I want to use this article to address readers' and users' questions, such as: 'Does Moniepoint give loans?' Yes, Moniepoint offers business loans, including working capital and overdrafts, to help businesses grow. However, it's important to note that the fintech company does not offer personal loans, and before you obtain the business loan, you need to understand its interest rate.
How to Qualify for Moniepoint Loan
First of all, you must be a Moniepoint business account holder that's running everyday business transactions through the platform's POS or business account to get qualified for the working capital loan. Then, you must meet specific eligibility criteria and follow a straightforward application process.
Specifically, there's no additional documents needed to obtain loans from the Monipeoint platform unless there are issues with business verification. In such cases, you may need to provide a Corporate Affairs Commission (CAC) document or a shop rent receipt to validate your business operations. But, if your business is verified on the platform, no document is needed.
In a nutshell, having an active Moniepoint business account that has been operational for at least six weeks, and consistently usage of the business account for all business transactions are the major criteria to qualify and eligible for Moniepoint business loans.
How to Apply for Moniepoint Loan
To apply for Moniepoint business loan is simple and straightforward. First of all, you need to confirm your eligibility using the platform's business banking mobile app. You may want to download the app from your phone's app store and log into your Moniepoint business dashboard to check for available loan offers. If eligible, the system will display the loan offers that suit to your business needs base on the accumulative transactions.
Once eligibility is confirmed and you're qualified, choose the loan amount and repayment terms that align with your business requirements and financial capacity, and submit application. After that, credit disbursement department will check your credit score and other external financial status to see if you're not posing financial risks. Upon approval, the loan amount will be disbursed into your Moniepoint business account within 1-2 business days.
Conclusion
Yes, Moniepoint is still giving loans in 2025. It's just that it's only business loans that the company is disbursing. Furthermore, the Moniepoint business loan is not for all businesses. The company gives loans to businesses using its business banking account for their daily business transactions. That's why you need to use the platform regularly to be qualified for loan offer on the business dashboard.
