Sokoloan is an online loan provider in Nigeria that give short term loans to Nigerians through a mobile app without collateral. The lending platform is owned by a microfinance institution registered as Soko Lending Company Limited whose major focus is providing financial services to low income entrepreneurs, small businesses, women entrepreneurs and students.
The platform is available for use 24/7 and the application process is fast. Unless there is bug. They pledge instant loan on application. Applicants do not require collateral to access loan. The only medium to apply is through the mobile app.
Here are the requirement to get a loan:
- Valid bank details
- Bank Verification Number (BVN)
- A working phone number
- An android phone
- Internet connection
- A means of identification
- Valid ATM card (for repayment)
- You must be an adult with a job 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 must download the app. They only give loan through the mobile app. You can visit the Google plays tore to download the app.
2. Sign up
Once you have downloaded and installed the app on your phone, click on it to sign up. Just follow the instruction and fill the registration details starting with your phone number verification. Completing registration will require basic information such as your name, email, phone number and so on.
3. Apply for loan
Once you have completed your registration just apply for loan. You will see the option to apply on the app. You will get a loan offer
4. Submit your application and wait for loan decision
Once you have viewed the loan offer, expected repayment date and all other necessary information, if you are okay with it, submit your application. You will then have to wait for a loan decision. This should not take so long to arrive. Give it up to some minutes or an hour.
How much can you borrow?
You can get a loan from ₦5,000 to ₦100,000. Note that at your first try, you will only be offered small loan. If you repay it on time, you will get a bigger offer. There are other factors that might influence how much you get. One of them is your credit score.
Sokoloan interest rate
The interest rate is from 4.5% – 34% with an equivalent monthly interest of 3% – 29% and APR of 29% – 365%. You get an improved interest rate by paying your loan on time and also by referring people to the app.
The loan term ranges from 7 days to 190 days
Repayment of Sokoloan
The loan term varies from 7 days to 190 days. Before submitting your application, this should be clear to you.
You can repay your loan from your ATM card. When you sign up for a loan, you will be required to add your ATM card to your profile. From the card you added, your loan will be deducted when it is due.
All you have to do is fund your account, open the app and repay. If you run into any issue, contact their customer care immediately.
Note that you cannot reschedule your loan date with them. You have to make payment on due date. If you however you have issues paying, ensure you contact them.
Sokoloan head office
The head office is located at 9, Acme Road, Agidingbi Ikeja, Lagos
Sokoloan customer care and email
The customer support phone number is 01-4536792 or 08148799371
The app is available and you can download from the Google play store. Only android phone users can access the app. There is no app for iOS (iPhone) users yet.
The website is sokoloan.com