Sokoloan is an online loan lender in Nigeria that provides short-term loans to Nigerians through secured mobile app. The lending platform is owned by a microfinance institution registered as Soko Lending Company Limited, which mainly focuses on providing financial services to low-income entrepreneurs, small businesses, female entrepreneurs, and students.
The platform is available 24 hours a day, 7 days a week and the registration process is fast. Unless there is a bug. They promise instant loans for applications. Applicants do not need collateral to access the loans. The only way to apply is through the mobile app.
Here is the requirement for getting a loan:
- Valid bank details
- Bank verification number (bvn)
- An active phone number
- An android phone
- Internet connection
- An identifier
- Valid atm card (for refund)
- You must be a working adult or self-employed.
How To Get A Loan From Sokoloan
Follow these steps to get a loan from Sokoloan:
1. Download the mobile app
To get a loan you need to download the application. They only provide loans through the mobile app. You can visit the Google Play Store to download the app.
2. Sign in
After downloading and installing the app on your phone, click on it to subscribe. Just follow the instructions and fill in the registration details, st arting with verifying your phone number. To complete the registration, basic information is required, such as your name, email address, phone number, and so on.
3. Apply for a loan
After completing your registration, simply apply for a loan. In the app, you will see the option to apply. You receive a loan offer
4. Submit your application and wait for the loan decision
After you have seen the loan offer, expected repayment date, and all other necessary information, if you agree, submit your application. You then have to wait for a decision on the loan. This won’t be long in coming. Wait a few minutes or an hour.
Sokoloan USSD Code?
If you’re used to dialing shortcodes for getting loans, sad to break to you that, there is no Sokoloan USSD Code for now. To get a loan from Sokoloan, you might have to use sokoloan, as there is no Sokoloan USSD Code now.
How much can you borrow?
You can get a loan from 5,000 to 100,000. Keep in mind that you will only get a small loan on the first attempt. If you pay on time, you will get a bigger offer. Other factors can affect how much you get. One is your credit score.
Sokoloan Interest Rate
The interest rate is 4.5% – 34% with a monthly interest equivalent of 3% – 29% and APR of 29% – 365%. You will get a better interest rate by paying off the loan on time and also referring people to the application.
The loan term varies from 7 to 190 days
The loan term varies from 7 to 190 days. Please make this clear before submitting your application.
You can pay off the loan with your debit card. When applying for a loan, you must add your debit card to your profile. Your loan will be deducted from the card you have added at maturity.
All you need to do is deposit money into your account, open the app, and pay. In case of problems, please contact customer service immediately.
Please note that you cannot reschedule your loan date with them. You must pay no later than the due date. However, if you have any problems paying, be sure to contact them.
How To Contact Sokoloan Customer Care?
The site is https://sokoloan.com
The head office is located at 9, Acme Road, Agidingbi Ikeja, Lagos
The app is available and you can download it from the Google Play Store. Only Android phone users can access the app. There is no app for iOS (iPhone) users yet.