How to Borrow Money from Moniepoint App in Nigeria | A Step-by-Step Guide

With the advent of FinTech, borrowing money has become easier, and Moniepoint is one of the most front-facing in this regard here in Nigeria. If you’re pondering how to borrow money from Moniepoint, this is the right place.

Many people ask, “Can I borrow money from Moniepoint?” The answer is yes. Moniepoint has streamlined its services to make borrowing money easy.

Knowing exactly how to borrow money from the Moniepoint App could be just what you need, either to cover an unexpected expense or perhaps because you need some extra cash to get you through the end of the month.

How can I borrow money from Moniepoint? This article explains it in detail. This guide will walk you through each step to process the request so extra funds can be accessed right when you need them. We will also discuss any code to borrow money from Moniepoint and how you can manage the process online.

By the end of this post, you will clearly understand how to borrow money from Moniepoint online, thus arming you with the proper tips to exploit this great financial service. So let’s dive in!

Overview About MoniePoint

MoniePoint is the leading digital financial services platform in Nigeria. It offers customers a wide spectrum of financial solutions.

As a product of Moniepoint Limited, duly licensed by the Central Bank of Nigeria, MoniePoint offers mobile money services to address financial needs.

These range from mobile money transfers and bill payments to airtime recharge, loan, and cash withdrawal services, to mention but a few.

MoniePoint dispenses its services through a large network of agents and partners across Nigeria to ensure that customers can easily access fast, secure, and convenient financial transactions. 

It is known for its user-friendly ease of use and takes pride in delivering its services to customers with reliability and efficiency.

The innovations that MoniePoint has brought to the financial services sector in Nigeria have attracted a large number of awards and recognitions, thus sealing the company’s position as a leader in this area of digital financial services.

Focused on delivering exceptional customer experiences, MoniePoint continues to raise the bar in terms of standards of excellence for the financial services industry in Nigeria. So, if you are curious about how to borrow money from MoniePoint, continue reading.

Read Also – Moniepoint: From a Small Startup to an Online Payment Giant

Can I Borrow Money From MoniePoint?

Yes, you can borrow from MoniePoint. MoniePoint gives qualified borrowers access to short-term loans and allows them to obtain loans without paperwork or collateral.

With only a mobile phone and an internet connection, you can easily use Moniepoint for a lending service, in contrast to traditional financial institutions, which have many bottlenecks and strict requirements.

It offers short-term loans with flexible payback options, low interest, no embarrassment, and no hidden fees, which attracts people and small enterprises.

All you need to get a loan from Moniepoint is a registered number, an account, and a reliable means of identification. You can apply for your loan via the Moniepoint website or the mobile app. If approved, you will have cash immediately.

MoniePoint uses advanced technologies to check on creditworthiness and determine whether one is qualified for a loan or not.

What Are the Requirements to Borrow Money From MoniePoint?

When wondering how to borrow money from MoniePoint, one should check the requirements for the loan before applying to borrow on MoniePoint. There are eligibility criteria and information to be provided that a borrower must comply with, accompanied by some documents. The general requirements for the loan are:

1. Be a citizen or resident of Nigeria
2. Be at least 18 years old
3. Have a valid BVN
4. Hold a legitimate ID card issued by the government, such as a passport, driver’s license, or national ID card. 
5. Active Bank account is linked to your BVN.
6. Steady source of income, such as salary earners, or proof of business income in case of self-employed borrowers.

The following information and documentation shall also be required of the borrower when applying for credit facilities on MoniePoint:

1. Personal information: name, address, phone number, email.

2. Employment information: name and address of employer, title, monthly income for employed persons.

3. Personal/business information: business name, address, phone number, email address, in the case of the self-employed

4. Bank information: bank name, account number, BVN

5. Government-issued identity cards: either driver’s license, national ID card, or international passport

6. Proof of income: either pay slip or bank statement for the employed; business registration and bank statement for the self-employed

With the knowledge of these, you will be well-armed to apply without stress for a loan from MoniePoint.

Also Read – Moniepoint Customer Care Number & How to Resolve Moniepoint Bank Issues 

How to Borrow Money From MoniePoint App: Step by Step 

In Nigeria, MoniePoint is among the most well-known digital banking services. One can obtain loans as part of a banking solution. Here is a step-by-step process on how to borrow money from MoniePoint app:

1: Download and Installation of MoniePoint App

• Search for “MoniePoint” in the Google Play Store or Apple App Store.
• Click the “Download” or “Install” button to install the app.
• Then allow the program to download and get installed on your device
• Once downloaded and installed, click the “Open” button to launch the app

2: Sign Up and Register

• Click the “Sign Up” button on the homepage of the app
• Fill in the personal information that will be required, such as name, phone number, and email address
• Make a strong password and confirm it
• Give more information, like your date of birth and address.
• Accept Terms and Conditions

3: Account Verification

• Click the “Verify Account” button
• Fill in your Bank Verification Number (BVN) and other documents that are to be required
• Capture or upload your selfie/photo
• Wait for the verification process to complete
• You will be contacted via mail or text once the account verification is ready

4: Request Loan

• Click the “Apply for Loan” button
• Choose the loan amount and repayment period
• Select type of loans: Short/long-term loans
• Review loan conditions and terms
• Examine interest rates and other costs as well. 

5: Fill in Loan Details

• Enter your income and employment details
• Enter other details on the loan, credit history
• Add the necessary paperwork, such as bank statements and pay stubs. 
• Carefully review your loan application

6: Submit Loan Application

• Carefully go through the loan application.
• Check for errors or missing information.
• Tap “Submit” to submit your loan application.
• Wait for the loan approval process.

7: Get Loan Disbursal

• Wait for the loan approval process to complete
• The money from the loan will be deposited into your bank account. 
• Check email or in-app notifications about loan approval and disbursal
• Review the loan terms and conditions once again

Note: Any person borrowing must understand clearly the loan terms and conditions, including interest rates and repayment.

Read Also – CBN Orders Kuda, Moniepoint, OPay and Palmpay to Stop New Account Openings

How Much Can I Borrow From MoniePoint 

If you are wondering or asking “Can I borrow money from MoniePoint and how much you can borrow? MoniePoint is a loan platform that offers loans from N2,500 to N500,000 exclusively for qualified individuals and small businesses in Nigeria. 

You are, however, entitled to the sum you can borrow, depending on factors such as your credit score, history of repayment of loans, and the level of your income.

MoniePoint deploys a unique credit scoring system in assessing loan applications to determine how much loan and interest rate you qualify for.

It just means that the better your credit history and the more stable your income stream, the larger your potential loan amount can be.

MoniePoint Loan Repayment Term and How to Repay

MoniePoint loans are flexible and short-term, hence they can be anywhere from 14 – 180 days, depending on the loan amount and tenure you select. Now, you can easily make repayments to your loans through the following channels below:

1. MoniePoint app
2. Bank transfer
3. ATM card payment

Here’s a step-by-step guide for you to repay your loans:

1. Open the MoniePoint app and log in with your username and password.
2. Click the “Loan” menu, then select “Repay Loan” beside the type of loan to be paid for.
3. Click the “Repay Loan” button, and a page will appear asking you to select your preferred mode of payment—either a bank transfer or an ATM card.
4. After this, follow the instructions that will appear to complete your payment.

Please note that timely repayment is very important. If one fails to pay on time, additional charges—in the form of late payment fees and default charges—will be levied. Ensure on-time repayment of the loan to avoid any extra costs.

Also Read – Moniepoint, Kuda and Others are Facing Regulatory Issues

What are MoniePoint Loan Interest Rates?

The interest rates that Moniepoint charges for its loans are based on the amount of money a customer wishes to borrow, their credit score, and the repayment schedule or plan a customer chooses. By considering these factors, borrowers can know or project what interest rate they are charged.

Interest rates for personal loans at Moniepoint usually range from 5% to 20%. Small enterprise business loans are mostly single-digit between 2.5% and 10%.

These interest rates are what borrowers should expect to pay, depending on their circumstances. Please carefully read the loan terms and conditions to determine what applies to you regarding the interest rate.

What is the Code to Borrow Money from Moniepoint?

Moniepoint is majorly app-based, giving users ease through its user-friendly platform for managing their financial needs.

Unlike some other financial services, Moniepoint doesn’t have any particular USSD code to borrow money from Moniepoint. Rather, every loan application or other transaction is manageable with utmost ease directly in the app.

Download and update to the new version of the Moniepoint app on your device to ensure a smooth experience.

Also Read – Moniepoint Commemorates IWD with Call for Applications into 4th Edition of Women in Tech Programme

How to Borrow Money from Moniepoint Online?

The process of borrowing money through Moniepoint’s website is comparable to using the app. Provided there is internet access, download the Moniepoint app and follow the in-app steps in applying for a loan.

The digital platform provides the convenience and comfort of managing your finances from the comfort of your space. You can easily apply for a loan by following the prompts on the app and have the funds disbursed to you in little time.

Moniepoint has instituted an online borrowing process so user-friendly that you can sort your financial needs anywhere and anytime. With Moniepoint, managing your finances couldn’t be easier.

How Long Does It Take to Get Approved for a Loan on Moniepoint?

Moniepoint’s website advertises loan approval in 24-72 hours. As such, compared to traditional lenders, who would probably take days or even weeks to clear a loan, it describes them as rather fast.

Remember that their website’s time frame is more of an estimate. Many factors drive the actual approval time of your loan. These may include:

1. Your creditworthiness: Moniepoint likely performs automated and non-automated checks to establish your creditworthiness. Of course, this would mean checking your credit history at bureaus and analyzing all transactional data on their platform. A good credit profile can expedite the process.

2. Application completeness: Be sure to fill in all of the information and upload documents required during the application process. Any missing elements could delay the process while Moniepoint collects the required details.

3. Amount of loan: This would likely be the first determinant of how fast an applied amount is approved. Larger loans would require more scrutiny.

With these factors in mind, you can probably assess the potential time frame for Moniepoint loan approval.

Read Also – CBN Orders Kuda, Moniepoint, OPay and Palmpay to Stop New Account Openings

Troubleshooting Issues While Borrowing Money From MoniePoint App 

You can quite conveniently lend money with the MoniePoint app, but you may find some errors at times. Here is how you will troubleshoot these types of problems:

1. Unable to Log in to the App: Make sure that your internet connectivity is proper, restart the App, and check if you have the latest version running on your phone.

2. Loan application not submitted: Check for incorrect information, make sure that all fields are correctly filled in, and then try submitting again.

3. Loan application rejected: Check your credit score, make sure you’re eligible for this offer, and then try again.

4. Not seeing loan offers: Check your connection, restart the app, and ensure that you’re on the current version.

5. Loan disbursement failed: Verify details of your bank account, ensuring everything is accurate and relaying the same to MoniePoint for support.

6. Repayment failed: Check the method of payment being used, confirm a sufficient wallet balance, and try again.

7. The app keeps crashing or freezing: You can try restarting the app; if it doesn’t work, you could upgrade it if necessary, or check if your device is compatible with the system requirements of the app.

8. Credit score unavailable: Check that your account information is correct, and has a valid credit history, then reach out to MoniePoint customer service.

By following these steps, you should be able to troubleshoot most of the common issues and get seamless experiences in borrowing through the MoniePoint App. If the problem persists, contact MoniePoint’s support.

Final Thoughts 

Borrowing with the Moniepoint app in Nigeria is quite easy. Therefore, following our step-by-step guide on how to borrow money from MoniePoint app, you will be able to acquire the loan you need easily and fast.

If you have ever wondered, “Can I borrow money from Moniepoint?” or “What is the code to borrow money from Moniepoint?“, our guide has all the answers. We’ve got you whether you use the Moniepoint app or borrow money online.

Please feel free to leave your comments below and share your thoughts. Do not also forget to follow us on Facebook at Silicon Africa, Instagram at Siliconafricatech, and Twitter at @siliconafritech for more tips and important updates.

Frequently Asked Questions 

Reference

• www.ledgerbloc.com – Moniepoint Loan: How to Apply and Get it without Collateral
• swiftbills.ng – Moniepoint Loan: How to Apply Without Collateral
• quicksub.com.ng – MONIEPOINT LOAN APP: HOW TO APPLY, REQUIREMENTS AND BENEFITS

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