Moniepoint Loan: How to Apply Without Collateral

Moniepoint Loan: How to Apply Without Collateral

In Nigeria, Moniepoint loan is one of the easy-to-access loans. Moniepoint gives out loans for either personal or business reasons. If you need loans, we suggest and encourage you to give Moniepoint a try today.

So many people have been asking numerous questions about Moniepoint loans. Therefore, I have taken a lot of time to find out what is needed and how to apply for Moniepoint loans in this article.

In this article, you will be exposed to everything about Moniepoint loans and how to easily apply for and access it. Also, in this article, all frequently asked questions will be addressed and answered.

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Moniepoint background

As you know there are many Microfinance banks in Nigeria. Moniepoint is one of them and one of the most popular Microfinance banks in Nigeria and is also one of the best out there.

Over the last decade, since it began operation, it has proven and lived up to expectations. By safeguarding proper and efficient banking systems for individuals, businesses, and even corporate bodies Moniepoint has contributed to and served Nigerians. 

There are different services rendered by Moniepoint which means it is not limited to old-style banking. It includes digital and mobile banking through its mobile app.

You don’t need to visit the physical bank before you can have access to their services. Using just your smartphone connected to the internet, you can access Moniepoint services anywhere and anytime. 

How Does Moniepoint Work?

Just like any other Microfinance bank, Moniepoint works in similar ways but has its own unique features. 

In the same way that you perform financial transactions in commercial banks, you can also perform the same at Moniepoint. With little to no stress at all you can borrow personal and business loans from Moniepoint.

What are the services rendered by Moniepoint?

There are different kinds of services and products rendered by Moniepoint. Well, there are numerous but the commonest ones are listed below;

  1. Payment of bills 
  2. Sending money
  3. Receiving money
  4. Settlement of debts
  5. POS services 
  6. Recharging of lines
  7. Making transfers
  8. Giving loans

As listed, these are the common services and products available to moniepoint. In this article we will focus specifically on Moniepoint loan.

Moniepoint Loan 

Moniepoint does not require any paperwork or collateral to give out loans. With a mobile phone and access to the internet, you can easily apply for and receive loans, unlike old-style financial institutions that have stringent conditions and requirements and a lot of bureaucracies. 

 You can get short-term loans with flexible payback options and thankfully, low-interest rates, devoid of embarrassment and hidden fees. It is ideal for small and medium-scale enterprises. 

To apply for Moniepoint loan, all that is required is a registered phone number, a valid account, and a valid means of identification. By using the Moniepoint website or mobile app you can apply for loans. This app provides businesses with access to banking services (all-one-app). You can send and receive money, pay bills, and do much more. The Moniepoint app is available on Google Play Store.

Eligibility for Moniepoint Loan

Essentially, you have to make sure you are eligible for a loan before applying as your eligibility is a major consideration before approving and granting loan requests.

The criteria for eligibility for securing Moniepoint loan are listed below;

  1. You must be a citizen of Nigeria or be living in Nigeria with a legitimate form of identification such as a Voter’s card, Passport, or National ID card.
  2. You must not be less than 18 years old
  3. You must have an active phone number
  4. You must ensure that you have a validated Moniepoint account.
  5. You must have a good and reliable source of income or a business that brings in consistent income.
  6. Must have a bank account with one of Nigeria’s reputable institutions.
  7. You must have a solid credit history. This is determined by the credit score algorithm used by Moniepoint.

Criteria for Eligibility for Small Enterprises

In order to secure a business loan from Moniepoint to fund your business or expand it you will have to meet and provide the following;

  1. You must have registered your business with the Nigerian Corporate Affairs (CAC).
  2. The registered business (Company) must be financially stable and must have existed for at least six (6) months.
  3. Your business or company needs a bank account with a reputable Nigerian bank.
  4. The company’s credit history as determined by Moniepoint credit score algorithm.

How to Apply for a Moniepoint Loan

After making sure of your eligibility for a Moniepoint loan, the steps below should guide you on how to apply;

Applying for Moniepoint loan through the mobile app requires you to download the app from Google Play Store. 

Steps to downloading the app are as follows;

  1. Go to Google Play Store
  2. Search for Moniepoint app in the search bar
  3. Tap on ‘’Install’’ to download the app

Once downloaded and installed you can now proceed as follows:

  1. Create a Moniepoint Account

Another important requirement for getting Moniepoint loan is a validated Moniepoint account. Creating Moniepoint account is very easy, you can create an account by supplying your personal information (e.g., name, email address, phone number, and creating a unique password).

  1. Request for a Loan

After the creation of your account click on the ‘’loan’’ area. Enter or choose the amount you need from the available credit limit. Again, you can choose your repayment plan from the provided options.

Additionally, you will also need to complete a form with the required details.

  1. Submit Your Application

Once you have filled out the application form, cross-checked and are satisfied with it you can now submit the application to be assessed by the management team through the use of edge-cutting technologies.

  1. Get Approved and Paid

Once you are qualified and all the right boxes are ticked, your application will be approved and the requested money will be sent to your bank account within a few minutes of approval. One of the uniqueness of Moniepoint loans is fast disbursement. 

Read also: 10 Best Loan Apps In Nigeria Without BVN

Moniepoint Loan Interest Rates

 The interest rate of Moniepoint loans is dependent on three things which are;

  1. The amount borrowed 
  2. The credit score of the applicant
  3. The repayment plan chosen.

You can determine the interest rate based on these factors listed. Generally, Moniepoint interest rate for personal loans is between 5% and 20%, and for small business, loans is between 2.5% and 10%.

Get Moniepoint Loan Today

Moniepoint, is a fintech company that offers tons of services and products. Unlike traditional financial institutions, Moniepoint does not require any paperwork or collateral to give out loans. With a mobile phone and access to the internet, you can easily apply for and receive loans.

Your account is credited within a few minutes of loan application approval. The loans are easy to access with flexible repayment options for you to choose from. The interest rates are loan amount dependent without any form of embarrassment. Get Moniepoint loan today for your personal needs or to fund and expand your business.

Frequently Asked Questions About MoniePoint Loan

How can I borrow money from Moniepoint?

You can easily borrow money from Moniepoint using their official website or through the mobile app.

What is the interest rate for Moniepoint?

For personal loans, the interest rates for Moniepoint range from 5% to 20% while for small enterprises, it ranges from 2.5% to 10%, and for merchants it is 0.3% daily or 0.0125% per hour.

Who owns Moniepoint?

Tosin Eniolorunda is the CEO of Moniepoint which is a top fintech company in Nigeria established in 2019. It is owned and powered by Moniepoint MFB Limited, a Microfinance Bank in Nigeria fully licensed by the Central Bank of Nigeria (CBN).

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