Moniepoint is a convenient loan option available in Nigeria. Whether you need a personal or business loan, we recommend considering Moniepoint. The Moniepoint loans have generated significant interest, with many asking questions and queries therefore in this article, we will be giving a detailed breakdown of its features and requirements.
MoniePoint Loan
Moniepoint offers a simple, hassle-free loan process. Borrowers do not need to submit documents or pledge assets. They can access funds instantly from their mobile device as long as they have an internet connection. In contrast to conventional lenders with strict application procedures and tight conditions, Moniepoint streamlines the lending experience.
The digital-first approach removes physical barriers between customers and credit. Loan terms are tailored for convenience. Borrowers choose repayment schedules with low rates and no extra charges. Discretion protects dignity. Moni Point’s transparent, affordable loans benefit individuals and budding businesses alike by providing flexible capital without frustration.
Applying for a loan with Moniepoint comes with very simple procedures such as a registered number, an account, and a reliable man of identification and you will be ready to proceed with your mobile app.
The MoniePoint Loan App
The Moniepoint app is a new addition to the Google Play Store. It launched in December 2022. Since its inception, over 100,000 people have downloaded it. Users have left around 1,000 reviews giving it an average rating of 3.6 stars. The app takes up 11.29 MB of space, making it convenient to use on mobile devices. You can request a loan from Moniepoint by visiting their website or downloading their mobile app. The app allows businesses to handle all their financial needs in one place. Use it to send and receive money, pay bills, and more.
Requirements to be a part of the Moniepoint Loan as an Individual
To be a part of the moniepoint loan you must be eligible. Below are the eligibility criteria for obtaining a Moniepoint loan:
- You must be living in Nigeria or a citizen of Nigeria
- You must have 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 money consistently.
- You must have a solid credit history
Requirement to be part of MoniePoint Loan as An Enterprise
If you need a loan from Moniepoint to fund your business then you must pass the eligibility criteria, below are some of them:
- Your business must be registered with the Corporate Affairs Commission of Nigeria
- Your business must have been operating for a minimum of six months, demonstrating financial stability
- Your business must have an active corporate bank account with a reputable Nigerian bank
- Your business must possess a favorable credit history as determined by Moniepoint’s proprietary credit scoring system
How to Apply for the Moniepoint Loan
Are you ready to apply for the moniepoint loan and you don’t know how to go about it? Simply follow the steps below:
Download the Moniepoint App
- Search for it on Google Play Store and install it (size is around 11MB)
Create an Account
- Provide your name, email, phone number, and password
Request a Loan
- Choose the loan amount you are going for
- Choose the repayment plan that you can cope with
- Fill out the application form
Submit Your Application
- Moniepoint will review it using their systems
Get Approved and Funded
- If approved, the money will reach your bank account quickly
FAQs
What is the Moniepoint Interest Rate?
The midpoint interest rate depends on some factors such as the amount borrowed, the credit score of the applicant, and the chosen repayment plan.
The factors above determine the interest rate attached; however, the interest rate generally is between 5% to 20% for personal loans and 2.5 to 10% for small business loans.
What Happens When I Don’t Repay My Loan as at When Due?
Below are some of the things that can happen if you do repay your loan when it is due:
- You will get a late payment penalty
- You will get a negative credit mark that can affect future loans
- You may get your loan recalled which means you may be asked to pay everything back immediately
- Your details will be transferred to a debt collection agency
- Legal action may be taken against you
- You will be blacklisted for future loan
Who Owns MoniePoint?
It was founded in 2019 as a subsidiary of Team Apt, one of the country’s pioneering fintech companies.
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