If you need a quick loan in Nigeria to deal with unexpected expenses, you might want to consider Sokoloan. Sokoloan is a lending app that offers short-term loans without any hassle. We all know how hard it can be to get a loan from commercial banks with their long paperwork and collateral requirement. That’s why Sokoloan is a convenient alternative that can help you out in times of need.
Sokoloan is an online lending platform that offers quick and easy loans to Nigerians without collateral. The app is only available on the Google Play Store and requires an Android OS version 4.2 and above to install.
With over 1 million downloads and an average rating of 4+ stars, it is safe to say that users are generally impressed with the app. The app has a simple and user-friendly interface that allows you to apply for a loan in minutes, check your loan status, view your repayment schedule and contact customer service.
How Sokoloan Works
To get a loan from Sokoloan, you need to follow these steps:
- Download and install the app from Google Play Store
- Create your account with your phone number and personal information
- Apply for a loan amount and duration
- Provide your bank account details and valid ID
- Agree to the terms and conditions and grant access to your phone data
- Wait for approval (usually within minutes)
- Receive your loan directly into your bank account (usually within 5 minutes)
What Documents are Required for a Sokoloan?
The only document you need to provide for a Sokoloan is a valid ID card that shows your name, date of birth and photo. This can be a national ID card, driver’s license, voter’s card or international passport. You also need to have a bank account with any Nigerian bank that supports BVN verification.
Sokoloan Interest Rate and Repayment
Sokoloan charges interest rates ranging from 4.5% to 34% depending on the loan amount, duration and repayment history. The interest rate is calculated daily based on the outstanding balance of the loan. For example, if you borrow ₦10,000 for 14 days at an interest rate of 20%, you will have to pay back ₦11,400 at the end of the term.
You can repay your loan through the app using a debit card or USSD code. You can also repay before the due date without any penalty. If you fail to repay on time, you will incur late fees and damage your credit score1.
Is Sokoloan Legit?
Sokoloan is a real and legitimate online lending platform that has been operating in Nigeria since 2018. It is registered with the Corporate Affairs Commission (CAC) under Soko Lending Company Limited with RC Number: 15409782. It has also partnered with reputable financial institutions such as Paystack, Flutterwave and Providus Bank to ensure secure transactions. However, like any other online lender, it has its pros and cons.
Some of the pros are:
- Fast and easy application process
- No collateral or guarantor required
- Low minimum loan amount (₦5,000)
- Flexible repayment options
Some of the cons are:
- High interest rates compared to other lenders
- Short loan duration (7-30 days)
- Strict eligibility criteria (age limit, location limit, etc.)
- Access to sensitive phone data
Therefore, before you apply for a Sokoloan, you should weigh the benefits against the risks and make sure you can afford to repay it on time.