Sokoloan ussd code: interest rate, is it legit and more - Startuppreneur

Sokoloan ussd code: interest rate, is it legit and more

Sokoloan give out instant loan in Nigeria without collateral or paper work, with soko loan you can obtain up to #200,000 loan at a go. Their loan processing is very fast once your application is successful you will receive alert within 30 minutes.

Requirement to obtain loan from soko loan

Below are the requirements you need to meet up with before you can obatin loan from sokoloan


Have bank account and BVN

Be a Nigeria and reside in Nigeria


Have source of income

You must not have defaulted on loan before

Have good credit score

Have smart phone with which to download the app


How to apply for sokoloan

The first step is to head over to playstore and download sokoloan app

Register with your name an other details

You will be ask to submit you BVN, do so

You will also be ask to bind your ATM card, do so

After the registration you will be login to your dashboard

On your dashboard locate and click on loan

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

Click on this loan and wait for disbursement

If everything goes right you should receive credit alert in 30minutes time.

Sokoloan ussd code

Sokoloan does not have ussd code, the only way to obtain their loan is to download the app on play store of other app store. Once they give out their ussd code we will update this page.

How much you can obtain from sokoloan

With sokoloan you can obtain up to #200,000 without collateral or paper work. For first timer you will not be able to obtain up to this, your eligible loan might not be more than #50,000, but as you take loan and pay back regularly the amount of loan you can obtain will increase.

Sokoloan interest rate and repayment period

Their interest rate is between 5% to 25% depending on the amount obtain and the pay back time.

The repayment period also depend on the amount of loan obtain, it is between 7 days to 190 days. As a first timer you will receive high interest rate and short repayment period, this will improve as you continue to take koan.

Repaying your sokoloan

You can pay back your loan through ATM card or ask for sokoloan account number and transfer to it. When making transfer ensure you have their correct account number to avoid story that touch.

Is sokoloan legit

If it is to give loan yes sokoloan is legit, but they are not license by CBN nor insured by NDIC so exercise caution when taking loan from them

Our verdict on sokoloan

Sokoloan will give you instant loan in Nigeria, but if you default they will send defamatory message to your contacts.

They are not license by CBN and they have a lot of negative review on play store. As at the time of writing this article they have been suspended on playstore, so exercise caution when taking loam form them.


Sokoloan will give you instant loan without collateral or guarantor, as you can see they are not license by CBN which means if anything goes wrong it will take time before CBN interfere.

Take loan that you know you can pay back to avoid embarrassment.

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