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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