Have you been wondering where and how to get a business or personal loan from, well worry no more because Moniepoint has got you covered. Moniepoint offers individuals and businesses alike the opportunity to get adequate and needed loan facilities without having to worry about cumbersome loan collection collateral as is required by traditional commercial banks. Read on to learn more about how to get a loan for your business and individual needs from Moniepoint.
About Moniepoint
Moniepoint is a fully licensed Microfinance Bank by the Central Bank of Nigeria (CBN) and is insured by the Nigeria Deposit Insurance Corporation (NDIC). Moniepoint is a definitive banking option for small businesses and medium-sized businesses. Moniepoint is a very payment-inclusive banking and payment processing platform in Nigeria.
Moniepoint Microfinance Bank obtained its licence in February 2022 and has continued to serve more than 1.5 million small and medium-sized businesses across Nigeria with business management tools, access to loans, and several other financial needs. These businesses on the Moniepoint platform process over 8 trillion Naira in payments and transactions monthly.
Moniepoint Microfinance Bank operates one of the largest distribution networks for financial services in Nigeria, with more than 33 million individuals using Moniepoint cards and point-of-sales terminals nationwide. Moniepoint Microfinance Bank offers a personal banking product that supports businesses on the Moniepoint platform. Moniepoint is run by a team of experienced technologists and veteran bankers who work to provide the most seamless and secure payment processing experience to customers on the Moniepoint platform.
Does Moniepoint Give Loans
Yes, Moniepoint provides small business and working capital loans to its loyal customers who have good creditworthiness and a good credit score. Moniepoint gives a variety of loans for different sizes of businesses, for such businesses to grow their operating finance and their customer reach.
Moniepoint Loan Interest Rate
Moniepoint offers very competitive and affordable loan interest rates on loans depending on the type of loan you want to take and the size of your business. The interest rate of loans offered by Moniepoint is determined depending on your categorisation meaning that merchants get lower interest rates compared to individuals.
Merchants on Moniepoint get an interest rate of 0.3% daily or 0.0125% per hour. Small business enterprises get interest rates between 2.5% to 10% depending on the amount you want to borrow and your creditworthiness.
Moniepoint Loan Eligibility
To be eligible to get a Moniepoint loan you do not need to have huge collaterals like is the case with traditional financial institutions. The eligibility requirements for a loan from Moniepoint Microfinance Bank include:
- Active account not less than three months old
- You have to be 18 years of age or older to apply for a Moniepoint loan
- You must have an active phone number and a Moniepoint account
- You must have completed your Moniepoint account KYC with valid identification documents as required by Moniepoint
- Your source of income must be viable, consistent and verifiable to ensure prompt repayment of the loan at the due date if your loan is approved
- You need to have a working bank account for the disbursement of your loan and repayment of the loan.
- You need to have a very good and solid credit history, which will be determined by your credit score
Type Of Moniepoint Loan
Moniepoint offers working capital loans to its millions of businesses operating on the Moniepoint platform. The Moniepoint working capital loan is offered to all businesses both small and medium-sized businesses seeking credit for business growth and development. Moniepoint also offers loans to individuals for their business growth and development use.
Moniepoint Loan Application Process
Applying for a Moniepoint loan is an easy process if you have met all the loan requirements set out by Moniepoint depending on the amount of loan you wish to take from Moniepoint. To get a loan from Moniepoint Microfinance Bank follow these steps:
- You need to have had an account with Moniepoint
- Then download the Moniepoint app on either the Play Store or app store depending on your operating system
- login to your Moniepoint mobile app
- Confirm your eligibility status for a loan with Moniepoint then check out the available loan offers to you on the Moniepoint account dashboard
- Choose an offer amount suitable to your business loan needs
- Accept the loan terms and conditions then click to approve loan disbursement to your account
Benefits of Moniepoint Loan
Moniepoint loans are very beneficial to small and medium-sized businesses given its peculiar no collateral requirements for giving out loans of substantial amounts to its customers as working capital for business growth and expansion.
The Moniepoint loan is also beneficial because it does not give you stress to obtain, you are able to get your loan within minutes provided you meet the eligibility requirements for the loan amount you are applying for.
Pros & Cons of Moniepoint Loan
Moniepoint loans are a good source of quick credit for business growth and development making the loan scheme a go-to place for funds for businesses wanting instant credit, but the Moniepoint loan has some downsides to it. In this section, we will look at the pros and cons of Moniepoint loans.
Pros of Moniepoint Loan
- Moniepoint loans are very flexible in their repayment plans
- You get your loan disbursed in a very short time compared to traditional banks
- You can get huge sums of money on the Moniepoint loan platform, unlike other Microfinance banks of the same category or traditional banks.
Cons of Moniepoint Loan
- The loan interest rate may seem high for some borrowers given that the loan is essentially a no-collateral loan for you
- Moniepoint repayment amount and rate can get very expensive for small businesses over time when you use the app for a long time.
Conclusion
Getting a loan for your business is essential and is made very easy by Moniepoint through its merchant loans scheme and individual loans to businesses of small and medium-sized businesses. To get the Moniepoint loan you need to meet all the eligibility requirements for the loans made available by Moniepoint.
