Need a financial lifeline, but stuck at 2 am with no guarantors or paperwork in sight?
Well, Sokoloan offers a convenient way to borrow money through their mobile app.
However, there’s no USSD code for Sokoloan as of now.
This article will tell you is what Sokoloan offers and how to apply for a loan through their mobile app.
Let’s dive!
What is Sokoloan?
Sokoloan is a Nigerian online lending platform that offers short-term loans through their mobile app.
They focus on providing quick and easy access to loans, eliminating traditional loan hassles.
Before you get a loan from Sokoloan, consider these pros and cons:
Pros:
- Convenience: You can apply for a loan entirely through your phone, 24/7.
- Fast Approval: Sokoloan uses your phone data (including SMS history) to verify your identity and assess your creditworthiness, potentially speeding up approval.
- Data Privacy: Sokoloan claims to encrypt your data and keep it confidential, not sharing it with third parties.
Cons (to Consider):
- Potential Privacy Concerns: Sharing your SMS history can be intrusive, so make sure you’re comfortable with Sokoloan’s data practices.
- Possible High Costs: Research Sokoloan’s interest rates and fees carefully. The Central Bank of Nigeria (CBN) has regulations on usurious interest rates, but it’s always best to be informed.
- Regulatory Scrutiny: Sokoloan has faced penalties in the past for privacy violations and questionable lending practices. The Federal Competition and Consumer Protection Commission (FCCPC) recently added them to their list of approved lenders with conditions.
How to Get a Loan From Sokoloan
Follow these simple steps to obtain a loan from Sokoloan:
1. Download the mobile app
To get a loan from Sokoloan, you need to start by downloading the application just like the PalmPay loan app and most loan apps today.
2. Create an account
After downloading the app and installing it on your phone, create your account.
All you have to do is enter your details on the online registration form and submit it once you are done.
3. Apply for your loan
After you’ve successfully created an account, just apply for your loan.
In the mobile app, you will see where to apply for it.
4. Receive your funds
After you apply, receive your loan straight into your bank account.
Note: You increase your loan limit each time you repay your loan
Requirements for Sokoloan
Here are the requirements for getting an instant loan on this platform:
1. Valid bank details
2. An active phone number
3. Bank verification number (BVN) (See, how to check your BVN)
4. A valid ID
6. Valid atm card (for refund)
7. For 25-50 years old, you need to have a fixed job.
Sokoloan USSD Code
Unfortunately, there is no Sokoloan USSD code for now.
The only way to obtain a loan from Soko loan, is via their mobile app.
But wait!
While Soko loan may not have a USSD code for its loan, there are loan services available via USSD codes in Nigeria and you can check them out.
Soko loan Rates & Fees
Loan amount: ₦5,000 to ₦100,000 with terms from 91 – 180 days.
Interest rates: Range from 4.5% to 34% monthly (check the app for exact rates before borrowing).
For example, If you borrow ₦1,000 for 6 months (around 180 days) with a monthly interest rate of 4.4% (which could be around 26.4% total interest for the loan). This would mean you repay roughly ₦1,263 total (including the borrowed amount and interest).
Sokoloan Contacts
- Address: Plot 9, Acme Rd, Agidingbi, Ikeja, Nigeria
- E-mail: admin@sokoloan.com
- Customer support phone number: 01-4536792 or 08148799371.
In Conclusion….
Remember, there is no Sokoloan USSD code available for now.
To borrow a loan from this lender, you can only go through their mobile app which is only available to Android users.
However, if this isn’t your cup of tea, you can check out other loan apps in Nigeria.
Happy borrowing!
