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What is Sokoloan?
Sokoloan is a Nigerian loan app that offers short-term loans to help you cover unexpected expenses.
We are all familiar with the sudden increase in pressing needs, which is usually accompanied by difficult loan processes. This is especially difficult with commercial banks due to their extensive paperwork and collateral requirements. Sokoloan is a forerunner of an easy loan to turn to in this situation.
How To Borrow Loan?
- Install the Sokoloan app from the Google Play Store.
- Launch the app and complete a brief application form.
- Apply and then await approval.
- Once approved, your funds will be transferred to your bank account.
It is important to note that making loan payments on or before the due date entitles you to a higher credit limit for your next loan.
There is no paperwork required to obtain a Sokoloan loan. It is only available online. All you need is a valid form of identification and your bank account information.
Sokoloan Repayment and Interest rates
The interest rates on Sokoloans range from 4.5% to 35%. When your loan is due, the repaid amount will be deducted from the bank account associated with your Sokoloan account. You can also use the app to repay the loan before its due date.
You should be aware, however, that your repayment date cannot be changed. As a result, we recommend that you only obtain a loan if you intend to repay it on time. Defaulters are reported to the National Credit Bureau, which has an impact on your credit score.
Is Sokoloan Real?
Sokoloan is a real. However, their interest rates can be exorbitant. Some users have reported paying up to 45% in interest on loans as small as $10,000.