Getting a Loan from Moniepoint is a easy as ABC once you meet the requirements and you're eligible. However, there's something you need to know before you proceed with Loan application; Moniepoint only offers working capital Loan to business owners and agents.
What is Moniepoint Working Capital Loan? The Moniepoint's Working Capital Loan is an easy-to-access, flexible and collateral-free loans designed for small and medium-sized enterprises (SMEs). This service aims to support businesses, especially Moniepoint agents and merchants, in managing their cash flow needs, allowing them to restock inventory, scale operations, and enhance their overall growth potential.
Moniepoint's Working Capital Loans are particularly significant in the context of the African business landscape, where access to finance is a major hurdle for many SMEs. By providing these loans, Moniepoint aims to empower businesses to overcome cash flow challenges, thereby facilitating growth and operational stability. The product has already seen widespread adoption among various business types, including supermarkets, POS agents and fuel stations, with reports of zero defaults to date.
Requirement to submit the Loan application
To submit the Moniepoint Loan Application, you must be 18 years old and have a well-running Moniepoint business account. You must also have a good credit history on the account. However, do note that the Moniepoint business account must be fully verified with your business details such as CAC certificate and other business requirements. Here's how to register your business with CAC on the Moniepoint Business Banking App.
In addition to the Moniepoint Loan Application requirements, your businesses may need to meet specific transaction thresholds to qualify for the Loan. Meanwhile, do note that Moniepoint require these requirements and documents to ensure and effectively assess your risk and eligibility status. It's also a means of streamlining the loan application process while maintaining financial integrity.
Submitting the Moniepoint Loan Application
To submit a Moniepoint loan application, you need to first check your "Eligibility." To do that, login to your Moniepoint business account and navigate to your dashboard to confirm your eligibility for a loan. This will display the loan offers available to you based on your transaction history and creditworthiness.
Next, you'll have to choose a loan offer. You can browse through the available loan options and select the one that best suits your business needs. You'll see loan amount and details of the loan such as interest rate, loan duration, the amount you're expected to pay back and means of repayment. However, you can adjust the loan amount to your prefer amount.
Once you've chosen your prefer Loan offer, review the Loan terms and carefully read the conditions, including interest rates and repayment plans. If you don't like the the Loan terms and conditions, then back off and look for other loan option from other legit online loan apps.
However, after you reviewed the Loan terms and conditions and you're satisfied with it, then submit your Loan application and wait for approval. Moniepoint will review your Loan application and you can expect a response within 24 to 72 hours. If approved, the loan amount will be disbursed into your Moniepoint account within 1 to 2 business days. However, if things go south, Moniepoint will state reasons for the disapproval.
Meanwhile, always keep in mind that the Loan Repayments will be automatically deducted from your Moniepoint account based on the agreed repayment plan. Lastly, by following these steps, you can efficiently apply for a Moniepoint loan without the need for collateral or extensive paperwork