MoniePoint Loan: How To Borrow Money From MoniePoint App Easily
Are you a Moniepoint customer and need a loan? Here is a complete guide on how to borrow money from the Moniepoint app easily.
Moniepoint is the easiest, fastest, most straightforward money management app you can use in the app store.
You can send, receive, purchase, and maintain your account and transactions on this app.
It also gives you the option to borrow money as well as track your income expenses and budgets.
As this app is comprehensive and easy to use, it is important to learn “how to borrow money from moniepoint app easily” if you do not know how to do it.
In this guide, we will teach you how you can get a loan easily and, the requirements and repayment of Moniepoint loan.
About Moniepoint?
Before you get a loan with Moniepoint, you need to have a Moniepoint account.
Opening an account on Moniepoint can be done online in minutes.
You do not have to queue in a banking hall to open a Moniepoint business account for your company.
Opening an account on the app for your business is undoubtedly one of the wisest decisions you can make for your company.
This is because opening a business account with Moniepoint provides you access to the required resources to develop your business.
When you open a Moniepoint account, you get access to
- 24-hour business banking support
- Open a free account online
- Instant notifications
- Get verified within some minutes
- Total control over your account
- No hidden fees
Requirements for Opening an Account With Moniepoint
The following are the requirements for opening an account on Moniepoint:
- Your BVN
- An active phone number
- National Identification Number, NIN
- An email address you can efficiently access
- A utility bill to ascertain your address
- Residence or Work Permit for foreigners
- A valid Government ID, for example, an International Passport, Driver’s License, and Permanent Voter’s Card
What is a MoniePoint Loan?
MoniePoint provides loan services to its customers through its Moniepoint app as well Moniepoint loan platform.
The Moniepoint loan platform is an online lending platform that provides short-term loans to individuals and small businesses in Nigeria.
The MoniePoint offers loan amounts ranging from N2,500 to N500,000 to qualified individuals and small businesses in Nigeria.
However, the loan amount you can borrow depends on factors, such as your credit score, repayment history, and income level.
However, Moniepoint uses a proprietary credit scoring system to determine loan applications, the loan amount, and the interest rate that you qualify for.
This simply means that the amount of loan you get depends on your credit history and your source of income.
You are more likely to qualify for a higher loan amount if your credit and source of income are good.
How To Borrow Money From MoniePoint App Easily: Requirements
Before we show you how to borrow money from moneipoint app easily, you need to meet some requirements.
Some general eligibility requirements include:
- Be a Nigerian citizen or resident.
- Be at least 18 years of age.
- Have a valid Bank Verification Number (BVN).
- Have a valid means of identification such government-issued ID card like a driver’s license, national ID card, or international passport.
- Also, have an active bank account linked to your BVN.
- In addition, have a steady source of income or proof of business income
However, moniepoint requires you have to have the following before you will be eligible for a Moniepoint Loan,
- Moniepoint Account:
You must have an active Moniepoint account to borrow money from Moniepoint.
If you don’t have one, we will show you how to open an account on the Moniepoint app below by providing the necessary information and completing the registration process.
Valid Identification:
As said earlier, a valid means of identification is as important as your name when you want to borrow one.
As such, You will be required to provide a valid means of identification which might be a national identity card, international passport, or driver’s license to verify your identity
Age Requirement:
Another requirement on how to borrow money from Moniepoint app easily is that you must be at least 18 years old to be eligible.
This is to ensure that you are a legal adult who is legally capable of entering into a loan agreement.
Transaction History:
Also, Your transaction history on the Moniepoint app is needed as it will be considered during the loan application process. A positive transaction history can increase your chances of being approved for a loan.
KYC Verification:
You may also need to complete a Know Your Customer (KYC) verification process which involves providing additional personal and financial information to confirm your identity and assess your creditworthiness.
Having discussed the requirements needed to get a Moniepoint loan, we will discuss how to open a Moniepoint account just in case you don’t have one.
How to Open an Account With Moniepoint
Before you get a loan on Moniepoint, you need to be an account holder
You can open your Moniepoint account online with these straightforward steps.
- Go to the official Moniepoint bank page and click on Open an account
- Key in your email address and phone number and click on Next
- You’ll obtain an OTP after some seconds
- Type it in to confirm your phone number
- Type in your BVN and date of birth
- Create a username
This is the name your clients would see; therefore, remember to decide on something easy to remember
- Choose a password for your account
Note: Remember not to utilize any private information like your name or birthday
- Input your BVN and KYC details and start face & ID verification
- Lastly, select a transaction PIN with any four numbers of your choice
After completing these steps, your Moniepoint business account is ready to use.
How to Borrow Money From Moniepoint App Easily: Step-by-Step Process
Now that you have opened an account, here is how to borrow money from Moniepoint app easily.
- Open Moniepoint app
- Navigate to the loan section
- Select the loan amount
- Select the duration you want to borrow
- Click on “Apply.”
- Provide the required information as shown on the screen. Ensure to provide updated and relevant answers.
- Submit your loan application and await approval.
However, it may take some hours for the MoniePoint team to review and process your application.
If your loan is approved, the money will be disbursed into your bank account linked to your BVN within a few hours.
How To Repay Moniepoint Loan
One of the things that affect credit score is having unpaid loans.
To maintain a good credit score, you have to pay back your loan as and when due.
If you fail to repay your loan on time, it can result in additional fees and charges including late payment fees and default charges.
To repay your MoniePoint loan, you can follow these simple steps:
- Log in to the MoniePoint app
- Navigate to the “Loan” section
- Select the loan you want to repay.
- Click on the “Repay Loan” button
- Select your preferred payment method
- Then Follow the on-screen instructions to complete your payment.
Conclusion on How to Borrow Money From Moniepoint App Easily
To borrow money from Moniepoint, you need to be a registered user on the platform
If you don’t have an account, you have to create an account using the steps provided in this guide.
Ensure to complete the registration process and give accurate and updated answers not leaving out the KYC verification.
You can then go ahead to ask for a loan from Moniepoint following the steps in this guide.
However, you have to pay back your loan on time as failure to do so will not only attract fines but will also affect your credit score and your BVN will be blacklisted.
Meanwhile, don’t forget to consider the interest and repayment options before taking a loan
We hope this article on How to Borrow Money From Moniepoint App Easily is helpful.
Frequently Asked Questions On How To Borrow Money From MoniePoint App Easily
Is MoniePoint Legit?
Moniepoint is the easiest, fastest, most straightforward money management app you can use in the app store that is approved by CBN and insured by NDIC.
You can send, receive, purchase, and maintain your account and transactions on this app.
It also gives you the option to borrow money as well as track your income expenses and budgets.
What is the maximum loan amount you can borrow on MoniePoint?
The maximum loan amount you can borrow on MoniePoint is N500,000
However, the actual loan amount you can borrow depends on your credit score, repayment history, and income level.
What is the loan repayment period on MoniePoint?
The loan repayment period on MoniePoint ranges from 14 to 180 days, depending on the loan amount and duration you select.
How do I repay my MoniePoint loan?
You can repay your MoniePoint loan by following the steps provided in this guide.
through several payment channels, including the MoniePoint app, bank transfer, or using your ATM card.
To repay your loan, log in to the MoniePoint app, navigate to the “Loan” section, select the loan you want to repay, and follow the on-screen instructions to complete your payment.
What happens if I default on my MoniePoint loan?
If you default on your MoniePoint loan, you may be charged additional fees and penalties, and your credit score may be negatively impacted.
Therefore, it is important to carefully consider your financial situation and ability to repay before taking out a MoniePoint loan or any other type of loan.
How long does it take to get a loan on MoniePoint?
MoniePoint loan processing and disbursement are usually fast, and you can get your loan disbursed within a few hours of submitting your loan application, provided your application is approved and all required documentation is provided.
