Sokoloan review (All you need to know about Sokoloan)

Sokoloan review (All you need to know about Sokoloan)

Sokoloan review (All you need to know about Sokoloan)

Read all about Sokoloan in this sokoloan review.

Life is unpredictable, and there are times when we are in dire need of money, but can’t seem to get it from maybe friends and family.

To get money, you can decide to take a loan, but traditional banks require lots of paperwork and collateral before they can give you a loan.

Sokoloan is a simple online lending app that will provide you with short term loans to help you attend to pressing needs without the paperwork and collateral that commercial banks require.

Sokoloan is similar to other popular apps like branch app, gocash app, Naijaloan and the rest.

In this Sokoloan review, am going to be writing about all the things you will need to know about the Sokoloan app, as well as answering questions like “is sokoloan reliable?”, “is sokoloan real?”, “How to apply for sokoloan?”, “What are Sokoloan requirements?”, “What is the interest rate on Sokoloan?”, “What is sokoloan all about?” and more.

Remember to leave us a comment after you finish reading and also share with your friends on social media.

Let’s get into it then…

Read all about Kudabank

What is Sokoloan?

Sokoloan is a simple online lending app that will provide you with short term loans to help you attend to pressing needs without the paperwork and collateral that commercial banks require.

Sokoloan is similar to other popular apps like branch app, gocash app, Naijaloan and the rest.

You can apply for a Sokoloan loan 24 hours a day, 7 days a week and get it within a few minutes.

According to its website, Soko lending company limited intends to increase opportunities for the poor to access financial services by providing financial services to low income entrepreneurs, grassroots employees of SMEs, women with entrepreneurial needs, students who continue to earn, shoppers with consumer needs, customers with fixed assets mortgage, traders and small scale farmers.

Read my Piggyvest review

How does Sokoloan work?

  1. Download the Sokoloan app from Google playstore https://play.google.com/store/apps/details?id=com.nigeria.soko
  2. Install and launch the app
  3. Open the app, read and understand what the app needs to have access to and accept it.
  4. Fill a brief application form with your information.
  5. Sign up on the platform with the required details.
  6. Complete the loan application form and apply.
  7. If your application is approved, funds will be sent to your account in 5 minutes.
  8. If your application is unsuccessful, Sokoloan will inform you of the reason(s) as you may still be eligible for a loan.
  9. Make your repayment of the loan on or before the due date. This grants you a higher credit limit for your next loan (i.e. you will be able to request for a higher loan).

What are Sokoloan requirements?

Sokoloan does not require any paperwork like commercial banks, everything is done online. The following are the requirements:

  1. Your Phone number
  2. Bank verification number.
  3. For you to be between the age of 18 and 55.
  4. Your bank details.

Sokoloan loans ranges from 5,000 naira to 100,000 naira. If you are just starting out, you will probably be allowed loans of small amounts.

As you build your credit score, you will be allowed loans of higher amount of loans.

Sokoloan loan ranges from 7 days to 190 days before you repay the loan with the required interest.

Sokoloan interest rates

Sokoloan interest rates ranges from 4.5% to 35%.

Sokoloan loan repayment

Once your loan is due, the repayable amount will be deducted from your bank account that you linked to Sokoloan automatically.

You can decide to repay the loan before the due date through the Sokoloan app.

NOTE: Your repayment date cannot be rescheduled. Failure to pay at due date, will mean that you will be reported to the national credit bureau and it will affect your credit score.

Also Sokoloan will send some messages to all your contact, letting them know that you failed to repay your loans (which can be embarrassing).

Sokoloan customer care

If you want to reach Sokoloan customer support, you can do that via the following channels:

Email: admin@sokoloan.com

Address: 9 Acme road, Agidingbi, Ikeja Lagos

Phone number: 01-4536792, 08148799371

Is Sokoloan legit? (How reliable is sokoloan?)

Sokoloan is reliable and they do give out loans. The only issue that people have complained about is their unusually high interest rates, which ranges from 4.5% to 30%.

Otherwise, it is a good platform to get small loans quickly, especially if you need money urgently.

If you do decide against using Sokoloan, there are other platforms that will grant you loans at a more favorable interest rate.

Frequently asked questions(FAQs)

Is Sokoloan real?

Sokoloan is reliable and they do give out loans. The only issue that people have complained about is their unusually high interest rates, which ranges from 4.5% to 30%.

How to apply for a loan on Sokoloan?

It is very easy to apply for a loan. All you have to do is download the Sokoloan app from Google playstore, install, register and fill out the loan application form. If you are eligible for a loan, you will receive it in as little as five minutes.

What is the interest rate on Sokoloan?

Sokoloan interest rates ranges from 4.5% to 35%.

Conclusion

Sokoloan will definitely be useful for people who need short term loans, but if you require better interest rates, then there are definitely better apps out there.

Thank you for reading my Sokoloan review. If you have any question or comment, you can leave it in the comment section below.

Remember to share with your friends on social media and also subscribe to this blog for more updates straight to your inbox.

Thank you once again for reading.

 

Have you used Sokoloan before? What was your experience like? Leave your reviews below in the comments section, so others can see and make well informed decisions.

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