Moniepoint, one of the leading fintech companies with the largest agency banking in Nigeria, offers business loans, including working capital and overdraft facilities, with interest rates that vary based on business owner's loan amount, repayment plan, and transaction history.
But on a norms, Moniepoint's interest rates range from 24% to 40% per annum. However, it's important to understand that Moniepoint does not offers personal loans for individuals; the platform primarily serves small and medium-sized enterprises (SMEs) who need quick access to working capital finance.
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Moniepoint Loan's Interest Rate
From the information we've gathered from entrepreneurs running businesses on the Moniepoint platform, Moniepoint's interest rates are influenced by specific loan terms and borrower profiles. A user on X (formerly Twitter) reported a daily interest rate of 0.54% on reducing balances for Moniepoint loans, with repayments made weekly. Another business owner mentions an interest rate of 1.26% on reducing balances, along with a 1% management and processing fee.
Meanwhile, as the variations isn't stable, the best way you can know your loan interest rate is by logging to your "Moniepoint Business Manager Dashboard", navigate to "Loan", and you can get all the information you need to know about your loan interest rate, repayment schedule, repayment amount, disbursement/loan amount, repayment tenure, and more.
The most interest part of the Moniepoint working capital is that you can get a minimum of N1,000,000 and more without collateral. However, your transaction history matters here. In other words, your business must be running its day-to-day transactions on the Moniepoint Business Account, and have recorded some good amount of transactions in the past three month.
It's important to understand that Moniepoint uses data analytics (such as business transaction history, business owner credit score, and business regulatory data) to assess the risk profile of borrowers, which also influences the loan amount and the interest rate offered.
I believe you've understand that you need to access your business dashboard to know your loan details such as interest rate and others? So, let me know in the comment section if you could get and if you need for instructions. Have you ever borrowed the Moniepoint working capital loan? Let's know your experienced in the comment section.
