In our previous article, we detailed the application processes for Moniepoint working capital loan and how to repay the loan successfully without affecting your credit score. In this article, we'll walk you through everything you need to know about the eligibility requirements to obtain the Moniepoint Business Loan easily in Nigeria.
Briefly, Moniepoint Loan is a working Capital Loan that's aimed at catering for POS Agents and Merchants' business's finances. The loan is a business loan that helps Moniepoint agents and merchants grow. The loan comes with flexible repayments and low interest rates. In addition, the Moniepoint Loan can be obtained without any paperwork and collateral.
However, to qualify for the Moniepoint Business Loan, you must be a business merchant or POS agent using Moniepoint's Business Banking Account. More so, your business account must be fully verified to be able to qualify to submit application for a business loan on the banking app.
To check your qualification and eligibility status, login to your Moniepoint Business Account via Moniepoint's Business Banking App or via ATM.Moniepoint.Com and navigate to "Loan" section. On the "Loan" page, you'll see your eligibility status and how much you can get for the first time.
Once you're qualified on your dashboard, you can easily apply for a Moniepoint Business Loan of up to N1,000,000 without any paperwork or collateral, and the funds will be disbursed into your Moniepoint account within two business days after reviewed by the credit department of the institution.
Moniepoint Loan Requirements and Documents
To qualify for Moniepoint Loan, it's important to meet up with these eligibility criterias and provide these requirements and documents:
1. Moniepoint Business Account
Moniepoint Business Account is one of the most important criteria to qualify for the Working Capital Loan. The Moniepoint Loan is designed for businesses and agents using the Moniepoint Business Banking Account and your eligibility will be determined through your business performance on the Moniepoint dashboard.
So, if you're having the perspective that you'd not need a Moniepoint Business Account to get a Business Loan from the fintech platform, now is the best time to take that off your mind. The Moniepoint Business Banking Account is required for the loan application and fund disbursement, as Moniepoint will not disburse it loan to other bank account in Nigeria or beyond.
Furthermore, it's also important to note that your Moniepoint Account should be fully verified before you submit an application for the Loan. A business account having KYC issues is unlikely to qualify for a Moniepoint loan. KYC compliance is a critical requirement for loan approval, as it helps verify the identity and legitimacy of your business. So, to improve your chances of loan approval, it's important to resolve any KYC-related concerns before applying for the Moniepoint Loan.
2. Must Be A Nigeria National
In addition to the fact that you must be at least 18 years old to qualify a business loan in Nigeria, you must also be a citizen of Nigeria with a valid and legal national means of identification. National means of identification such as National Identification Number (NIN), Voter's Card, Nigerian Passport or Ecowas Passport, and National ID Card are accepted on the Moniepoint platform.
Furthermore, verification of business/company address is also required to qualify for the Moniepoint Business Loan. To verify your business proof of address, you may need to provide any of the following documents;Utility Bill e.g., electricity, water, or waste bill that's issued within the last three months and showing your business name and address; Bank Statement that carries your business account's name and business address, also issued within the last three months; Lease or Tenancy Agreement that clearly states your business address and is signed by both parties or; Government-Issued Address Verification Document such as a certificate of residency or a notarized affidavit confirming the business address.
3. Certificate of Business Registration
To fully verify your Moniepoint Business Account and activate your eligibility status for loan, a registered business name and certificate is needed. Precisely, a Corporate Affairs Commission (CAC) Business Certificate is acceptable on the Moniepoint platform. The CAC certificate shows that your business is formally recognized by the Nigeria government, enhancing your business credibility and trustworthiness.
Furthermore, Certificate of Business Registration helps Moniepoint to access your business loan risk and eligibility. It also makes you qualify for higher loan amount disbursement. In a nutshell, the CAC business name registration certificate is a vital document that enhances the chances of qualifying for Moniepoint's business loan because it reviews the legitimacy and legal standing of your business.
4. Business Ledger valid for Six Months
Moniepoint's Business Ledger refers to your financial record (otherwise known as bank account statement) that shows all your business's transactions over the past six months. This document helps Moniepoint to track your business’s cash flow (both inflow and outflow records), income, expenses, and overall financial health, which are essential for determining your business’s ability to repay a loan.
I must emphasize that maintaining a good credit score is essential for presenting a strong business ledger. However, if you're a Moniepoint POS agent, you need to have a solid financial record or meet specific daily and monthly targets to qualify for the Moniepoint loan on your POS terminal. Make sure that you're not owning any online lending platforms to keep up with good credit score on the credit bureaus that are available in Nigeria.
The Bottom Line
Qualifying and getting approval for your Moniepoint Business Loan Application is a very simple task if you have all the requirements and documents ready. Within two business days of application and approval, the loan amount will be disbursed into your Moniepoint Account.
What do you think about Moniepoint Business/Working Capital Loan? Do you think it’s a good idea to obtain the loan to boost your business, or a bad one? Tell us your thoughts in the comments below.
