Kwaba is an online platform that helps renters save for rent, access instant loans, and pay rent on time. It is Nigeria’s premier rent payment platform and is available in Lagos, Abuja, and Port Harcourt.Thank you for reading this post, don't forget to subscribe!
What Services does Kwaba offer?
- Rent payment in installments: Kwaba can pay your rent on your behalf so you can pay back in easy monthly installments. This can be helpful if you are struggling to meet your rent payments or if you want to spread out the cost of rent over a longer period of time.
- Rent top-up: If you need a little extra money to cover your rent, Kwaba can top up your rent balance with a loan. This can be helpful if you have an unexpected expense or if you are short on cash at the end of the month.
- Instant loans: Kwaba can also provide you with instant loans of up to 40% of the value of your rent savings. This can be helpful if you need money for an emergency or for a major purchase.
- Rent savings: Kwaba can help you save money for your rent by automatically deducting a small amount from your bank account each month. This can help you build up a nest egg for your rent payments and avoid late fees.
- Property management: Kwaba can also help you manage your rental property. This includes collecting rent payments, handling maintenance requests, and finding new tenants.
Kwaba is a great option for renters who are looking for a more flexible and affordable way to pay their rent. The platform is easy to use and offers a variety of services to help you manage your rental payments.
How can I register on Kwaba?
- Download the Kwaba mobile app from the Google Play Store or the Apple App Store.
- Open the app and tap on the “Sign Up” button.
- Enter your email address and password.
- Enter your BVN and a recent utility bill.
- Enter your personal details, including your name, address, phone number, and employment information.
- Read and agree to the terms and conditions.
- Tap on the “Sign Up” button to complete your registration.
Once you have successfully registered on Kwaba, you can start using the platform to save money, get instant loans, and pay for your rent in convenient installments.
Here are some additional details about the registration process:
- You must be a Nigerian citizen to register on Kwaba.
- You must be at least 18 years old to register on Kwaba.
- You must have a valid BVN and a recent utility bill to register on Kwaba.
- You must provide your personal details, including your name, address, phone number, and employment information to register on Kwaba.
- You must read and agree to the terms and conditions of Kwaba to register on the platform.
What are the documents required to register on Kwaba?
- Your valid BVN
- A recent utility bill
- Details about your work, including your company name and address
- Your basic details like name, address, phone number, email address, etc.
Kwaba is a rent financing platform that helps Nigerians pay their rent in bulk and repay the loan amount monthly. The documents listed above are required to verify your identity and employment status, and to assess your ability to repay the loan.
Here are some additional details about the documents required to register on Kwaba:
- BVN: Your BVN is a unique identifier that is used to verify your identity and financial history. You can get your BVN by visiting any bank in Nigeria.
- Utility bill: A recent utility bill is used to verify your address and residency. The bill should be in your name and it should be dated within the past 3 months.
- Employment details: Kwaba requires information about your employer, including their name, address, and phone number. You will also need to provide your job title and salary.
- Basic details: Kwaba will need your full name, date of birth, gender, and marital status. You will also need to provide your contact information, including your phone number and email address.
Once you have submitted the required documents, Kwaba will review your application and approve or deny your request within 24 hours. If your application is approved, you will be able to use the platform to pay your rent in bulk and repay the loan amount monthly.
What makes me eligible to borrow a loan on Kwaba?
- Be a Nigerian citizen.
- Be at least 21 years old.
- Have a valid BVN.
- Have a stable income.
- Have a good credit history.
- Be able to provide proof of rent payment.
You will also need to provide the following documents when applying for a loan on Kwaba:
- Your bank statement for the last 6 months.
- A recent utility bill.
- A valid government-issued ID.
- Your landlord’s contact information.
Once you have submitted your application and documents, Kwaba will review your information and make a decision on your loan eligibility. If you are approved for a loan, you will be able to access the funds within 48 hours.
The interest rate on Kwaba loans is 18% per annum. However, if you have unlocked your savings plan, you will receive a 7% annual interest on your savings.
Here are some additional things to keep in mind about Kwaba loans:
- The maximum loan amount you can borrow is NGN 500,000.
- You can repay your loan over a period of 12 to 36 months.
- There is a processing fee of NGN 1,000 for all Kwaba loans.
If you are looking for a loan to help you pay your rent, Kwaba is a good option to consider. However, it is important to make sure that you are eligible for a loan and that you can afford the repayments before you apply.
How much interest does Kwaba add to my rent deposits?
Kwaba offers an interest rate of 7% per annum on unlocked rent deposits and 8% per annum on locked rent deposits. This means that if you deposit 100,000 naira on Kwaba, you will earn 7,000 naira in interest after one year if your deposit is unlocked, and 8,000 naira in interest if your deposit is locked.
Here is a table showing the interest that Kwaba will add to your rent deposits for different deposit amounts and interest rates:
|Deposit Amount||Interest Rate||Interest Earned (per year)|
|100,000 naira||7%||7,000 naira|
|200,000 naira||7%||14,000 naira|
|300,000 naira||7%||21,000 naira|
|400,000 naira||7%||28,000 naira|
|500,000 naira||7%||35,000 naira|
the interest earned on Kwaba’s rent deposits varies based on the deposit amount and interest rate. For a deposit of 100,000 naira at a 7% interest rate, the interest earned per year would be 7,000 naira. Similarly, a deposit of 200,000 naira would earn 14,000 naira in interest, and so on. It is clear that the interest earned increases proportionally with the deposit amount. Additionally, it is worth noting that the interest earned is consistent at 7% regardless of the deposit amount.