Sokoloan is a loan app in Nigeria that’s there to give out quick loans in case of an emergency. These loans are not for long-term situations but rather short-term suitable for students, entrepreneurs and SMEs.
As with other loan apps, you can get loans anytime of the day and under normal circumstance, upon approval you should be able to get your loan under 24 hours.
Before going further I’ll like to bring to your notice some of the reviews or comments that have been left on Sokoloan. I have seen so many derogatory comments on Sokoloan all hanging on the high interest the place on their loas, one is on Nairaland where a user complained about having to pay N20,433 for a loan of N14,000 within a 10-day period. That’s 45% interest in 10 days.
We strongly advise taking loan from Branch, they have very good reviews. Click HERE to read our Branch loan app review.
So, from here you might want to proceed with caution. You can go ahead and apply and see for yourself what the interest rate is, if it’s what you good with then go ahead.
- Your phone number.
- Bank Verification Number (BVN).
- Between the age of 18 and 55.
- Your bank details.
How Much Can be Borrowed from Sokoloan App
Sokoloan ranges from ₦5,000 to ₦100,000. Though as a first timer you will have to start with lower amount. However, amount approved depends on your credit score.
Sokoloan Interest Rate
Sokoloan interest rate ranges from 4.5% to 34% with monthly interest from 3% to 29%. This interest rate can be reduced if you become a loyal user. However, people have complained of Sokoloan interest rate being to high around 45% to 50%.
You can reach the customer care on 014536792b and through firstname.lastname@example.org.
How to Apply
- Get the App: Go to Google Playstore and search for “sokoloan” or click HERE to download the app.
- Register: Register with your phone number and verify.
- Apply for Loan: Click on “Apply” and go ahead to fill the form providing your BVN and other required information.
- Lastly, agree and submit. Before submitting your loan application make sure to read the loan terms and interest on the loan to be fine with it.
That’s it with how to apply. Now, you have to wait for the loan decision which shouldn’t take too long at worst case it should be decided under 24hrs.
Before applying for a loan you should be clear with the repayment method also have a plan to repay. Sokoloan loan term ranges from 7 days to 190 days. You can repay your loan throug your ATM when you’re added before getting a loan.
You can make your loan repayment automatic from your bank account which the amount is deducted when it’s due.
That’s it with your Sokoloan review.
You can ask any question you wish using the comment box.
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