Get the Sokoloan download app directly on your phone and have access to an instant loan into your bank account without stress.
Sokoloan is an online loan application in Nigeria that offers short-term loans to pay for unexpected costs.
The sudden emergence of urgent requirements is a scenario we’ve all experienced and is usually associated with difficult loan procedures. This is particularly true for commercial banks due to their interminable paperwork and collateral requirements. In this case one of the early models for an easy loan that you can look to is Sokoloan.
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Sokoloan Download App
The Sokoloan application is available only through the Google Play Store. It requires Android OS version 4.2 and above to be installed.
With over 1Million downloaded downloads, and an overall rating of four or more stars, it’s possible to conclude that the users are generally pleased with the program to a great extent.
How Sokoloan Works
- Download the Sokoloan app from the Google Play Store
- Start the application and fill in a short application form.
- Make an application and wait for the approval. The funds will be transferred into your account at the bank after the application is approved.
Be aware that paying your loan before or on the due date allows you to obtain a greater credit limit on your next loan.
What Documents Are Required for A Sokoloan?
There isn’t any paperwork to fill out before getting a loan from Sokoloan. It’s all online. All you require is a valid source of identification as well as the correct bank information.
Sokoloan Interest Rate and Repayment
Sokoloan interest rates vary between 4.5 percent to 35 percent. When your loan is due the amount to be repaid will be deducted from the account of the bank linked with your Sokoloan account. You may also opt to repay the loan before its due date by using the application.
However, you must be aware that the date of your repayment cannot be altered. We suggest that you only apply for the loan if you can be able to pay it back by the time you are scheduled. The lender reports defaulters to National Credit Bureau, which will ultimately impact the rating on credit.
Sokoloan Review: Is It Real?
Sokoloan exists. But their interest rates can be astronomical. Users have complained of having to pay up to 45% charges for loans as low as N10,000.