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It is confusing when Moniepoint personal banking users access their mobile banking apps to check if they are eligible for loans, but to their shock, the loan option is not available, even though Moniepoint keeps saying it offers loans to its customers.
This is what brings about the question: Does Moniepoint offer loan products? Well, Moniepoint does offer loans, but the company is only providing “working capital,” also known as a business loan.
This business loan is only offered to merchants and POS agents using the Moniepoint platform. The purpose of the loan is to provide business owners with funds for expansion, inventory, and day-to-day operational needs. Once your business is eligible for the loan, the disbursement is as quick as a flash.
In addition, Moniepoint business loans require no collateral, and repayment is often flexible because repayments are tied to business sales. Repayment can be made through the Moniepoint business banking app or via the Moniepoint POS.
This is why your business must actively use Moniepoint platforms for day-to-day transactions to boost eligibility. Once you are eligible, Moniepoint can offer you a loan ranging from ₦1 million upward, depending on your business activity. The interest rate is very competitive, usually around 20% to 40% annually.
How to Apply for a Moniepoint Business Loan
To apply for a Moniepoint business loan, you first need to check your eligibility status. To do this, log in to your Moniepoint business dashboard or app to view available offers. Once you are eligible, you will see the loan options you can choose from. Select the loan that best fits your needs.
The loan request will be submitted for approval, and once approved, the money is disbursed quickly to your Moniepoint account within 1 to 2 days. In essence, Moniepoint uses your transaction history to offer tailored loans that help your business grow without extensive paperwork.
In a Nutshell
Yes, Moniepoint offers loan products, but they are mainly for business owners. Loans for personal banking users are currently not available on Moniepoint. The fintech company does not offer loans in the traditional way most people expect from a bank.
Only verified merchants and POS agents with stable transaction history, business activity, and repayment ability automatically qualify for business loans. Ultimately, Moniepoint’s lending service aims to support small business growth by helping entrepreneurs access the capital they need when they meet the platform’s requirements and scoring assessments.
