Moniepoint is a mobile money merchant that allows users to monitor their accounts properly without charging fees. The company offers loans to its customers without requiring collateral. This article will walk you through the steps needed to apply for a Moniepoint agent loan with no collateral. Let’s get started.
What Is Moniepoint?
Moniepoint is among the fastest-growing mobile money systems that provides access to financial services.
Since it started operating ten years ago, it has demonstrated and fulfilled expectations. Moniepoint has helped and benefited Nigerians by ensuring that appropriate and effective financial systems are protected for people, companies, and even corporate entities.
Moniepoint offers a variety of services, therefore it is not just for traditional banking. Via its mobile app, it offers mobile and digital banking.
To utilize their services, you don’t have to go to the bank in person. Anywhere, at any time, anyone can use Moniepoint services with simply an internet-connected smartphone.
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Moniepoint conducts commerce and offers services like withdrawals of cash, bill payments, airtime recharge, and money transfers using point of sale (POS) systems. One of the easiest agency banking systems to access and use in Nigeria these days is Moniepoint POS.
How To Apply For A Moniepoint Agent Loan Step-by-Step Without Collateral
The procedure for obtaining a Moniepoint loan is as follows:
- Visit atm.moniepoint.com to access the Moniepoint online application portal.
- To log in, enter your Moniepoint login and password.
- Choose Outlet Manager and press “Next.”
- If you scroll down, you may view the suggested lending amount.
- Choose “Apply for a Loan.”
- Benefit from customized loans
- The more withdrawal transactions you make, the higher your borrowing limit will be.
Prerequisites For Moniepoint Loans
The prerequisites for Moniepoint loans are listed below:
- You must have used Moniepoint for a minimum of three months and made at least $100,000 in average weekly withdrawals.
- Manage an agency and complete your KYC.
- To qualify for the loan, you had to have been their representative for six months and execute several sales on your point of sale.
Interest On Moniepoint Agent Loans
The interest rate on the Moniepoint Merchant loan is 0.0125 per hour, or 0.3% per day.
Please be aware that if you pay in a day, you can save money. Take your float collection at 6 a.m. Use it until six o’clock at night. Payment is not due at six in the morning. You can only use your hourly rate to make a payment after your workday ends at 6 p.m.
Reasons For The Disapproval Of Your Moniepoint Loan
Each Moniepoint agent has a dedicated aggregator that monitors their activities and disables the agent terminal if the goal is not met. The aggregator must authorize it for the loan/overdraft before the money is released to the agent account. It comes from the aggregator if your loan request was turned down or if the timer just stopped.
The Requirements For Moniepoint Agent Registration
The following paperwork is required for a Moniepoint agent:
- A legitimate form of identification, such as a driver’s license, international passport, NIN, or voter’s card.
- Account NumberBank Verification Number
- Business License (only applicable to registered firms)
- NEPA Bill (Utility Bill)
After your loan application is approved, your bank account is credited in a matter of minutes. You can choose from a variety of flexible repayment arrangements and the loans are simple to apply for. Without any shame, the interest rate depend on the loan amount. Obtain a Moniepoint loan right now to finance and grow your business or for personal use.
Frequently Asked Questions About Moniepoint Agent Loan
- How can I apply for the Moniepoint loan?
The Moniepoint app has a loan application feature.
- Does obtaining a loan require using Moniepoint?Â
To apply for a loan, you do, in fact, require a Moniepoint account.
- Is it possible for me to pay in installments?Â
Indeed. In accordance with your payment plan, your loan repayments will automatically be taken out of your account.
- How much loan am I eligible for?Â
The amount is decided upon at the time of the application and is based on your business.
- With whom may I consult regarding loan acquisition?Â
The Moniepoint support staff is there to assist you at all times.
- How are Merchant Float Loan amounts determined?
The size of the loan is determined by how well you perform with withdrawals within a week.
- How are repayments of interest determined?
Interest will be applied to the amount that is the lowest within an hour at a rate of 0.0125% every hour.
- Can I Stop Having Access To My Loan?
If you don’t fulfill the loan requirements, you won’t be eligible to use the authorized loan limit.
Conclusion
You now know the steps needed to obtain loans from Moniepoint without requiring collateral thanks to this post. We have done our best to serve you. Do well to share this with others!