Sokoloan: We understand that you may be broke as of the time of reading this article or you needed emergency financial support may be for business, traveling, rent, December flexing or medical purpose, you don’t need to worry yourself much we gat your back.
- Disclosure: Here @ Payglobal.com.ng, Our writers independently research, test, and recommend the best loan and loan apps for you to secure a loan without any collateral; you can learn more about our review process here and also signing up through the affiliate links here will add a chunk of income to our pocket.
In this article, we will teach you how you access up to N300k without any paperwork, guarantee or any collateral.
And the question now is, with N300k at hand now will you be able to celebrate the hell out this December or can N100k meet to your immediate financial problem. If Yes then continue with this article but if No kindly press the back button on your mobile phone or close the tab on your PC.
Do you know that you can get an instant loan direct to your bank account? In these articles, we will teach you how to access a loan up to N300,000 from Sokoloan.
What is Sokoloan?
Sokoloan is a Nigerian online money lending platform which provides short term loan direct to your bank account within 24 hours. The lending platform is owned by a microfinance institution registered as Soko lending Company Limited whose major aim is to provide loans to low-income entrepreneurs, small businesses and students.
The loan is always available for users and the application process is fast and easy, apart from having a bug. They provide instant loans on application. For you to apply for this loan, you do not need any collateral i.e. it is a collateral-free loan. The only needed for the loan application is your mobile phone, bank details, BVN (Bank Verification Number) and the other one which will be mentioned on the loan application requirements.
How do I apply for Sokoloan?
After downloading the app, sign in or sign up to identify yourself and this will take you to our brief registration/application forms. Complete an application with valid information, and then determine how much you desired to borrow. They will then display your available loan offer in the app and you can view your expected repayment. Finally, submit your application and they will typically notify you of the loan decision within few minutes.
Sokoloan Head Office
Their head office is located at Plot9, Acme Rd, Agidingbi, Ikeja, Lagos Nigeria.
Sokoloan contact number/customer service
How much can I borrow from Sokoloan?
You can access up to N5,000 to N300,000. Note that at your first application, you will only access small loans. If you repay the loan on time, you will get a bigger offer thou there are some other factors that can influence how much loan you can get and one of them is having a good credit score.
Is Sokoloan legit?
With over 600k downloads and customer’s positive reviews online, we can say that Sokoloan is 100% legit.
Sokoloan interest rate
Sokoloan provides loans ranging from N5,000 to N300,000 with terms from 91 days to 180 days.
There interest rate and service fee range from 4.5% to 34% with an equivalent monthly of 3% to 29% and APR of 29% to 365%.
Let’s take, for instance, if you get a loan of N1000 for a period of 6 months, On the Sokoloan review, the platform will charge an interest rate of 4.4% per month.
The interest rate will be 26.4% Sokoloan will charge you N263 as interest for the period of 6months and your total repayment will be N1,263.
How does Sokoloan work?
It’s easy to just complete their 100% online application in a few minutes and submit. They will review your information and communicate a loan decision to you shortly after. If approved, the loan will be credited to your account within a few minutes of the loan approval and completion of the application process.
How long does it take for Sokoloan to process a loan application?
The entire process can be completed in no time, once you complete their short application and accept the loan offer provided, your information is reviewed and a loan decision is typically provided with minutes. If approved, funds will be received with a few moments of the application process being completed.
- Valid bank details.
- Bank verification number (BVN).
- A valid phone number.
- An android phone.
- Internet connection.
- A means of identification.
- Valid the ATM card which will be used for your loan repayment.
- Finally, you are an adult with a job or self-employed.
You can make a repayment of your loan using your ATM card. When you sign up for a loan, you will be asked to provide your ATM card details to your profile. Note that your loan will be deducted from the card you added when due.
All you have to do is to fund your account, open the app and repay your loan. If you encounter any difficulties while making a repayment, contact their customer care service immediately.
Note that you cannot reschedule your loan repayment date with them. You are expected to make the payment on the due date. If by any chance you encounter any issue when making a repayment try to contact their customer service.
The official loan app is only available and downloadable only on Google play store i.e. only for android users as of the time of writing this article and we believe that it will still be made available on Apple play store i.e iOS (iPhone) devices.