How to qualify for Moniepoint loan
The key benefit of a Moniepoint loan is that collateral is not needed, which removes the hurdle for many businesses and business people. Additionally, they boast quick approvals, allowing you to get the funds you need fast. But it seems like qualifying for a moniepoint loan is now more difficult considering their requirements.
To find out every information you need on how you can qualify for a moniepoint loan continue reading this explicit guide I have organized.
Who Can Get a Moniepoint Loan?
Individuals and business owners can actually get Moniepoint loans, but there are some baseline requirements you’ll need to meet. Let’s break down the eligibility criteria:
Breakdown of eligibility criteria for individuals
- Minimum age requirement: 18 years old is enough to be eligible
- Citizenship or residency status: must be a Nigerian citizen or resident with valid identification.
- Valid ID verification: Provide a government-issued ID, such as a National Identification Number (NIN), Voter’s Card, or International Passport.
- Active phone number: A valid phone number to reach you is also required.
- Valid Moniepoint account (if applicable): Verified Moniepoint account may be necessary in some cases.
Eligibility criteria for businesses/agents
Please note: Separate requirements for businesses and agents seeking loans from Moniepoint. For a detailed breakdown of business loan eligibility find out below;
Business Registration
Business registration certificate that is valid, such as one obtained through the Corporate Affairs Commission (CAC) in Nigeria.
Business Activity
Requirements regarding the type of business you operate can be needed to ensure it aligns with their agent program.
Financial History
A record of your business’s financial health, potentially including bank statements or past transaction volume on the Moniepoint platform (if applicable).
Business Location
They might have requirements for the location of your business, depending on Moniepoint’s needs.
Requirements for moniepoint business loan
The images below will explain to you every single requirement you will need to get a moniepoint business or agent loan.
How to borrow money from moniepoint in Nigeria
Obtaining a loan from Moniepoint can be a straightforward process. Here’s a breakdown of the steps involved:
- Accessing the application platform: Apply for a Moniepoint loan through either their website or mobile app.
- Check Your Eligibility: Check your eligibility we listed all eligibility criteria above both individual and business-wise. This will give you a preliminary idea based on the criteria.
- Filling out the application form: your basic information, and business details (if applicable) are likely to be requested by the application form, with also the desired loan amount.
- Choose your desired offer: An offer that best suits your business idea is what I recommend you to go for.
- Submitting necessary documents: Depending on your application type (individual or business), you’ll need to submit supporting documents like ID verification, business registration (for businesses), and potentially bank statements.
- Loan approval process and timelines: Once you submit your application and documents, the approval process is always swift they will review your eligibility and get back to you within 24 to 72 business hours.
- Receive and enjoy your money
Moniepoint Loan Interest Rates
Depending on the type of loan you apply for and your specific circumstances, interest rates from Moniepoint will differ, Here’s a breakdown of what to expect:
- Individual Loans: Rates for individual loans are not advertised by moniepoint, also their website mentions no collateral requirements. This typically suggests higher interest rates compared to secured loans.
- Business Loans: capital loans for businesses offered by moniepoint also advertise rates ranging from 2% to 3% monthly. This translates to an annual percentage rate (APR) of 24% to 36%.
Factors Affecting Interest Rates:
Factors to consider when determining your specific moniepoint interest rate, include:
- Loan Amount: larger loan amounts generally may qualify for slightly lower interest rates.
- Repayment Term: Repayment terms that are shorter often come with lower interest rates compared to longer terms.
- Creditworthiness: business loans require your credit score history, Moniepoint might consider your business’s financial history and creditworthiness to determine your interest rate.
FAQs
Is Money Point a loan app?
Actually, Moniepoint is more than just a loan app. It’s a fintech company offering a mobile banking platform with loan options.
Conclusion
A fast and convenient loan option for individuals and businesses in Nigeria is what Moniepoint offers. If you’re at least 18 years old, a resident with a valid ID, and have a good track record (for businesses), you might be eligible for a Moniepoint loan. Their application process is simple and their advertised approval timelines are quick.
Ready to take your business or personal finances to the next level? Check Moniepoint’s website or app to see if you qualify and apply for a loan today!
