Do you know you can access the Moniepoint Agent Loan Without Collateral? Moniepoint is another mobile money merchant that gives users access to proper monitoring of accounts without imposing charges. The company grants users loans without requesting collateral.
This article will guide you through the processes required to apply for a Moniepoint agent loan without collateral.
Let’s get going.
What is Moniepoint?
One of the mobile money systems with the quickest growth that offers access to financial services is Moniepoint. Moniepoint uses point of Sale (POS) devices to conduct business and provide services like money transfers, cash withdrawals, bill payments, and airtime recharging. Moniepoint POS is now one of the simplest agency banking systems to obtain and utilize in Nigeria.
Step By Step Guide To Apply For Moniepoint Agent Loan Without Collateral
Here is the step-by-step guide to accessing a Moniepoint loan:
- Go to the Moniepoint web application Portal at atm.moniepoint.com.
- Enter your Moniepoint username and password to log in.
- Select Outlet Manager, then click “Next.”
- You may see the advised loan amount by scrolling down.
- Select “Apply for a Loan”
- Enjoy personalized loans
- Your loan limit increases in proportion to the number of withdrawal transactions you make.
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How To Qualify For Moniepoint Loans
Below are the requirements to qualify for Moniepoint loans:
- Have at least three months of Moniepoint activity under your belt, with a minimum weekly average withdrawal of $100,000.
- Be an agency manager and finish your KYC.
- You needed to have been their agent for six months and completed a number of transactions on your point of sale to be eligible for the loan.
Moniepoint Agent Loan Interest
The Moniepoint Merchant loan carries an interest rate of 0.3% daily or 0.0125 per hour.
Please note that you may save money if you pay within 24 hours. Take the 6 am collection of your float. To six o’clock in the evening, utilize. The payment deadline is not at 6 am. When you finish working for the day at 6 pm, you can make a payment using your hourly rate solely.
Why your Moniepoint loan wasn’t approved
Every MP agent has a specific aggregator who oversees their transactions and blocks the agent terminal when the target is not reached. Before the loan is disbursed to the agent account, the aggregator must approve it for the loan/overdraft. If your loan application was denied or the clock simply stopped, it is from the aggregator.
Moniepoint Agent Registration Requirements
A Moniepoint agent must have the following documents:
- A valid Identification Card (International Passport, NIN, Voters’ Card, or Driver’s License).
- Bank Account Number.
- Bank Verification Number
- Business License (for registered businesses only)
- Utility Bill (NEPA Bill).
FAQs
How are the amounts of Merchant Float Loans Calculated?
The loan amount is calculated based on your withdrawal performance within 7 days.
How are interest payments calculated?
The most negative sum within an hour will accrue interest at a rate of 0.0125% per hour.
Is It Possible To Lose Access To My Loan?
You won’t be able to use the approved loan limit if you don’t meet the loan requirements.
CONCLUSION
This article has helped you with the processes required to get loans from Moniepoint without collateral. We have served you this best.
