Kada loan app: interest rate, how to apply, is it legit

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Kada loan is a microfinance bank that give out loan to loan to business men and salary account in Nigeria, Kaduna to be precise.

Their loan processing is very fast and they have one of the lowest interest rate. Though it is tough to get loan from this microfinance bank but if you later get it it will worth it.

Requirements to obtain loan from kada bank

Like many loan company in Nigeria, before you can obtain loan from this app, you need to meet up with some requirements which are

  • Have bvn and bank account
  • Be above 18 years of age
  • Leave in Kaduna
  • Have staff ID card
  • Have utility bill
  • Have smart phone with which to download the app

How to apply for kada loan

The first step to take is to download kada bank app

Register with you name, email and other details.

Once you are done with registration you will be log in to your dashboard.

There you will be able to send, receive money and apply for loan.

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Before applying for loan, you need to have use the bank app for more than 1 month, by this time you will have send and receive a lot of money.

How much you can obtain from kada loan app

With kada loan you can obtain up to #300,000 though it depend on the types of loan you apply for. As a first timer your loan amount will be small but as you continue to use the app, it will increase.

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Kada loan app interest rate and repayment period.

Their interest rate is between 5% to 12% depending on the amount of loan obtain and the repayment period.

Their repayment period depend on the amount of loan obtain and the types of loan, the repayment period can be up to a year.

Repaying your kada loan app

To payback your loan head over to your dashboard

click on loan repayment

There you will see deferent option to pay back your loan

Click on one and make payment

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Once you make payment it will reflect on your dashboard

If it does not you should contact them.

What will happen if I default or refuse to pay back

If you default you will be punish by Increase in your loan Interest rate which might be up to 2%.

If you abscond, your name and bvn will be send to credit bureau for blacklisting which means you will not be able to obtain loan again in Nigeria until you pay back and clear your name with credit bureau.

Trust me this process is usually time consuming, your best bet is to pay your loan as at when due.

Is kada loan app legit

Yes, this loan app is legit, they will surely give you loan, they are license by CBN and insured by NDIC so you have nothing to be afraid of.

Our final verdict on kada loan

Kada loan is one of the loan company in Nigeria. They have given loan to many people and they are professional, they do not harass their customer but they surely know how to get their money back.

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They are license by CBN and insure by NDIC which shows that they mean business.

The only problem with them is that they are only available to Kaduna people. Once they extend their service to other sate I will update this page.

Kada microfinance bank contact

Address: 3, RIGACHIKUN POLY ROAD, KADUNA, Tudun Wada, Kaduna

Phone Number: 08098909343, 08036884586

Email Address: kadamfbank@yahoo.com

Conclusion

Above is how to obtain loan form kada microfinance bank, they will surely give you loan as long as you meet up with their requirement, but I will advice you to take loan that you can pay back. To much of debt is bad.

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