Moniepoint, a leading financial technology company, offers loans to individuals and businesses, providing access to credit for various needs.
For you to qualify for Moniepoint Loan you will have to be a Moniepoint customer by following basic requirements and login to moniepoint app and using moniepoint loan calculator to boost your financial status.
In this article we will be talking about how to qualify for Moniepoint Loan; eligibility criteria, application process, required documents and it it also important to know that moniepoint offers various loan options and tips to increase approval chances.
By qualifying for a Moniepoint Loan, individuals and businesses can unlock various financial benefits, achieve personal and professional goals and enjoy convenience, security and long term advantages. As a merchant, you can get up to 100,000 minimum for the first time. To qualify for a Moniepoint loan, follow these steps:
Eligibility Criteria
However, to get a verified Moniepoint Business Account that'll enable you to qualify, you will need to complete your KYC requirement.
KYC Requirements
- BVN
- NIN ( National Identity Number) as well as a voters card
- Proof of Address ( Certificate of Origin)
- CAC ( Certificate of Corporation) if it's for a business, it will be required for your business to be registered under CAC under the Corporate Affairs Commission.
- Business Ledger valid for six months.
For eligibility requirements , you will have to be above 18 years of age as a Nigerian to get qualification and of course have a good credit scores and credit profile.
To check if you are qualified, login to moniepoint business account from your app or go through the Website and get to know you y qualified from your dashboard.
Note before applying, ensure you meet the following Requirements
- Residency (Nigerian citizen or resident)
- Stable income source (employment, business, or investments).
- Good credit score as mentioned earlier.
- Comprehensive business plan (for business loans).
Application Process
To apply for a Moniepoint loan:
1. Register: Create an account on Moniepoint's website or mobile app. Registration on moniepoint website or app has given you a gateway to accessibility to loan
How to get access to loans
- Confirm your eligibility, remember to go through your dashboard.
- Choose an offer
- Receive the money
- Then you're done.
2. Fill Application Form: Provide personal and business information.
3. Upload and Submit Necessary Documents like ID, proof of income, business registration, etc.
4. Verify Account: Confirm account details and verify identity.
5. Submit Application: Review and submit your application. Then you are good to go
Required Documents
Ensure you have the following documents ready:
1. Valid ID (National ID, Driver's License, or Passport and a valid voters card).
2. Proof of Income (pay slips, bank statements, utility receipt, NEPA bill of 3 months old or tax returns).
3. Business Registration (CAC documents, business license, etc.).
4. Bank Statement (recent 3-6 months).
5. Credit Reports (optional, but highly recommended).
Loan Options and Terms
Moniepoint offers various loan options:
1. Personal Loans: Up to ₦500,000, 3-12 months tenure.
2. Business Loans: Up to ₦5,000,000, 3-24 months tenure.
3. Mortgage Loans: Up to ₦50,000,000, 12-60 months tenure.
Interest Rates and Fees
Moniepoint's interest rates and fees vary and dependant:
1. Interest Rate: 10% - 25% per annum.
2. Processing Fee: 1% - 2% of loan amount.
3. Late Payment Fee: 1% - 2% of outstanding amount.
Tips to Increase Approval Chances
1. : Frequently check and improve your credit score.
2. Ensure to provide accurate information.
3. Show consistent and stable income sources.
4. Have a well develop and comprehensive realistic business plan.
5. Consider providing collateral especially for secured loans.
After qualifications, as a merchant, you can get up to 100,000 minimum for the first time.
Conclusion
Qualifying for a Moniepoint loan requires careful preparation and attention to detail. By meeting the eligibility criteria, following the application process, and providing required documents, you can increase your chances of approval. You can determine the interest rate based on these factors highlighted on how to qualify.
Visit Moniepoint app or website to get a loan. Enjoy a reliable, safe, convenient, and swift personal banking experience with Moniepoint today.
FAQs
Q: What is the minimum loan amount?
A: As a merchant, you can get a minimum of 50,000- 100,000 after your qualification.
Q: Can I apply for multiple loans?
A: Yes, if you are subjected to eligibility.
Q: How long does the application process take?
A: It takes about 24-48 hours.
Q: What happens if I default on payments?
A: Please endeavor to contact Moniepoint's customer support to discuss repayment options as on plan