Applying for business loan in Nigeria has never been easy without some hassle paperwork and huge collateral. However, Moniepoint is making this easy and quick like a personalized loans some money loan apps are offering in the country nowadays with its working capital loans.
Moniepoint's Working Capital Loan is a flexible and collateral-free loans that help businesses (most especially the ones that uses the fintech's business banking app) to grow. In other words, any merchant or business owner with Moniepoint business account is liable to a line of credit that’s proportionate to his/her capital or stake in the business.
As a merchant, you can get up to N100,000 minimum for the first time. This Moniepoint Loan is usually a short to medium-term and can range from 7 to 120 days. In some cases, the business loan can be automatically renewed, making it easier for merchants and business owners who use Moniepoint account to access it without collateral.
This facility offers merchants a revolving business loan option, which means they can borrow money repeatedly up to a certain limit. Merchants can use this credit to buy more stock and manage short-term financial needs, like paying bills or covering operating costs especially for it POS agents.
The automatic renewal of the Moniepoint working capital loan also helps address two major challenges: providing access to affordable credit and allowing merchants and POS agents to draw on the funds whenever necessary, giving them flexibility and convenience in managing their business finances.
In this article, we'll walk you through how you can apply and obtain the Moniepoint Loan. We'll also discuss how you can qualify for the loan, it interest rate and repayment schedule. Without much ado, let's dive into the primary reason of this article.
How to Qualify for Moniepoint Loan
To qualify for the Moniepoint Working Capital Loan, you must first have a fully verified Moniepoint Business Account. Like we've explained earlier, Moniepoint will give you access to a line of credit that’s proportionate to your capital or stake in the business. This simply means the amount of credit that'll be available to your business is based on the size of your investment or ownership in the business.
In other words, the more capital or equity you have invested in the business, the larger the line of credit you can access. This ensures that the credit limit is aligned with your business's financial contribution and risk in the company. That's to say, the frequent you use the Moniepoint Business Account, the likely you are to get a larger business loan disbursement.
However, to get a verified Moniepoint Business Account that'll spice your qualifications to get the Moniepoint working capital loan, you'll need to complete your KYC requirement by submitting the follow documents:
- Bank Verification Number (BVN).
- National Identification Number (NIN) or other means of national identity verifications such as voter's card, international passport, national ID card.
- Proof of Address such as Utility Bills that's not more than 3 months old.
- Business Name Certificate of Registration (CAC).
- Business Ledger Valid for Six Months.
Of course, you'll have to be at least 18 year Nigerian old and have a good credit scores to qualify for the Moniepoint Loan. Once all these eligibility requirements are settled, then you're good to go to apply for the Moniepoint Working Capital Loan. To check if you're qualified, login to your Moniepoin Business Account via app or atm.moniepoint.com and confirm your eligibility status in your dashboard to see available Loan offers.
How to Apply for Moniepoint Loan
Getting a Loan from Moniepoint is easy and instant. Once you're qualified, just login to your business account and choose a loan offer that best matches your business needs. Here's how:
- Login to your Moniepoint Business Account via Business Banking App or via atm.moniepoint through Chrome.
- Navigate to "Loan" section and choose an offer that best matches your business needs.
- Choose between the range of amount you can receive and setup your repayment plans.
- Now, click on "Get Loan" to submit the Moniepoint Loan Application.
Once the loan application is submitted, Moniepoint will review your application and pay the money to your account in 1-2 business days. However, do not forget to repay the loan based on the agreed flexible repayment plan, otherwise, you may face legal penalty.
How to Repay Moniepoint Loan
Moniepoint Loan Repayment has been made easy for businesses and merchants. You can automatically repay the loan based on the agreed flexible repayment plan. However, you can also bind your debit card to payback the working capital loan.
The Moniepoint's Automatic Repayment of Loan works in the sense that the loan payments are deducted directly from your Moniepoint's Business Account or linked debit card on a scheduled basis. To activate automatic repayment, you need to authorizes Moniepoint to automatically withdraw the loan payments from your account or through debit card bind.
You can sets up a repayment schedule, often monthly, bi-weekly, or as agreed. On the due date, the repayment amount (including principal and interest) is deducted automatically. However, for this system to work smoothly without interruptions, the you need to ensure you have enough funds in your Moniepoint business account when payments are due to avoid missed payments or penalties such as additional interest.
However, you can repay the loan manually upon the due date but the automatic repayment reduces the risk of missing a payment since it happens automatically. Automatic repayment is commonly used for personalized business loans, and even some other business loans.
Moniepoint Loan Interest Rate
The Moniepoint Business Loan, otherwise known as working capital loan, has a competitive interest rates that encourage and support small and medium-sized businesses. The Moniepoint Loan Interest Rate depends on three major factors; loan amount, repayment schedule, and the applicant’s business transaction history.
The exact interest rate is determined after assessing your business's financial health and repayment capability. In general, we can calculate that the interest rate for Moniepoint's loan ranges from 2.5% to 10%, while for personal loans, the rate falls between 5% and 20%.
Moniepoint Loan FAQs
Does Moniepoint have a Loan Calculator?
No, Moniepoint does not have a Loan Calculator. Borrowers can get the estimated amount that can be disbursed into their account for the first based on their credit history and document submitted to obtain the loan.
What is Moniepoint Loan Code?
Many Moniepoint users are hoping that the fintech can allow them to access its loan services via its dedicated *5573# USSD code.But unfortunately, Moniepoint does not have a specific USSD loan code for applying directly via mobile. You can typically access/obtain the Moniepoint Loan through it mobile banking business app.
What are the Moniepoint Loan Requirements?
First of all, you must be at least 18 years old. You must also be a national of Nigeria with a valid national identification card such as NIN, and a bank verification number BVN. Additionally, you need to meet several key requirements, including having a registered business (for business loans), an active bank account, good credit history, and KYC documents like a valid ID and proof of address.
More so, proof of consistent income or revenue is required, and in some cases, being a Moniepoint agent or merchant may be necessary. Requirements may vary depending on the type and size of the loan.
What are the limits for Moniepoint Loan?
Moniepoint loan limits vary depending on the type of loan and your credit history since you've been using the app. For personalized loans on the Moniepoint personal banking app, the limits typically depend on your transaction inflow and creditworthiness.
For small business loans/working capital loans, they're typically based on your business's revenue, financial stability, and repayment capacity. However, it's also important to know that specific loan limits are determined on a case-by-case basis.
