Welcome, in this blog we’ll talk about Moniepoint Loan: How to Borrow Money From Moniepoint App Easily.

Moniepoint is a fintech platform that offers quick access to short term loans through its mobile app. With Moniepoint loans, customers can get funds instantly for various personal and business needs.

This article provides a detailed guide on taking a loan easily using the Moniepoint app. It covers loan features, eligibility criteria, interest rates, fees, documents required, application process and answers frequently asked questions.

About Moniepoint

Moniepoint is a digital lending platform owned by R.J. Michaels Africa Plc. It commenced operations in Nigeria in 2018 and obtained a microfinance banking license in 2021.

Moniepoint offers both personal and business loans from 5,000 to 500,000 Naira via its quick online application process. It also provides flexible repayment tenors and complete transparency on pricing.

As of 2022, Moniepoint had served over 300,000 customers with over 30 billion Naira in loan disbursals. The company is backed by pan-African private equity firm, Investment One Financial Services.

Benefits of Getting a Moniepoint Loan

Here are some major advantages of taking a loan through Moniepoint:

• Quick disbursal upon approval
• Completion via app saves time
• Flexible loan tenures up to 12 months
• No collateral or paperwork needed
• Competitive interest rates
• Prepayment allowed without charges
• Repayment reminders via SMS/email

Loan Eligibility Criteria

To qualify for a loan from Moniepoint, you must fulfil the following eligibility conditions:

• Citizen or resident of Nigeria
• Minimum age of 18 years
• Have a valid means of ID (national ID card, passport etc.)
• Active phone number and email
• Have sufficient repayment capacity for loan
• Positive credit history/first time borrowers welcome

Loan Amount

Moniepoint offers loan amounts from 5,000 Naira to 500,000 Naira. The maximum amount you can qualify for depends on factors like:

• Your credit health and repayment capacity
• Income stability
• Existing debt obligations
• Relationship history with Moniepoint

For first loan, approved amount is likely to be at the lower end. Repeat good borrowers qualify for higher loan amounts.

Loan Tenure

Moniepoint provides flexible loan repayment tenures ranging from 2 months to 12 months. This includes:

• 2 to 3 month loans
• 6 month loans
• 12 month loans

Choose a tenure aligned with your repayment ability for a specific loan amount. Tenures up to 12 month available for larger loan amounts only.

Interest Rates and Processing Fees

Moniepoint levies the following interests and fees:

• Interest rate – 5% to 25% per month, fixed for loan tenure
• Processing fee – 1% or 2% of loan amount one-time
• Late repayment fee – 10% per month
• No prepayment or early settlement fees
• No hidden charges

Interest rate is determined based on your Moniepoint risk grade, loan amount and tenure chosen.

Required Documents

Only basic documentation is required which customers can easily provide. This includes:

• Valid means of ID (national ID card, passport, voters card etc.)
• Residential address proof
• 2 recent passport-sized photographs
• 3 months bank account statement (for salary individuals)

No salary slips, payslips, guarantor or collateral required for qualification.

Step By Step Guide To Getting Moniepoint Loan

Follow these simple steps to get quick access to funds:

1. Install app: Download the Moniepoint app from PlayStore or AppStore
2. Create profile: Register by entering your basic personal details
3. Enter details: Answer questions regarding income, expenses etc.
4. Upload documents: Submit required documents for verification
5. Get pre-qualified: Check amount you pre-qualify for
6. Loan application: Select loan amount & tenure and apply
7. E-sign agreement: Sign loan contract digitally on app
8. Account credit: Get disbursal upon approval into bank account
9. Repay loan: Repay principal & interest in EMIs before due dates

The end-to-end process takes less than 24 hours for disbursals upon loan approval. Existing approved customers enjoy instant disbursals.

Uses Cases For Moniepoint Loans

Some common personal and business financing needs where Moniepoint loans are helpful:

• Debt consolidation – Combine multiple debts into one manageable loan
• Medical bills – Pay hospital charges or purchase medicines
• Higher education – Pay college fees or overseas education expenses
• Travel expenses – Finance vacation or trips home
• Special events – Weddings, naming ceremony or funeral costs
• Home renovation – Repairing or upgrading your residence
• Inventory & supplies – Stock up goods/material for selling
• Asset & vehicle purchase – Invest in equipment, tools, commercial vehicle etc.

Tips To Get Your Moniepoint Loan Approved

Here are top tips to increase chances of loan approval:

• Provide accurate personal and employment information
• Meet minimum specified income criteria based on loan amount sought
• Have credible repayment capacity and stable income
• Provide genuine documentation quickly
• Avoid multiple unsettled loan obligations from other lenders
• Start small for your first loan and build credit history with Moniepoint
• Link active bank account showing regular deposits/transactions
• Keep repayment record consistent by paying EMIs timely

FAQs on Moniepoint Loan: How to Borrow Money From Moniepoint App Easily

Here is answered FAQs about Moniepoint Loan: How to Borrow Money From Moniepoint App Easily.

How fast is loan disbursal after approval?

Moniepoint offers real-time disbursal directly into borrower’s bank account upon loan approval.

What is the maximum loan amount one can get?

For new customers, maximum loan is 100,000 Naira which increases over repeat loans based on credit profile.

Does Moniepoint approve loan for unemployed people?

Moniepoint requires proof of stable monthly income to assess repayment capacity before approving loans.

How soon can I repay my entire loan amount?

Early repayment is allowed without any foreclosure charges. You can prepay part or full amount as per convenience.

Are there any hidden charges or fees?

No. Moniepoint has transparent pricing and does not levy any hidden charges apart from processing fees disclosed upfront.

What if I miss my loan EMI repayment date?

Late payment fee of 10% per month applies in case of repayment delay or default. It also negatively impacts credit score.

Can I apply for multiple Moniepoint loans together?

No, you can have only one active loan from Moniepoint. Previous loan must be fully settled before getting another.

How does Moniepoint verify applicant details?

Information submitted is verified against credit bureau data, bank statements, mobile/utility records and alternative data sources.

Does Moniepoint require Collateral or Guarantor?

No. As an unsecured digital lender, Moniepoint approves loans without need for collateral, guarantees or co-signers.

Can non-residents and foreign citizens apply?

Currently, Moniepoint loan services are only available for Nigerian citizens and official residents of Nigeria.

What Credit Score is needed to get a loan?

No minimum score defined but applicants should have a satisfactory credit profile with no current defaults or excessive debts.

Will my credit rating be impacted?

Yes, the loan will reflect in your credit report with monthly updates. Ensure timely repayments to avoid score drops.

Conclusion

Moniepoint offers borrowers fast access to emergency funds completely online with minimal documentation. It provides loans up to 500,000 Naira with flexible tenures up to 1 year.

Ensure accuracy in application and make timely repayments to maintain positive credit history.

After reading this blog you know about Moniepoint Loan: How to Borrow Money From Moniepoint App Easily. Read more on how to Loan from Opay.