Moniepoint is payment processing company that give loan to people in Nigeria, with moniepoint loan you can obtain up to #5,000,000 for your business and up to #500,000 as an individual. Their loan is very fast, within hours of submitting application your loan will be disburse. If it is business loan you might have to go to their location.
What is moniepoint
Moniepoint is a payment processing company in Nigeria, they help business accept payment from any where in Nigeria and they also offer POS service.
Requirement to obtain loan from moniepoint loan
You need to meet up with some requirement before you can obtain loan from moniepoint. These requirements are
Be a Nigeria and reside in Nigeria
Have bank account and BVN
Have good source of income
You must not have defaulted on any loan before
Have smart phone with which to submit application on line
How to obtain moniepoint loan in Nigeria
The first step to obtain moniepoint loan is to head over to their website
Click on open account
There you will be ask to submit your bvn, name and other details
After the registration you will be login to your dashboard where you can request for loan
On your dashboard click on loan
There you will see amount of loan you are eligible to obtain
Once your application is approve your loan will be disburse
If what you request for is business loan they might ask you to come to their company
Types of Moniepoint loan
Moniepoint loan offer two types of loan and they are
This koan is targeted at business , in this type of loan you can obtain up to #5m loan, but it need collateral and you might need to go to their location.
This is a short term loan targeted at individual. Here you don’t need collateral to obtain this loan but it is small between #50,000 to #500,000, you don’t need to go to any location before you will obtain the loan but you must have good credit score.
Moniepoint loan interest rate and repayment period
Their overdraft interest rate is between 2% to 5% depending on the amount of loan obtain while the repayment period can be as long as 6 month.
How to pay back your Moniepoint loan
To pay back your loan head over to your dashboard
Locate and click on loan repayment
There you will see option to pay back with your ATM card
Click it and payback your loan
Once you make payment, it will reflect on your dashboard
What will happen if I default
If you default you will be punish by increase in loan repayment and if you decided not to pay back at all, your name and bvn will be forwarded to credit bureau which means you will not be able to take loan any where in Nigeria until you settle your debt.
Is moniepoint loan legit
Yes, it is legit, there are many people who have receive loan from Moniepoint. It is license by CBN and insure by NDIC
Our verdict on Moniepoint loan
Moniepoint loan is a microfinance bank they will surely give you loan if you meet their requirement so you have nothing to worry about.
Though Moniepoint give out instant loan in Nigeria, I will advice you to take loan that you know you can pay back to avoid embarrassment.
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