Moniepoint has different loan option for different users. They have loans tailored to both personal users and business owners in Nigeria. This guide outlines the procedures to obtain loans through Moniepoint for both personal and business purposes.
We’ve included information like the specific requirements, application process and interest rate for both personal and business loans.
Let’s start with personal loans
Personal Loans with Moniepoint
Personal loans are for individuals who want urgent financial aid. It can be used to sort some house needs life food stuff, medical bills, etc.
Requirements
To qualify for a personal loan from Moniepoint, applicants must:
- Be at least 18 years old.
- Possess a valid Bank Verification Number (BVN) linked to their Moniepoint account.
- Maintain a good credit history, demonstrating responsible repayment of past loans or debts.
How to apply
Follow the steps below to apply for personal loan on moniepoint
- Download and Install the Moniepoint App from the Google play syore
- Register an Account by providing your full name, phone number, email address, and creating a secure password.
- Complete KYC by Submitting your BVN and a valid government-issued ID to verify your identity.
- Locate the Loans Section
- Select the desired loan amount and repayment period. Fill out the application form with accurate personal and financial information, then submit it for review.
Interest Rates
Moniepoint’s personal loans have interest rates ranging from 5% to 20%, influenced by factors like the loan amount, repayment duration, and the applicant’s credit history. Repayment periods typically span from 14 to 180 days, depending on the loan terms selected.
Approval and Disbursement
The moniepoint personal loan approval process usually less than 24 hours. Upon approval, the funds are disbursed directly into your linked bank account, often within a few hours.
Business Loans with Moniepoint
Moniepoint Business is for business owners who want some push in their businesses. You can use this fund to finance your business or to expand it.
Requirements for business loan
Business owners seeking loans from Moniepoint must:
- Have an active Moniepoint business account for at least six weeks.
- Consistently use their Moniepoint account for business transactions.
- Possess a Business Name Certificate of Registration (CAC) and maintain a business ledger valid for six months.
Application Process
- Log in to your Moniepoint business account via the web portal or Moniepoint business app.
- Locate the “Loans” section within your dashboard.
- Choose a loan product that aligns with your business needs and specify the loan amount and repayment terms.
- Provide necessary business information and documentation, such as your CAC certificate and recent financial statements, then submit your application for review.
Interest Rates for business loan
Moniepoint offers business loans with interest rates typically ranging from 2.5% to 10%, depending on the loan specifics and the business’s credit profile.
Repayment terms are flexible, designed to accommodate the unique needs of different businesses.
Approval and Disbursement
The approval process for business loans generally takes 24 to 72 hours. Once approved, funds are disbursed into your Moniepoint business account within 1 to 2 business days.
Repayment Process
To repay your Moniepoint loan, follow the steps below:
- Log In to Your Account: Access your Moniepoint account through the app or web portal.
- Navigate to the Loans Section: Find the active loan you wish to repay.
- Initiate Repayment: Follow the on-screen instructions to complete your payment, ensuring you have sufficient funds in your account.
Timely repayment is crucial to maintain a good credit history and ensure eligibility for future loans.
By adhering to these guidelines, individuals and business owners can effectively access financial support through Moniepoint’s loan services, facilitating personal financial management and business growth.
