Sokash loan app: interest rate, how to apply, is it legit - Startuppreneur

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

Sokash is another loan app in Nigeria where you can obtain quick loan with out collateral or paper work. Their loan processing is very fast within one hour of applying your account will be credited. With this loan app you can obtain up to #100,000 loan at a go.

You don’t need to visit any location before you will obtain laon form this app, with your smart phone you are good to go.


Requirements to obtain loan from sokash

Before you can obtain loan form this app you need to meet up with some requirements which are

  • Have good credit score
  • Have bvn and bank account
  • Have source of income
  • Reside in Nigeria
  • Have smart phone with which to download the loan app

Once you meet up with the requirement you can go ahead and apply for the loan


How to apply for loan on sokash loan app

The first step to take is to head over to play store and download the loan app

Register with your name, bvn and other details

You will be ask to bind your ATM card which might attract #30 fee, do so and proceed

Once you are done with registration you will be login to your account


On your dashboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much you can obtain from sokash loan app

With sokash loan app, the maximum amount of loan you can obtain is #100,000, as a first timer you will not get up to this but as you continue to use the app your eligible loan amount will be increase and you will be able to obtain more loan

Sokash loan interest rate and repayment period

Sokash interest rate is between 5% to 15% depending on the amount of loan obtain and the repayment period. As a first timer you will be given high interest rate and short repayment period.

As you continue to take loan from this app, this will improve.

How to pay your sokash loan

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

Once you make payment it wil 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 sokash loan app legit

Yes this loan app is legit, they will surely give you loan but they are not license by CBN nor insure by NDIC. So exercise caution when taking loan from them.

Our final verdict on sokash loan app

Sokash loan app will surely give you loan, they are legit. They have both positive and negative review on play store which is not encouraging.

Their loan processing is very fast within one hour of submitting application your loan will be disburse.

Since they are not license by CBN nor insured by NDIC you should exercise caution when taking loan from them.


Above is how o obtain loan from sokash loan app, they will surely give you loan but ensure to take loan that you can pay back to avoid embarrassment.

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