, an account, and a reliable form of identification. With the Moniepoint website or mobile app, you may apply for a loan. If approved, you will get cash right away immediately. Gram analyzes your creditworthiness and determines if you qualify for a loan using cutting-edge technologies.
Moniepoint Loan App
You can apply for a moniepoint loan through its official website or the mobile app. An app that powers dreams by providing businesses with access to all their business banking needs in one app. Send money, receive payments, pay bills, and much more on the Moniepoint app.
The moniepoint app is a new app on Google Play Store. It was on December 12, 2022. And since its release, the app has had over 100,000 downloads, 3.6-star ratings, a thousand reviews, and a portable size of 11.29 MB.
How To Be Eligible For A Moniepoint Loan
One of the essential things about securing loans is ensuring you are eligible for the loan by ticking the right boxes.
Here are the eligibility criteria for securing a moniepoint loan;
- You must be living in Nigeria or a citizen of Nigeria with a legitimate form of identity, such as a passport, voter’s card, or national ID card.
- You must not be less than 18 years old.
- You must have an active phone number.
- Ensure that you have a validated Moniepoint account.
- You must have a good and reliable source of income or a business that brings in consistent revenue.
- You must have a bank account with one of Nigeria’s reputable institutions.
- You must have a solid credit history. This is determined by the credit score algorithm used by Moniepoint.
Eligible Criteria For Small Enterprises
To fund your business and also expand it, you need to provide the following if you wish to secure a business loan from Moniepoint;
- The Nigerian Corporate Affairs Commission (CAC) is where the business must be registered.
- The company must be financially stable and have existed for at least six months.
- The company needs a bank account with a reputable Nigerian bank.
- The company’s credit history, as established by Moniepoint’s credit score algorithm, must be favorable
How To Apply For A Moniepoint Loan
Once you are qualified for a Moniepoint loan, the steps below should guide you on how to apply;
Download The Moniepoint app
If you want to apply for a Moniepoint loan through the mobile app, then you must download the app first. This takes not less than 11.29 MB.
To download the app, do these;
- Go to Google Play Store
- Search for the Moniepoint app in the search bar.
- Tap “Install” to download the app.
- Once the download is successful, you can proceed to the next step.
Create A Moniepoint Account
A validated Moniepoint account is another essential requirement for obtaining a Moniepoint loan. You can create an account with Moniepoint by supplying your personal information, such as name, email address, phone number, and a unique password.
Request For A Loan
Request a loan after creating your account by clicking on the “loan” area. Choose the amount you need from the available credit limit. You can also choose your repayment plan from the options provided.
In addition, you will also need to complete a form with the required details.
Submit Your Application
Once you have filled out the loan application form and you are satisfied with it, submit the application to be assessed by the management team through the use of edge-cutting technologies.
Get Approved And Paid
If you tick the right boxes on Moniepoint, your application will be approved, and your money will be sent to your bank account within a few minutes.
This is one of the uniqueness of Moniepoint loan– fast loan disbursement.
Moniepoint Interest Rates
The interest rates of Moniepoint loans depend heavily on the following;
- The amount borrowed
- The credit score of the applicant
- The repayment plan chosen.
Based on these factors, one can determine one’s interest rate. Generally, the Moniepoint interest rate for personal loans is between 5% and 20% and 2.5% and 10% for small enterprise business loans.
Frequently Asked Questions
How can I borrow money from Moniepoint?
You can borrow money from moniepoint through their official website or the mobile app. Whichever means, ensure that you are qualified for it.
What is the interest rate for moniepoint?
The interest rate for Moniepoint personal loans ranges from 5% to 20%. For small enterprises, it ranges from 2.5% to 10%, and for merchants it is 0.3% daily or 0.0125% per hour.
Who owns Moniepoint?
Moniepoint is owned and powered by Moniepoint MFB Limited, a Microfinance bank fully licensed by the Central Bank of Nigeria (CBN).
Moniepoint is a mobile money agent company owned by TeamApt, a top fintech company in Nigeria created in 2019, whose CEO is Tosin Eniolorunda.
Moniepoint, which TeamApt owns, is one of the platforms that offer unsecured personal and business loans to eligible applicants.
We have explained everything you need to know about this topic, and we are confident it was helpful. Feel free to ask questions below.