Sokoloan is a mobile lending platform that offers short-term loans to Nigerians. The company was founded in 2016 and has since disbursed over N10 billion in loans. Sokoloan is a registered microfinance institution with the Central Bank of Nigeria.
Sokoloan offers loans ranging from N1,000 to N50,000. The interest rate on Sokoloan loans is 24% per month. The repayment period is 30 days. Sokoloan loans are disbursed within 24 hours of approval.
To qualify for a Sokoloan loan, you must be a Nigerian citizen and have a valid mobile phone number. You must also have a bank account and a monthly income of N10,000.
Sokoloan has been criticized for its high interest rates and aggressive debt collection practices. In 2021, the National Information Technology Development Agency (NITDA) fined Sokoloan N10 million for violating the privacy of its customers.
Despite the criticism, Sokoloan remains a popular option for Nigerians who need quick access to cash. The company has a high approval rate and offers loans to people with poor credit histories.
How do I borrow from Sokoloan?
Here are the steps on how to borrow from Sokoloan:
- Download the Sokoloan app from the Google Play Store or the App Store.
- Create an account by providing your full name, email address, phone number, and BVN.
- Choose the amount of loan you want. The maximum loan amount is N100,000.
- Provide your bank account details so that Sokoloan can deposit the loan into your account.
- Sign the loan agreement and submit your application.
- Wait for Sokoloan to review your application. You will usually receive a decision within minutes.
- If your application is approved, the loan will be deposited into your bank account within 24 hours.
Here are some of the requirements for borrowing from Sokoloan:
- You must be a Nigerian citizen.
- You must be at least 18 years old.
- You must have a valid bank account.
- You must have a good credit score.
The interest rates for Sokoloan loans range from 4.5% to 35%. The repayment period is between 1 and 30 days. You can repay your loan early without penalty.
If you default on your loan payments, Sokoloan may report you to the credit bureau. This will damage your credit score and make it more difficult to get a loan in the future.
Sokoloan Ussd Code
Sokoloan does not currently have an USSD code for applying for a loan. The only way to apply for a loan from Sokoloan is through the Sokoloan mobile app. The app is available for download on the Google Play Store.
How much can I borrow from Sokoloan?
The maximum amount you can borrow from Sokoloan is N100,000. However, the amount you are actually approved for will depend on your creditworthiness and other factors. As a first-time borrower, your credit limit may be lower than N100,000. You can increase your credit limit by repaying your loans on time and in full.
Is Sokoloan real or fake?
Sokoloan is a real company that offers short-term loans to Nigerians. However, there have been reports of the company engaging in predatory lending practices, such as charging high interest rates and using aggressive collection methods.
In 2021, the Nigerian government announced that it would be taking action against Sokoloan and other loan apps that were found to be engaging in illegal activities. As a result, Sokoloan has been forced to make some changes to its lending practices. For example, the company has lowered its maximum interest rate from 45% to 30%.
Despite these changes, there are still concerns about Sokoloan’s lending practices. Some users have reported being harassed by the company’s debt collectors, and others have said that they were unable to repay their loans because the interest rates were too high.
If you are considering taking out a loan from Sokoloan, it is important to weigh the risks and benefits carefully. The company may offer you quick access to cash, but you may end up paying a high price for it.
How many apps does Sokoloan have?
Sokoloan had 7 apps in 2021, but as of June 19, 2023, only 1 app remains on the Google Playstore.
Is Sokoloan registered in Nigeria?
No, Sokoloan is not registered in Nigeria. It is a foreign company that operates in Nigeria without a license. In March 2022, the Federal Competition and Consumer Protection Commission (FCCPC) cracked down on Sokoloan and other predatory lenders for customer privacy violations. The FCCPC ordered the lenders to shut down their operations and pay fines. Sokoloan has since paid the fine, but it is still not registered in Nigeria.
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