A Loan calculator is a lending tool that helps lenders and borrowers to determine total amount of money be disbursed, percentage of the loan that the lender will be charged as interest, length of time over which the loan is to be repaid, and how often payments is to be made.
All these factors are the functions of loan calculators. They help to determine monthly interest, total interest paid and total repayment of a loan.
In other words, loan calculators help indicate different loan terms and conditions and their interest rates, making it easy for individuals and businesses to plan and budget their repayment schedules well before borrowing.
- A Loan Calculator is a lending tool or software that helps determine loan terms, requirements and repayment schedules.
- Currently, Moniepoint does not have a loan calculator. However, there are other ways to know your loan limit on the fintech platform.
- Moniepoint’s loan requirements, KYC level of business account and business transaction history help to determine the loan limits to be disbursed.
Moniepoint Loan Calculator
Moniepoint loan calculator is yet to be launched. We are all looking forward to the day the fintech company will announced it loan calculator.
However, while waiting, you can simply explore other options to determine the amount you can get for the first time, how much you’re to pay back and when you’ll be required to repay it.
Here are factors that determine Moniepoint Loan Limits:
- KYC Level of Business Account
- Business Transaction History
- Credit Score
- Outstanding Loans
Moniepoint offer five levels of KYC for business accounts and each of the levels have transactions limitations which also affect loans.
It’s important to understand that your level of KYC determines the limit of loan you will get. For instance, a business owner that have fully verified his business account (KYC Level 5) stands a chance of getting up to N500,000 for the first time.
The volume monthly transactions your business carry out also helps determine how much you will get for the first time of applying for Moniepoint working capital loan.
Good credit score also participates to what determines Moniepoint loan limits. If you have a bad credit score, you may not be offered a loan on any lending platform. Here’s how you can check your credit score in Nigeria.
It’s also important to know that if you’re having ongoing loans, outstanding loans or defaulting loans on other lending platforms, your chance of getting a working capital loan from Moniepoint is very low.
In a nutshell, while Moniepoint does not currently has a loan calculator, KYC level, transaction history, credit score and loan histories from other lenders help calculates loan limits on the platform.
