Are you looking for Kiakia Loan App Download the you are at the right place, this article will tell you how to get a loan from kiakia and download it.
Kiakia Loan App is an online lending company that is new in the game of granting personal loan to Nigeria without document.
With mixed reviews, the app has been downloaded over 10k times on Google Play Store. It uses a loan program to gather information about potential customers, including phone records, banking transaction alerts and BVN in order to determine the credit score for each borrower.
You will be able to get higher amounts if you keep your bank transaction messages up and have no outstanding debts from other loan apps.
It’s easy to apply. Just download the app from Google Play store and provide some information about you. The algorithm will analyze your data, calculate your credit score, and offer you a loan within a few hours.
Table of Contents
How to download APK and apply for a Kiakia loan
- Install the Kiakia personal loan app exclusively on the Google Playstore.
- Register with your phone number to create an account
- For verification, it is preferable that you use the phone number associated to your BVN.
- Please fill in your Kwow-your customer KYC information. This includes your residential address and next of kin details.
- Your Biometric verification number BVN will also be requested.
- To bind your ATM card with your account, you will be charged N50. This will increase your chances of getting a loan amount that is higher.
- To confirm your details, a one-time OTP password will be sent to you.
- After you submit your loan application, the software will evaluate your credit score. The final result will appear in the APP.
- You should see the result in less than 2 minutes. If you are eligible for a loan the amount will be transferred directly to your bank account.
- You will need to take a clear selfie of your identity so make sure your phone has enough memory.
The N30 that was charged to attach your ATM card to your account can be refunded. However, it may take up to 7 to 12 business day for the money to reach your bank account.
Your BVN is tied to your credit score. If you have outstanding loans with other lenders, or have not paid other lenders on time, your application will be denied.
Credit scores are a record of all your borrowings and cash transactions.
To download the app, you must agree to allow it access to your phone contacts, SMS to view your banking transaction records, and apps on your smartphone to see how other loan apps are used.
Kiakia Loan App legit?
Kiakia Loan App Download is a legit loan app. However, the app is still new to the Play Store. It does offer loans to customers, but it is important to be cautious before applying for an online loan. Before you apply for a loan in Nigeria, make sure to read reviews from other customers.
These loan applications are not registered with the CBN nor any other government agency in Nigeria. They are responsible for your transactions and you cannot seek redress for bad customer service.
Its availability on Google Play store does not guarantee that transactions made on it are secure. You are responsible for your security when using loan apps in Nigeria through the play store.
How can the Kiakia Loan App improve your cashflow?
Kiakia Loan App Download charges high interest rates on short-term loans. First time borrowers typically get 6k to 10k in 7 days.
High rejection rates mean that most loan applications are rejected. Some are kept for several days.
There are also networking issues with the app that may prevent customers from registering their ATM cards smoothly. It also takes a while to acknowledge loan repayments. It may take some time for your dashboard to clear after you have repaid your loan. Be patient and keep your proofs of payment handy. It can be difficult to send verification, as many customers don’t receive it.
Be aware of your repayment plan when taking out a loan. The app may attempt to auto-debit you on the due date for the first installment of a 60-day loan. It might also charge you overdue fees before the end 60 days.
To prevent automatic debit, you can change the password for your ATM card. The app is known to auto-debit customers after they make payments via bank transfer.
The loan tenure starts at 7 days. This is less than the minimum 30 day tenure that the CBN recommends for personal loans providers who are short-term.
Kiakia Loan App Download
You can download the Kiakia loan app here, then you are free to enjoy all the financial benefits that comes with the Kiakia loan app.
Interest rate for Kiakia Loan App
Rates and fees for loans
Loan amounts: N 5,000 to n 50,000
Service / Interest Fee: 2% – 35%
Maximum Annual Percentage Rate (APR), 66.21% – 2740.44%
Late fee: One-time fee of 8.8% of the outstanding amount
Minimum repayment period: 61 days
Maximum repayment period: 180 days
Here’s an example of interest calculation for a loan:
Principal: 100,000.00
Lender Interest: (APR: 30%)
Tenor: 4 Months
Annual Interest (: 100000 * 0.3) :30,000 Naira
Total Interest for 4 Months: 100000 *0.3 *4/12:10,000 Naira
Monthly Interest: 2,500 Naira
Monthly Repayment (principal and interest): 27,500 Naira
Total Repayment :110,000 Naira
As an example, the interest rate and tenure are lower if you borrow for the first time. By keeping good records and repaying the loan on time, you can increase your amount.
Kiakia Loan App requirements?
- You can be a Nigerian citizen or resident.
- At least 18 years of age
- A monthly income source.
- Attach your ATM card to the account
- Give details about two of your closest relatives, including their telephone numbers.
- You have a high credit score and no outstanding loans from any other lenders.
- Maintain an active bank account
- Your BVN must have your phone number.
- You must have a valid ID card issued by the government.
What happens if I fail to repay my loan on time?
Late loan repayments are subject to a 2% daily fee. Therefore, it is important to adhere to the due date. You will be able to get larger loans if you repay the loan on time. You will not be eligible to receive larger loans or any other loan products if you make late repayments. You will be reported to First Central Credit Bureau if you are late with your payments. The First Central Credit Bureau could blacklist you, which may impact your ability to borrow money from other lenders.
How do I borrow money from KiaKia?
KiaKia is an online platform in Nigeria that allows users to borrow money from lenders. To borrow money from KiaKia, you’ll need to follow these steps:
- Sign up for an account: To use KiaKia, you’ll need to create an account by providing some personal and financial information.
- Submit a loan request: Once you have an account, you can submit a loan request by specifying the amount you want to borrow and the purpose of the loan.
- Wait for a response: KiaKia will review your loan request and may ask you to provide additional information or documentation.
- Review the terms: If your loan request is approved, KiaKia will provide you with a loan offer, which will include the terms and conditions of the loan. It’s important to carefully review these terms before accepting the loan.
- Accept the loan: If you agree to the terms of the loan, you can accept the offer and the money will be deposited into your account.
I recommend carefully considering your financial situation and the terms of the loan before borrowing money from KiaKia or any other lender.
How long does it take KiaKia to disburse loan?
It’s difficult to say exactly how long it will take KiaKia to disburse a loan, as the process can vary depending on a number of factors, such as the type of loan, the borrower’s credit history and financial situation, and the lender’s policies and procedures.
Some loans may be disbursed in a matter of hours or days, while others may take longer. I recommend contacting KiaKia directly or reviewing their website for more information on their loan disbursement process and to get a better understanding of how long it may take for your loan to be disbursed.
