Moniepoint loan: interest rate, how to apply, is it legit - Startuppreneur
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Moniepoint loan: interest rate, how to apply, is it legit

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.

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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

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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

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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

Business loan
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.

Overdraft
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.

Conclusion
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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