All You Need to Know About Jumia One Loans

Many of us know Jumia for just one thing – shopping. Whenever the name Jumia comes up, a lot of people think of an e-commerce store. Only a few people know that Jumia also provides quick loans. Just imagine the relief you get using Jumia to shop online so also it is making use of the Jumia loan app.

Let’s face reality, there is always be a time when one would need money urgently and the only way out is by taking a loan to pay back at a later date.

What are Jumia One Loans?

These are loans obtainable from the Jumia loan app. Every digital loan app is not the same. They all have their differences, uniqueness and of course their similarities. For Jumia One loan, you must download the app from Google Playstore and on the app one can perform tasks like TV cable subscription, buy data, pay for electricity, book for buses and flights even play bets, and do some shopping. However, the focus of this is strictly on loans.

Jumia One Loan Types

To meet the needs of everyone, Jumia has structured its loan categories into three types. They are:

  1. Payday Loan: This is a type of loan that was set in place for assisting those who are employed. It is like an overdraft and it is expected you pay back when you get your next paycheck. Employees of any reliable organization, company, and ministry could get this type of loan.
  2. Education loan: This type of loan is meant for those chasing their academics as the loan is targeted to fund educational expenses.
  3. Business Loan: This category is meant for business owners to help them create businesses that cover cash flow payments and aid overall transactions.
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How Do Jumia One Loans Work?

For you to be able to get a loan from Jumia, you must first of all download the app. In downloading the app, you must use the number linked with your BVN to register on Jumia One. Like every digital loan app, Jumia One will also request important details like name, address, bank details, account number, BVN, etc. It is your duty to input the correct details as this will determine if you will be eligible for the loan or not. After inputting the necessary details, Jumia One app evaluates your data, and at the end of the evaluation, the loan app tells you if you are eligible or not. If you’re eligible, your cash is disbursed in minutes.

How long does it take to get a Jumia One Loan?

The loan processing on Jumia One is one of the fastest in the auxiliary credit facilities space. The loan options are provided to the applicant within a space of 15 seconds, and loan approval and disbursement are secured within 5 minutes.

Is Jumia One Legit?

Yes, Jumia One Loan is legit. Jumia is already a popular brand that strives for transparency and integrity, so they are legitimate and not fraudsters.

How Much Can You Get?

First-timers of the Jumia One app can get up to ₦10,000 and this amount can increase. If you pay on time you stand the chance to increase your credit score and get more cash.

Loan Eligibility and Requirements

To be qualified to access Jumia One Loan, you need to be at least 18 years and above and also the following:

  1. Your bank account and an active bank card
  2. The Jumia One app
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What is Jumia One Loan’s Interest Rate?

The interest rate for Jumia one loans is 3.5% monthly plus a 0.5% processing fee.

How to Apply for a Jumia One Loan

To apply for Jumia you simply download the app on Playstore. Input the necessary details after you must have registered your phone number. After inputting the necessary details, you can wait for the evaluation.

The loan app tells you if you are qualified to get the loan or not. Once you are qualified, the app will indicate the actual amount that you can get. In the case where your application failed or your request declined, you will have to wait for 15 days before reapplying.

How to Repay a Jumia One Loan

You can repay the loan through the special Jumia Loan account that will be visible on the app you downloaded. Once it is time for repayment simply go to the app, click on loan and select the repayment method of either ATM card or bank transfer. For either of the options you pick, the app will navigate you on how to make your payment.

Now that you are aware that you can access loans from Jumia One Loans, it is only wise that you learn to take only the amount that you know you can easily pay back so that you can create and sustain credibility and a good credit score. 

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