Sokoloan is an online lending platform in Nigeria, that helps provide short-term loans to Nigerians via a secured mobile application.Thank you for reading this post, don't forget to subscribe!
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Criteria Needed To Obtain Sokoloan
To be able to access a loan from Sokolaon, you must meet the following criteria;
- You must be a citizen of Nigeria and also live in Nigeria.
- You must not be less than 20 years old.
- You must be willing to repay your loan when due.
- You must show enough credibility.
- You must be eager to accept the terms and conditions of the loan.
Required Documents For Obtaining Sokoloan
The first step towards getting a Sokoloan loan is ensuring that you are eligible. This can be done by providing the following;
- Valid bank account with any of the commercial banks
- An active phone number that can access the internet
- Bank verification number (BVN)
- Active email address
- A valid national ID, passport, driver’s license, Permanent Voter’s Card (PVC), or NIN
- Valid atm card (for refund).
How To Manage Your Sokoloan Account
To access your Sokoloan account and manage your loans, follow these simple steps:
- On your phone open your web browser and log in to www.sokoloan.com.
- Click on the “Login” Button
- Enter your login credentials (registered phone number or email address and your password). Make sure to input the correct information to avoid login issues.
- You will be sent an (OTP) to your registered phone number or email for added security
Once you have successfully entered the correct login details or verified the OTP, you will be redirected to your Sokoloan account dashboard. OR
Once you have logged in to your Sokoloan account, you can access various features to manage your loans effectively.
- You can check the status of your existing loans, including the loan amount, repayment term, and due dates.
- By the use of debit cards to ensure timely repayments, you can easily make loan repayments.
- From the dashboard, you can apply for a new loan directly from your account
- You can access your loan history to track your borrowing activity and repayment patterns.
- Then, you can update your personal details, such as phone number or email address, to ensure accurate communication from Sokoloan.
If you have any queries or require assistance, Sokoloan offers customer support services through various channels, such as phone, email, or live chat.
How To Login To Sokoloan Mobile App
Here are the steps to log in to your Sokoloan mobile app and access your account: download the Sokoloan app from the Google Play Store for Android devices or the Apple App Store for iOS devices.
- Click on “Install“
- Open the App on your mobile device.
- Enter Credentials such as your registered phone number and password to log in to your Sokoloan account.
Once you have entered your credentials, you can access your Sokoloan account, view your loan details, apply for new loans, and manage your existing loans.
How Much Can I Borrow From Sokoloan?
You can be eligible for the loan when you have fully downloaded the app and registered or signed up on the app. Note: To apply for a loan on Sokoloan, you must have a registered account on the platform.
Then apply for your desired loan. Remember, you can access between N5,000 and N100, 000 however, as a first-time user, you will have a small credit limit.
Submit your loan application
Get paid within a few minutes of loan approval.
Note: You can borrow up to N100,000 worth of loans from Sokoloan. However, you can not access up to that amount as a first-time user.
What Is Sokoloan Interest Rate?
Sokoloan interest rate depends heavily on how much you borrowed and the tenure chosen by you since the repayment plan is flexible.
However, in general, the interest rate of Sokoloan is between 4.5% and 35%.
What Is Sokoloan Repayment Term?
The Sokoloan is flexible and comfortable for an average Nigerian, as we noted earlier. Since the loan is a short-term loan, the repayment tenure is between 7 days and 190 days.
Sokoloan table of repayments
How To Repay Sokoloan
The only way to repay Sokoloan is to use the Sokoloan app the same way you applied for it. You can repay the money borrowed by searching for the loan repayment feature in the app and follow the guidelines.
You can seek directions via the customer care email address or phone number on how to repay your loan if you do not want to use the mobile app or find it difficult to use the app.
To make payment using Sokoloan mobile app:
On Sokoloan mobile app, you can make loan repayments using various payment methods, including debit cards.
- Simply log in to the app
- Navigate to the “Repayment” section, and follow the instructions to repay your loan.
How To Contact Sokoloan
To make more inquiries and lodging complaints; below are the various means to reach out to Sokoloan;
Head Office Address: 9, Acme Road, Agidingbi Ikeja, Lagos
Customer support phone number: 01-4536792 or 08148799371.