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Moniepoint Loan: How to Apply and Get it without Collateral

Here's how to apply and get Moniepoint Loan in Nigeria without collateral or paperwork in 2024.
Moniepoint Business Loan

Moniepoint Loan is a working capital loan that's given to businesses operating and using the Moniepoint Business Account. This loan is flexible and collateral-free. Your business doesn't need any paperwork to Moniepoint Loan.

However, all that's needed is consistently using the Moniepoint business app and your transaction history will also determine the amount of loan that'll be disbursed into your account.

Moniepoint helps businesses on the platform grow by providing a working capital loan to them. If you're a Moniepoint POS agent, you'll be eligible to request the loan in due time. Precisely, when your monthly POS transactions reach the threshold to apply for Loan.

In other words, Moniepoint Loan can also be referred to as Moniepoint Agent Loan because it's mostly given to POS agents on the platform.

Moniepoint Loan Features

Moniepoint Loan is flexible and requires no collateral or paperwork. You can upto N1,000,000 and more without collateral, but depending on your monthly transaction history.

The Loan also comes with low interest rate; you can enjoy interest rate of 24% to 40% per annum. No hidden fees and once approved, the loan will be disbursed into your Moniepoint Account with 72 hours.

In addition to the benefits enjoyed on Moniepoint Loan, you're enabled to set your repayment tenure. This means that you can choose a repayment duration that convenient for you. However, note that the longer your repayment tenure, the more interest you will pay on the Loan.

Moniepoint Loan Requiremnts

Yes, to get a Moniepoint Loan, there are certain requiremnts and criterias you must meet. These requirements and eligiblity criterias will makes you qualify to apply and obtain Loans from Moniepoint.

Here are criterias and documents required to get a Moniepoint Loan:

  1. Moniepoint Business Account and App: First of all, you must be an account holder on the Moniepoint Business Banking Platform. You must also be frequently using it mobile application. To aid your Loan application, you can also meet some transaction thresholds through Moniepoint POS.
  2. Be 18 Years Old: You must be at least 18-years old to request Loan on Moniepoint. This is mandatory by the authority. Not only Nigerians are required to be at least 18 years to involve in any social activities, it's also done this way in other top tier countries like United States and United Kingdom.
  3. KYC Verified Moniepoint Business Account: To apply and get a Moniepoint working capital loan, you must have verified your KYC Levels on the Moniepoint App. If you're a business, your national means of identification (such as NIN, Voter's Card or International Passport) will be required. In addition, your business identity must also be verified; Moniepoint will request company name registration certificate (e.g CAC certificate) and company prove of address to complete the business account KYC verification.
  4. Good Credit History: This is the most important criteria to meet when submitting an application to obtain Moniepoint Loan. You must have a good amount of inward and outward transactions on the Moniepoint Business Account. This will proof that you're current in the platform and will fasten your loan application.

How to qualify for Moniepoint Loan

Once you meet all these requirements, you can go ahead and apply for the Moniepoint Loan. To know whether you're qualified for the Loan, kindly login to your Moniepoint Business Account via app or web to view the available offers tailored to your needs.

Next, select the offer that aligns best with your business requirements. Once you've made your choice, the Moniepoint team will promptly review it, and you can expect the funds to be deposited into your account within 1-2 business days.

How to borrow Moniepoint Loan

Follow these steps to apply for Moniepoint Business Loan:

  • Login to your Moniepoint Business Account.
  • Navigate to "Working Capital Loan" and click on it.
  • You will see available offers tailored to your account trustworthiness in the next page.
  • Choose the option that match your business needs and submit the application. Moniepoint gives out Loans ranging from N100,000 to N1,000,000.
  • The term will then review your Loan application and get back to you with 24 to 72 business hours.
  • If you Loan application is approved, the loan will be disbursed to your Moniepoint Account in less than 24 hours.
  • If it gets rejected, reasons will be applied to the e-mail sent to your email address.

Note: You must meet all requiremnts, especially the credit history and transactions thresholds, to get Moniepoint Loan. You can login to your Moniepoint Business app to check your POS transaction thresholds for Loan request.

Moniepoint Loan Interest Rate

Moniepoint distinguishes itself in the financial landscape by offering competitive interest rates ranging from 24% to 40% per annum. This range caters to a diverse array of financial needs and preferences, providing customers with flexibility and choice in managing their investments or savings.

Compared to other financial institutions, Moniepoint stands out with its attractive interest rates, which enable businesses to potentially earn significant returns on their capital. Whether businesses are seeking higher returns or prefer a more conservative approach, Moniepoint provides options tailored to different risk appetites and financial goals.

Transparency is paramount at Moniepoint, as the company ensures that businesses have a clear understanding of the interest rates offered. This transparency empowers businesses to make informed decisions about their finances, enabling them to maximize their returns while managing risk effectively.

Investors can capitalize on the potential earnings facilitated by Moniepoint's interest rates, which offer an opportunity to grow wealth over time. However, the company also underscores the importance of prudent risk management to safeguard investors' capital and ensure financial stability.

To support businesses in navigating the investment landscape, Moniepoint provides access to a team of financial experts who offer guidance and support. This Loan expertise helps businesses make informed investment decisions aligned with their risk tolerance and financial objectives.

In a nutshell, Moniepoint's competitive interest rates, ranging from 24% to 40% per annum, offer a compelling opportunity for businesses. With a focus on transparency, flexibility, and expert guidance, Moniepoint Loan empowers businesses to achieve their financial aspirations while managing risk effectively.

Moniepoint Loan Calculator

Moniepoint is currently not offering Loan Calculator. However, you can login to your business app to know if you're eligible to obtain a Loan and the amount you can obtain.

When you choose the Loan offer and repayment durations that suit your business needs, the interest rate will be calculated per annum and be displayed on your screen.

If you agree with that, you can proceed by accepting the terms and conditions of the Loan and submit the Loan application. If you don't agree, then quit and forget about the Loan. Normally, Moniepoint offers an interest rate of 24% to 40% per annum.

The Bottom Line

Moniepoint is one leading fintech company in Nigeria. The company is renowned for it POS agent network. The company offers working capital credits for businesses operating on its banking system.

By following the comprehensive guides highlighted in this article, you will be able to obtain Moniepoint Loan easily without any error. If you have any questions regarding Moniepoint Loan, feel free to use the comments section.

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About the Author

With five years experience in Media, Temmy Samuel's become a modern journalist, delivering impressive reporting about tech, finance, business and science around the world. More About Temmy

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