Sokoloan App Review: All you Should Know

Have you ever been worried about where to get bail out from financial burden? Well, there is a great news for you. We are here to tell you that SokoLoan app dey for you!

SokoLoan App is an online or digital loan service providing company that provides the one of the fastest personal loans to its customers. Within an instant of applying for the loan, you will receive notification on your phone. Do not worry. That is your money from SokoLoan App.

SokoLoan app is a reputable loan app in Nigeria that has made many smiled when they are finding it difficult to smile. The SokoLoan app is said to be receiving sponsorship from a microfinance institution known as Soko Lending Company Nigeria Limited.

SokoLoan app provides its services nation wide and you can easily access their app to obtain loan anytime, anywhere, anyday. Their loan process is very simple. They do not require you to fill out plenty documents or require you to bring collateral before you can be able to get loan.

What are the Requirements to Get SokoLoan?

The requirements are very easy to meet and they are provided below:

• You must be at least 21 years of age and not older than 60 years of age as at the period of application
• You must have a bank account and BVN
• You must have a good credit score. You must not be a debt person. Your credit record will be traced using you BVN. They will know all your banking history and if you are found to owe any financial institution, you will not be given loan.
• You must have a stable and verifiable source of income. If you are working in a government parastatal, you are good to go. People working with private organizations must have to provide proof of employment from reputable organizations
• A valid means of Identification including an International passport, National Identification Card, or voters card
• Passport photograph
• Smartphone, specifically Android device to download and operate the app

How Do I Apply for SokoLoan?

• Proceed to Play Store to search for Sokoloan.
• After searching the app will be displayed, click to download. The app will automatically install after downloading.
• Open the app then sign up to create your profile
• Provide all the necessary banking information and personal information. You will also be required to create a profile and transaction pin
• Proceed to your profile dashboard after creating an account
• You will see the loan options available, choose your preferred one
• Enter the amount you want to borrow
• Accept their terms and conditions of service
• Then submit the application.

After submitting your application, the loan will be disbursed to your account in less than 1 hour.

How much can I borrow from Sokoloan App?

You can borrow as low as ₦5k and as high as ₦100k. However, for the first time of using the app, they do not trust you yet, so they will only borrow you a very small loan amount. But upon subsequent applications and they find out that you maintained a good credit record, your loan amount will be increased.

What is the interest Rate on SokoLoan?

Depending on the loan repayment plan, they charge 4% to 36% on loans borrowed depending on the loan term. This is quite a heavy rate of interest.

What is the repayment plan of Sokoloan?

  The loan term varies from 7 days to 200 days. If it is a long-term plan, the interest rate will be very high but if you are paying back your loan within a very short time frame, the rate will be low.

What happens if I default?

If you choose not to pay back, they will withdraw their money from the bank account that you connected to the app.

Does Sokoloan App use USSD Code?

Sokoloan app does not use USSD code option for loan applications, neither do they use the web. The only option available is through mobile app.

Is Sokoloan legit and reliable?

Sokoloan App is very much reliable. They are registered with the credit bureau. They also have many positive reviews from people that have patronized them in the past.

Conclusion

Sokoloan app is a good loan app that is credible and can be trusted. The only issue with them is just their high interest rate. If you feel you can do with the rate, you can go for their loan.