The KiaKia Loan App
Kiakia is a loan app in Nigeria that grants short-term
business and personal loans. Kiakia loan is also a subsidiary of the Sterling Bank of Nigeria which makes it legit and trustworthy.
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KiaKia loan makes it very easy to access a loan without any collateral, It is also stress-free and easy to access.
In this article, we are going to state all about the Kiakia loan, the requirements, how to access it, etc.
HOW DO I APPLY FOR THE KIAKIA LOAN?
Visit the website and create an account with your accurate details:
- You can start an application chat on the site
- Upload a valid means of identification(NIN, Drivers license, passport photograph
- Enter your loan amount
- Choose the loan duration
- Upload a screenshot of your last “3” salary or business income alerts
- Accept the loan terms and conditions if your application is approved. Authenticate your bank account. Once you are approved, you will be credited.
THE KIAKIA LOAN REQUIREMENTS
- Applicants must be resident in Nigeria.
- Alternatively, applicants may authorize Kiakia to view their bank transactions by linking their bank account to the Mr. Kay software for the sole purpose of obtaining bank transaction details
- Applicants must have a Bank Verification Number (BVN) and be an account holder in any of the major commercial banks in Nigeria.
- Applicants must provide a valid identification method (job ID for job applicants and government-issued ID for self-employed).
- The age of the applicant should be over 21 years old.
- Applicants should have proof of source of income. (Working in public/private sectors or run your own business)
- Applicants should provide proof of income (SMS or email screenshot of monthly income notification or electronic bank statement (in PDF format)) for the last 6 months.
BENEFITS OF THE KIAKIA LOAN APP
- The application process is easy and funds are released within minutes
- Also, it does not require any serious paperwork
- No geographical restrictions, meaning you can apply from anywhere
- Lower interest rates due to the short tenure of the loan.
- Faster disbursement of funds compared to other loan types.
- Simple and easy application process with few requirements.
- Short-term loans can help improve credit scores.
- Provides financial flexibility and can be a useful cash flow tool.
- Offers a manageable and predictable payment schedule.
- Can be a viable option for emergencies and unexpected expenses.
- Short-term loans allow for faster debt payoff compared to long-term loans.
- Limited liability and lower financial risk.
- Generally, short-term loans have lower overall costs compared to long-term loans.
- KiaKia offers a referral program where users can earn rewards for referring new borrowers to the platform.
NON-BENEFITS OF THE KIAKIA LOAN APP
- It comes with a loan processing charge
- Lastly, the maximum amount of borrowable is quite low
- A limited amount of loan can be borrowed due to the short term.
- Interest rates can be higher for certain borrowers.
- Frequent borrowing can lead to a debt trap.
- Late payments can lead to penalties and damage to credit score.
- Short-term financing may not be suitable for long-term financial goals.
- Limited repayment flexibility due to short repayment period.
- It may not be a viable option for businesses with irregular cash flow.
- Can be difficult to get approved for borrowers with poor credit.
THE KIAKIA LOAN APP INTEREST RATE
This loan attracts as little as 5.6% to as much as 24% in interest rates. Considering the speed of applications, this isn’t a bad rate base.
However, one thing that’s certain is that the exact applicable interest rate would be stated during the loan application process and you can either agree or reject it. The Interest rates are competitive with other loan providers.KiaKia charges a one-time processing fee of 5% on each loan.
The interest rate and processing fee are fixed and do not change during the loan term. The loan duration can range from 7 to 30 days depending on the loan amount and the borrower’s credit score.KiaKia uses a proprietary credit scoring algorithm to assess borrowers’ creditworthiness and determine their interest rate.
THE KIAKIA LOAN APP AMOUNT
You can borrow as low as N10,000 and as much as N200,000 from them. However, most users are assigned a particular amount of loan at the start. As you borrow and repay a loan in time, your maximum borrowing limit increases.
THE KIAKIA LOAN REPAYMENT
Repayment terms for the Kiakia loan are quite simple. You only need to have repaid the loan between 7 and 30 days. However, it is advisable to pay your loans earlier if you can because of the rewards that come with it. Borrowers can make repayments using bank transfers, debit cards, or USSD codes.
Frequently Asked Question
Kiakia loan ussd code
As per the information available at the moment, Kiakia Loan does not have a USSD option. If you are interested in taking a loan you can apply using their website https://kiakia.co/.
Click on the Get Loan option on the website. Note that you must meet the requirements to be eligible
Is the kiakia loan legit/real?
Kiakia P2P Loan App is a legit and real app that lends money to Nigerians.
To get a loan you first need to install the app on your phone, register on it by providing the required requirements then apply for a loan of 1000 naira and above.
Can I get a loan if I just started working?
Yes, you can. However, the loan amount would most likely be considerably lower than those with proof of substantial income and you might not have access to as much as they do.
Can I get a loan without a job?
Yes, you can. However, it may be difficult to come by as most lenders prefer borrowing from individuals with a steady and proven source of income.
Can I get a personal loan without a salary?
Yes, you can. The advancement of technology today means it’s much easier to track borrowers compared to long ago. Basically, you can now get a personal loan without a salary. As a matter of fact, all you need to do is provide your proof of account and undergo the application process.
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