If are you looking for how to borrow money from the Kuda loan app then here we have all the details about the Kuda loan.
One of the most popular banking apps available in Nigeria at present includes Kuda Bank. Kuda loan app. Its online-only banking model is what makes it distinctive and appealing to the vast majority of youths in Nigeria. In this article, we are looking at How To Borrow Money From a Kuda loan
With Kuda Bank’s overdraft service, you can get quick, short-term loans online and not needing to fill in any forms, filling out paperwork, etc. In addition, you can repay whenever you wish with just 0.3 percent daily interest.
Kuda Bank is a great alternative to traditional banks as we look at How To Borrow Money From Kuda Loan. Kuda Bank is also packed with other features which make it an ideal alternative to the traditional bank system that is in Nigeria. It is without a doubt that it’s among the top fintech companies in Nigeria.
The exclusive online feature that is available in the Kuda loan app is a bank that does not require its customers to visit any bank physically to conduct transactions or solve any issues that occur.
Table of Contents
What is Kuda Bank App?
Kuda Bank is in essence like a traditional bank, but it does not have a physical branch in any location.
The company operates entirely online and performs financial transactions with a valid bank license issued by the CBN (Central Bank of Nigeria). The bank is specifically designed for mobile users. So, potential customers without a smartphone are not able to deposit with them.
It is possible to install Kuda Bank’s Kuda bank app for a variety of mobile platforms such as iPhone, Android, and Windows. It is equally important to remember it’s secure and allows you to bank on your own time whether that’s at your home, church school, at home, or any other location.
In addition, anyone who has an Android smartphone can install this Kuda Bank app because of its user-friendly interface that allows simple navigation and performance of the application. Additionally, they’ve improved it to load faster and therefore allow faster transactions.
Because of the technological and digital power, The use of Kuda does not require any service fee. Kuda aims to make the perfect bank for each African in the world.
How To Apply For Kuda Bank Overdraft
- Start Kuda and swipe or tap on Your Borrow account.
- Tap Borrow.
- Tap Get Your Overdraft.
- Tap Next.
- Enter the amount you would like to borrow, then click Do it.
- Confirm your transaction with your transaction pin fingerprint, or face ID.
- Tap OK and you can spend using your account.
Below is a video to help you How To Borrow Money From Kuda
Kuda Overdrafts Vs Other Loan Apps
- low interest: Kuda Bank takes only a tiny amount of interest. I’m talking about a very low 0.3 percent daily interest. It’s just N30 a day when you borrow N10,000. If you repay after 10 days of borrowing, you’ll only pay N300. Or, if you pay off in one month in a month, you’ll pay N900. Crazy. Right?
- No paperwork It’s not necessary to fill in any forms online or offline before when you are eligible to apply for Kuda Overdrafts.
- No collateral This might seem like a reason that isn’t valid for why taking money out of Kuda Bank is the best option, but it’s an acceptable justification. People who claim they don’t require collateral are correct but they’ll be using your phone’s contacts as collateral. You Gerrit?
- No embarrassment The reason I say this is because, as I stated earlier the loans can copy contacts on your list to avoid embarrassment in the future. Kuda Bank doesn’t have this, and they only charge when you’re financially healthy.
- I’ll also add that taking money out of Kuda Bank can give you peace of heart, knowing they will never contact or send you an email to ask for repayment.
The ability to borrow cash from Kuda bank isn’t something you can call a “squid game” unlike fake loans that are based on the lives of people. If you’re interested in knowing more about loan sharks and ways to stay clear of these, read this blog article.
How does the Kuda Loan App work?
Kuda Bank app allows its customers to keep track of their accounts at no fees, just like conventional banks. This includes the free transfer from funds into other Nigerian banks, as well as free debit cards, as being able to provide the option of loans for customers.
Below is a video about how to get money from the Kuda loan app
This is a mind-blowing offer to potential customers due to the high cost paid by traditional banks for similar services, such as the transfer of funds to banks that are not affiliated and debit card issuance as well as ATM card maintenance. It is also important to note that any savings made through this app are paid to borrowers on loans with interest rates that are specific to the loan.
Savings may also be invested in other businesses and any interest earned from these companies will be credited to the bank.
There’s no need to concern as this is the exact method that conventional banks earn. There is a major difference, Kuda Bank has a lower cost of borrowing than conventional banks. The profits of the investment that are made through Kuda Bank are sufficient to manage the bank because they do not create physical branches.
Kuda Bank App Download
Because the app is designed for smartphones and is only used by those with Android and iOS devices.
You can find and download it through either the Apple application store or the Google Play Store.
How do I get the loan you need from Kuda Bank
With Kuda Bank’s overdraft the ability to get instant short-term, term credit online without completing any formalities. You can also decide to repay the loan at any time, with just 0.3 percent daily interest. Here’s how you can apply for a Kuda Bank overdraft:
- Launch your Kuda App and transfer funds to the unit that you borrowed.
- Click on lend.
- Click on the Get Your Overdraft button.
- Click next.
- Enter the amount you wish to borrow, and click the button done.
- Verify your transaction’s PIN. fingerprint, or face identification.
- You can click OK and you’re now in a position to spend money using your account.
How to register on the Kuda-app
These steps will help you sign-up for Kuda. Kuda app:
- Launch the app and download it.
- Select the sign-in option if you’re a brand-new user.
- Enter the necessary details. This includes the email address you use, your password as well as your referral code. You can utilize the referral code to sign up when someone has recommended you to the platform.
- On the second screen on the second page, enter your first and last names.
- Enter your gender and date of birth, as well as your telephone number on the next page.
- Verify your phone number by using the OTP that you be able to receive via the number you have given. The next step is to provide information about your street’s name, city, and state.
- Then, you’ll be required to snap an image and that’s it. You are now a genuine Kuda Bank user.
Kuda Loan Account
After sign-up, you’ll have to create an account. The Kuda application will give you an account number that will be used by you to make transactions.
There are three kinds of unique accounts you can make use of. They are:
- Lite
- Basic and
- Premium
You just need to give your name and phone number to join the Lite account, however, you will require a telephone number, name, and BVN to sign up for a Basic account. Basic account.
Premium accounts are the most expensive level. To be able to sign up, you’ll need the name, number, valid ID, and BVN.
The premium account allows you to transfer money as high as 250k maximum at one time with maximum transfer limits daily increased to N1 million, but are set at 500,000 at the point of sale.
