In Nigeria, Sokoloan is a well-known internet lending platform. Essentially, this platform helps Nigerians access short-term loans through a secure smartphone application.
This private online lending platform was established in 2018 by The Soko Lending Company Limited, a microfinance organization specializing in providing financial services to the general public.
You can borrow money from the Sokoloan online lending platform whenever you need it, without providing any collateral or paperwork, 24 hours a day, 7 days a week. This article will cover everything you need to know about Sokoloan. To learn more in detail about Sokoloan, read through to the end.
Getting Loans on Sokoloan
To apply for a Sokoloan loan, just follow these easy steps:
Download and install the Sokoloan app
Like most loan apps available today, you must first download the application to apply for a loan through this lending platform. To download the app, visit the Google Play Store on your Android device.
Open the app to register after downloading and installing it on your phone. Basically, all you need to do is fill out the online registration form with your personal information and submit it.
Apply for a loan
Submit an application for a short-term loan after successfully completing your registration. You can find the location to apply for it on the mobile app.
Submit your loan application, then wait for a response from the platform: The next step is to wait for the loan decision after submitting your application. At most, one hour should pass for this. You will get the amount you requested if it is accepted.
Documents Needed to Obtain a Loan from Sokoloan
The following criteria must be met in order to use this platform’s instant lending feature:
- Valid bank account details
- A working phone number
- Bank verification number (BVN)
- An Android phone
- A valid identification document
- A valid ATM card for refunds
Is SokoLoan Safe – Can Sokoloan Be Trusted?
Yes, It’s true that Sokoloan can be trusted. However, they may charge exorbitant interest rates. Some users have claimed that they were forced to pay up to 45% in interest for loans as low as 10,000.
Why Should I Consider Using Sokoloan?
You may be interested in using Sokoloan for the following reasons:
Sokoloan is simple to use through its smartphone app, allowing consumers to apply for loans from anywhere in Nigeria.
- Quick Approval
With Sokoloan, you can access cash immediately when you need it thanks to speedy loan approval decisions that are frequently made in just a few minutes.
- No Collateral
Unsecured loans are available from Sokoloan, making it more accessible to a wider range of borrowers since you are not required to offer collateral to receive a loan.
- Flexible Loan Amount
Depending on your needs and creditworthiness, you can borrow different sums through Sokoloan, with loan limits increasing as you pay off prior loans.
You can select a repayment option from Sokoloan that best matches your financial circumstances, including daily, weekly, or monthly repayments.
- Credit Building
Your credit score can rise with consistent and prompt repayment of Sokoloan loans, giving you access to greater financial options in the future.
24/7 Customer Support: You can always obtain help with any questions you may have about loans thanks to Sokoloan’s 24-hour customer care.
- Safety And Security
Because Sokoloan takes security seriously, your personal and financial information is shielded by encryption.
Before applying for a loan with Sokoloan, remember to thoroughly check the terms and conditions, interest rates, and fees to make sure it meets your financial needs and obligations.
Interest Rate and Repayment on Sokoloan
Interest rates for Sokoloans range from 4.5 to 35 percent. The repayable amount will be deducted from the bank account associated with your Sokoloan account when your loan is due. Through the app, you can also decide to pay back the loan earlier than expected.
You should be aware, nevertheless, that your repayment date cannot be changed. As a result, we encourage you to only apply for a loan if you can repay it on time. They notify the National Credit Bureau of defaulters, which ultimately impacts your credit rating.
Using Sokoloan USSD Code?
Sadly, there isn’t a Sokoloan USSD code yet. Therefore, there is no possibility of using a code on this platform to get a loan. You can still acquire loans using the Sokoloan app, though.
How Much Loan Can You Get From Sokoloan?
Instant loans are available in the range of N5,000 to N100,000. The site will, however, cap your loan amount on your initial application until you earn their trust by making timely repayments. You will then have access to a larger loan amount.
Loan Tenor for Sokoloan
The Sokoloan loan length ranges from 7 to 190 days. Please make sure to pay back any loans you take out prior to the end of this grace period.
Sokoloan can be reached in the following ways:
Sokoloan is a financial service provider that offers easily accessible and practical loan solutions to those in need.
Making wise financial decisions requires a solid understanding of their loan offers, terms, and conditions. Whether you’re searching for an immediate financial fix or want to increase your financial literacy, Sokoloan can be a helpful tool on your path to financial empowerment and stability.
Always be mindful of your borrowing habits, and think carefully about your financial circumstances before applying for any loans.