Moniepoint Loan: How To Borrow Money From Moniepoint App Easily

Without the right information, one could spend unnecessary hours trying to get a loan even when the required documents are available. Getting a Moniepoint loan can seem this way if one is not properly guided on how to go about it. This article would be centered on guiding you on the appropriate steps to take before acquiring a Moniepoint loan. Well, before getting a loan, there are some things you may need to get handy. Let’s begin with the requirements on how to borrow money from the Moniepoint app easily. After that, you would read the steps to request a Moniepoint loan. Let’s get started.

Requirements On How To Borrow Money From Moniepoint App Easily

Before you log on to the Moniepoint app to borrow a loan, some criteria should be met. These criteria make you eligible to apply for the loan and help speed up the entire application process. That being emphasized, to request a Moniepoint loan, here are the requirements you’ll need to meet:

1. You Must Be A Nigerian Citizen:

The first requirement you’ll need to meet to borrow money from moniepoint app is to be a citizen of Nigeria. What this entails is that you have all valid documents that support the fact that you are a Nigerian citizen. Your National Identification Number, Driver’s license, and Voter’s Card are just some of the needed documents required in this area.

2. You Must Be Over 18 Years:

Being over 18 years shows that you’re an adult. This means that you are full of age and that you are aware of the decisions you take. If you’re not up to 18 years, your loan application would not be granted and as such lose out on the loan.

3. You Must Have A Moniepoint Account:

To get a loan on Moniepoint, you’ll need to have a Moniepoint account. It makes no sense to borrow money on Moniepoint without being a Moniepoint account holder. So, if you do not have an account on Moniepoint already, read articles on how to open a Moniepoint account without stress. No doubt, this would increase your chances of getting a loan.

4. You Must Have A Source Of Income:

It makes no sense requesting for a Moniepoint loan or read about how to borrow money from Moniepoint easily without having the means to pay it back. So, having a source of income is important to borrowing money on Moniepoint. Failure to pay back the loan would come with consequences. You don’t want that.

5. You Must Have A Good Credit Score

A credit score helps banks know the kind of customer you are. A bad credit score lower your chances of getting a loan while an excellent credit score increases your chances of getting a loan. This is one of the requirements you should meet.

So far in this article, we’ve discussed the requirements on how to borrow money from moniepoint app easily. The next subheading would be on the step-by-step tutorial on how to get a Moniepoint loan. Let’s check it out!

READ ALSO: How to Become Moniepoint Aggregator and Moniepoint Agent

How To Borrow Money From Moniepoint App Easily

In this section, you’ll be reading detailed steps on how to obtain a Moniepoint loan without stress. Without waiting further, let’s delve into it:

Step 1. Log Into Your Moniepoint Account

Get your mobile phone and log into your Moniepoint account. If you do not have an account yet on Moniepoint, you can always install the app from your play store. After that, you can create an account to begin.

Step 2. Tap On “Loan”

When you’ve successfully logged in, you’ll need to tap on the “loan” tab on the app. Without you clicking on that, you’ll be unable to access loans available to you.

Step 3. Choose Your Choice

After clicking on “Loans”, some options would be made available to you on how much you need. Click on the amount you need and continue. Then, choose your repayment plan and proceed to submit your details.

Step 4. Fill Out The Form

You’ll be asked to fill in a form. In that form, all the documents that were mentioned in the requirements section above would be asked. So, have them handy and submit them in the required section. After that, click on submit.

Step 5. Wait For Approval

One good thing about the Moniepoint loan is that it is quick. You don’t need to wait for days before you get approved for a loan. In just a few minutes, you could get your request approved and get your account funded. Isn’t that great?

FAQ

How do I borrow from Moniepoint?

To borrow from Moniepoint, first, you need to have all the required documents available. Documents such as National Identification Number (NIN), Bank Verification Number(BVN), evidence of utility bills, etc. Then, proceed to the app and tap on “Loans”. After that, choose the amount you wish to borrow and then, fill in the required information about yourself. When you’re done, tap “Submit”.

What is the interest rate of a Moniepoint loan?

The interest rate of the Moniepoint loan is always at the rate of 0.3% daily. That is for the Moniepoint Merchant Loan. The interest rate may increase if you fail to pay your debt at the stipulated time.

Does Moniepoint lend money?

Yes, Moniepoint lends money. Moniepoint helps users with loans to build and expand their businesses. To be eligible, you need to have details available such as your Bank Verification Number (BVN), means of identification, utility bills, and others.

How much does Moniepoint charge for N20,000?

For N20,000, Moniepoint charges only 0.5%.

How much is the daily target for Moniepoint?

The daily target is N70,000 for Moniepoint agents.

Conclusion

One obvious factor that comes to play when getting loans is that when you have the required documents handy, you get approved quickly. That’s also the case with Moniepoint. Once all the requirements have been met, you would get approved in just minutes. In the case of Moniepoint, the key to getting loans is to meet all the requirements.