Sokoloan review: Interest Rate, requirement app, contact
The ease at which loans can now be obtained has greatly outpaced previous experiences; is there a noticeable change, indeed, there is.
It’s a little easier to get a loan from the comfort of your own house, without having to go through a mountain of paperwork.
That said, you may need an urgent loan to take care of an emergency or fund a project you are working on, which can also be handled in a single bootstrap.
The Central Bank of Nigeria seems to be achieving its financial inclusion goals, as several brands have entered the market to provide loans to Nigerians.
Sokoloan is a simple, online lending platform in Nigeria that offers short-term loans to help with unexpected bills and cash problems.
Sokoloan is available 24hrs a day and 7 days a week. With their fast application form, you can apply for a loan and you’ll receive your loan status in few minutes.
We’ve all seen the sudden increase in pressing needs, which is usually followed by complicated loan processes.
This difficulty is common amongst commercial banks due to their extensive paperwork and collateral requirements. If you need a fast, easy, and less complicated loan, then you can run to Sokoloan.
Sokoloan Loan terms
- You must be at least 18 years old
- You must be a citizen of Nigeria
- You must have a smartphone
- Sokoloan is a mobile application that allows you to get a loan at any time.
- According to their claims, it takes 5 minutes to approve a loan.
- N100 will be given to you if your loan was successful.
- It is reliable and your data is safe with its 24-hours security
How Sokoloan work?
You can get a loan of ₦5,000 to ₦100,000 on Sokoloan. But note that you will only be given a small loan on your first attempt. You will be given more money if you repay it on time.
Other factors may have an impact on the amount you get. The loan period ranges from 7 to 190 days. This should be explained to you before submitting your application.
Your loan can be repaid using your ATM card. When you apply for a loan, you must fill in your debit card details in your profile. When your loan is due, it will be deducted from your card.
Simply fund your account, head the app, and then make payment. If you have any problems, contact their customer care right away. You will not be able to reschedule your loan date when it is due.
You must make the payment on the due date. If you are having any issues, make sure to contact their customer care.
If you’ll like to make payment before the due date, then head to the Sokoloan app, go to the “My Loans” tab and then tap on “Make Repayment.”
You cannot change your loan date, so its best you apply for a loan that you can repay within the specified time frame.
Note that repaying your loan on time or before the due date qualifies you to get a higher credit limit on your next loan application.
What documents are required for a Sokoloan?
You don’t need to fill out some paperwork to get a loan from Sokoloan. It’s only available online. All you need is a valid form of identification and bank account details. Here are the loan requirements:
- A valid bank details
- Your Bank Verification Number (BVN)
- Your Phone number
- A means of identification
- Valid ATM card
- You must have a job or self-employed
How do I get Sokoloan?
If you’ll like to apply for a Sokoloan loan, here’s how to do that:
- You must download the Sokoloan mobile app: You need to download the app in order to receive a loan. You can only receive a loan through the mobile app. Head to the Google Plays Store on your smartphone, search for the Sokoloan app, and then download it.
- Sign up: Once you have installed the Sokoloan app on your phone, all you have to do is sign up. Just click on sign up, follow the onscreen instructions, and then fill in the registration details with your information.
- Apply for a loan: Simply apply for a loan after you’ve successfully completed your registration. Head to the app, select your preferred loan option, and then wait for a loan offer.
- Submit your application and wait for a decision: If you are satisfied with the loan offer, expected repayment date, and all other important details, then submit your application. After that, you’ll have to wait for a loan decision. This shouldn’t take much of your time.
How reliable is Sokoloan?
Sokoloan is a trustworthy company that provides loans. People have only expressed dissatisfaction with their extraordinarily high-interest rates, which range from 4.5 percent to 30 percent.
Otherwise, it’s a good way to get small loans quickly, especially if you need cash right away.
What is the interest rate of Sokoloan?
The interest rates on Sokoloans range from 4.5 percent to 35 percent. When your loan is due, the sum owed will be deducted from your connected bank account. You can also use the app to repay the loan before the due date.
You should be aware, however, that your repayment date cannot be changed. As a result, I’ll advise that you only take out a loan if you plan to repay it on time.
Defaulters are reported to the National Credit Bureau, which has an impact on your credit score.
The Google Play Store is the only place where you can get the Sokoloan app. To install it, you’ll need an Android OS version of 4.2 or higher.
With over a million downloads and a 4-star average ranking, it’s fair to say that users are generally pleased with the app. There is currently no app available for iOS (iPhone) users.
How do I delete my Sokoloan account?
You can choose to send a deletion mail to SokoLoan customer support or just follow the steps below:
- Head to your email app, click on compose, title the email “Request to Delete SokoLoan Account” and then compose the mail stating that you want to delete your account
- Compose the mail and then forward it to [email protected] That’s it.
How do I contact Sokoloan?
The company’s headquarters is located at 9, Acme Road, Agidingbi Ikeja, Lagos
The customer support phone number is 01-4536792 or 08148799371