In this post I will talk about the MoniePoint loan, so if you need a perfect guide on how to borrow money from Moniepoint app easily then I believe this post is for you. I will also share many other important informations about MoniePoint loan which I believe you will possibly need.
Now, I will move straight to the steps and informations in getting this fast loan as I know you must have probably have known much about MoniePoint since it is a popular banking app in Nigeria so no need for any further explanation about the platform.
Moniepoint loan: How to Borrow Money From Moniepoint App Easily
We are going to analyze how to get the loan in subheadings with each explained to your satisfaction, follow the step-by-step guide to borrowing money from the MoniePoint app:
Step 1: Download and Install the MoniePoint App
Begin by opening your smartphone and heading to the Google Play Store for Android or Apple App Store if you are using iOS device. Then you search for “MoniePoint” and download the app. Once the app is downloaded, install it on your smartphone.
Step 2: Create an Account
Step 3: Verify Your Identity
To ensure the security of your account, you will need to complete a verification process.To that you have to enter your BVN (Bank Verification Number), which is a unique identifier linked to your bank account. Upload a clear image of a government-issued ID card, such as your driver’s license or national ID card. Then, the MoniePoint app may also request additional information for verification purposes.
Step 4: Navigate to the Loan Section
After your account is successfully verified, you can access the main dashboard of the app. Look for the “Loan” or “Borrow Money” section and click on it.
Step 5: Choose Loan Details
In this section, you can select the loan amount you want to borrow and the duration of the loan. Take some time to carefully consider your financial needs and repayment ability before making your selection. After that, click on the “Apply” button once you’ve decided on the loan amount and duration.
Step 6: Complete the Loan Application Form
You will be presented with a loan application form to fill out. Provide accurate and complete information about your employment or business details, income, and expenses to make the process faster. Additionally, you will need to enter your bank account information, including your account number. Also ensure that all the personal details you provide are accurate and up-to-date because it will be verified.
Step 7: Submit Your Application
Double-check the information you’ve provided to ensure accuracy. Once you are satisfied with the application, click the “Submit” button. Your loan application will be sent to the MoniePoint team for review.
Step 8: Application Review and Approval
MoniePoint’s team will review your loan application, including the information you’ve provided and your creditworthiness. If your application is approved, you will receive a notification.
Step 9: Loan Disbursement
After approval, the loan amount will be disbursed directly into the bank account linked to your BVN. Typically, this process takes only a few hours, and you’ll have access to the funds you’ve borrowed.
Qualifications and eligibility requirements for Moniepoint loans
As you have gotten the guide on how to apply for this loan, don’t be in haste to put it into practice. Firstly, let’s check out the criterias that you must meet to get your loan approved. There are two main categories of loan eligibility, they are personal and business loan. Let’s check them out each.
Check out this list of MoniePoint personal loan eligibility criteria:
- Citizen of Nigeria or living in Nigeria with a legitimate form of identification
- At least 18 years old
- Active phone number
- Validated Moniepoint account
- Good and reliable source of income or a business that brings in consistent revenue
- Bank account with one of Nigeria’s reputable institutions
For business loans these are the loan eligibility criteria:
- Business registered with the Nigerian Corporate Affairs Commission (CAC)
- Financially stable and have existed for at least six months
- Bank account with a reputable Nigerian bank
- Favorable credit history as established by Moniepoint’s credit score algorithm
Documents required to apply for a Moniepoint loan
Speaking specifically about the documents required apart from normal loan eligibility, the documents required to apply for a Moniepoint loan vary depending on the type of loan you are applying for just like normal eligibility criteria. However, the following documents are typically required for all loan applications:
For personal loan you will need these documents:
- Valid government-issued ID (e.g., passport, driver’s license, national ID card)
- Bank statement (showing your income or business revenue)
- Phone bill (for verification purposes)
For business loans, you may also need to provide the following documents:
- CAC registration certificate
- Business tax returns
- Audited financial statements
- You can submit your loan application and supporting documents through the Moniepoint website or mobile app.
How to receive your Moniepoint loan funds
Though receiving your Moniepoint loan funds in your account is not too complicated but some people do seek guide on that, so let’s analyze it to help you out with it.
Log In to Your MoniePoint Account
To begin this process, ensure that you have an active and verified MoniePoint account. If you don’t have one, you’ll need to create an account and get approved for a loan first. To do that just follow the guide here:
- Open the MoniePoint app on your smartphone.
- Enter your login credentials, including your username and password, to access your account. This is typically the same information you used during the registration process.
Access the “Loans” Section
After logging in, you’ll find yourself on the app’s dashboard. To receive your loan funds, navigate to the “Loans” section. This is usually represented by an icon or tab labeled “Loans.”
View Your Loan Details
Inside the “Loans” section, locate and tap on the “My Loans” button. This will display a list of your active loans if you have multiple loans with MoniePoint.
Choose the Loan for Fund Withdrawal
From the list of your loans, select the specific loan for which you want to receive the funds.
Tap on the loan to open its details and options.
Initiate Fund Withdrawal
Within the loan details, you’ll find an option labeled “Withdraw Funds.” Tap on this option to proceed.
Specify the Withdrawal Amount and Bank Account
A new screen will appear, prompting you to enter the amount of money you wish to withdraw from your loan.
Additionally, you will need to select the bank account to which you want the funds transferred. Ensure that the bank account details you provide are accurate, as this is where your money will be deposited.
Confirm and Complete the Withdrawal
After entering the withdrawal amount and selecting your bank account, review the information to make sure it’s correct.
If everything looks accurate, tap the “Withdraw” button to confirm the transaction.
Wait for the Funds Transfer
Once you’ve initiated the withdrawal, MoniePoint will process the transaction. Typically, the funds will be transferred to your selected bank account within 24 to 48 hours.
But you have to keep in mind that there may be a small fee associated with withdrawing funds from your MoniePoint account. Be sure to check the app’s terms and conditions or fee schedule for information on any applicable charges.
MoniePoint loan Turnaround time for Moniepoint loans
Though on normal process the loan turnaround time of MoniePoint loan should not be over 24 to 48 hours, but some factors can affect the process in some cases. So let’s check out these factors for better understanding of the MoniePoint Loan.
Factors that can affect turnaround time
- The type of loan you are applying for. Some types of loans, such as personal loans, may be processed more quickly than others, such as business loans.
- Your credit history. Moniepoint considers your credit history when determining your eligibility and interest rate. If you have a good credit history, your loan may be processed more quickly.
- The completeness of your application. Make sure to submit all required documents and complete your application in full. This will help Moniepoint to process your application more quickly.
Repayment terms and conditions for Moniepoint loans
Let’s discuss the repayment process of MoniePoint loans and more insight to the interest rate for better understanding, where main task lies is located paying back the loan not just borrowing it.
- Interest Rates: Starting with interest rate, MoniePoint offers loans with interest rates capped at 10% per annum. This means that the annual interest rate on your loan will not exceed 10% of the loan amount.
- 2. Repayment Period: The repayment period for MoniePoint loans is flexible and can range from 3 to 36 months. This flexibility allows borrowers to choose a duration that suits their financial circumstances and preferences. Shorter repayment periods typically result in higher monthly installments, while longer repayment periods result in lower monthly installments.
- 3. Repayment Options: MoniePoint provides various repayment options to cater to different borrower needs. You can select from the following repayment frequencies:
- Weekly: Repayments are made every week.
- Biweekly: Repayments are made every two weeks.
- Monthly: Repayments are made once a month.
This flexibility allows borrowers to align their repayments with their income schedules, making it easier to manage their finances.
- Early Repayment: MoniePoint allows borrowers to repay their loans early without incurring any penalties. Early repayment can be advantageous as it can reduce the total interest paid over the life of the loan and help borrowers become debt-free sooner.
- Late Repayment Fees: It’s important to note that MoniePoint charges late repayment fees if borrowers do not make their repayments on time. These fees serve as a deterrent to encourage borrowers to make timely payments and adhere to their chosen repayment schedule. The specific late repayment fees may vary based on the terms and conditions outlined in the loan agreement.
Example Repayment Plan: As an illustration, to explain the whole process consider the following example:
- Loan Amount: ₦50,000
- Interest Rate: 8% per annum
- Repayment Period: 12 months
- Repayment Frequency: Monthly
- Monthly Repayment: ₦4,166.67
In this example, a borrower who has taken a ₦50,000 loan with an 8% annual interest rate and a 12-month repayment period will make monthly payments of ₦4,166.67 until the loan is fully repaid.
Accessing Repayment Information
If you want to repay your loan maybe on the due date or just to check it out, you can conveniently access the repayment schedule and make repayments through the MoniePoint mobile app or website.
Always check out and monitor your repayment schedule, this is to ensure timely payments, and keep track of your outstanding loan balance to avoid excess loan fine. Though MoniePoint will always inform you once your loan repayment schedule is due, but it is advisable to check it before time to be financially prepared.
Fees and charges associated with Moniepoint loans
Coming to the fees or charges with will be probably be paid on the process of getting the MoniePoint Loan, I will list all the fees with brief explanation where needed. Check them out before going for the loan to have better information about the loan.
Here are all the fees and charges associated with Moniepoint loans
- Interest: Moniepoint’s interest rates are capped at 10% per annum.
- Late repayment fees: Moniepoint charges late repayment fees if you do not make your repayments on time. The late repayment fee is typically 2% of the outstanding balance per month.
- Processing fees: Moniepoint may charge a small processing fee for each loan application. The processing fee can be around ₦500.
- Withdrawal fees: Moniepoint may charge a small withdrawal fee for withdrawing funds from your Moniepoint account. The withdrawal fee is always around ₦200.
Troubleshooting common Moniepoint loan problems
Wether you have gotten the MoniePoint Loan or still on the process of getting this loan then you encountered a problem we have solutions for you. You can check out below the common problems people encounter on the process of getting this loan and check if yours is listed, but if not contact MoniePoint customer support directly.
I can’t log in to my Moniepoint account
If you can’t log into your account, make sure you are using the correct username and password.
Try resetting your password.
If you are still having trouble logging in, contact Moniepoint customer support for assistance.
I can’t apply for a loan
If you are facing this issue, you have to make sure that you meet all of the eligibility requirements.
Make sure you have submitted all required documents. The Try restarting your device. After all that, if you are still having trouble applying for a loan, contact Moniepoint customer support for assistance.
I can’t receive my loan funds
Make sure you have a valid Moniepoint account and that your loan has been approved. Also, make sure you have entered your bank account details correctly. If possible, also try contacting your bank to see if they have received the loan funds. If you are still having trouble receiving your loan funds, contact Moniepoint customer support for assistance.
I’m having trouble making a repayment
Firstly, you need to make sure you have enough funds in your Moniepoint account to make the repayment. Try restarting your device. If you are still having trouble making a repayment, contact Moniepoint customer support for assistance.
I have a late repayment fee
Make sure you make your repayments on time in the future.
You can contact Moniepoint customer support to see if you can negotiate a reduced late repayment fee, but this has a success probability of 30%.
I believe you have learnt how to borrow money from Moniepoint app easily and all these necessary informations in this post. If you have problems you can drop them in the comments section or better still contact MoniePoint directly if the questions is not among the frequently asked questions below.
Frequently asked questions about MoniePoint loan
Check out these questions which are common among MoniePoint customers in regards to loan approval and process.
Can I get a MoniePoint loan without collateral?
Yes, you can get a MoniePoint loan without collateral. MoniePoint offers a variety of loan products, including working capital loans for businesses, that do not require collateral.
Can I increase my MoniePoint loan limit?
Yes, you may be able to increase your MoniePoint loan limit because MoniePoint considers a number of factors when determining your loan limit, including your credit history, income, and repayment history. So, if you can demonstrate that you are a reliable borrower, MoniePoint may be willing to increase your loan limit.
What happens if I miss a MoniePoint loan payment?
If you miss a MoniePoint loan payment, your loan will go into default. This means that you will start accruing late fees and interest. MoniePoint may also report your loan default to the credit bureaus, which could damage your credit score.