It’s always great to possess purchasing power. That feeling you get when you can make transactions with ease has to be one of the best you can ever feel in the world. However, it’s not always the case because not everyone is Financially stable. Another fact is that not everyone is Financially stable at all times, especially the necessary times.
Help is on the way
A lack of finances can be a downer, whether you’re trying to pay for an item you want or need, or you’re paying for an essential expense. It could very well spell a terrible day or a terrible week. What do you do when you need a quick cash loan to meet your personal needs then? Where can you turn to?
Jumia One Loan could be just what you need in your corner. In this article, we’ll look at Jumia One loans – one of the platforms where you can get a loan in Nigeria; what it’s all about, their eligibility requirements, and how you can apply for them.
About Jumia One Loan
Everyone already must have heard of Jumia at some point or the other. It’s an online retail company that provides an excellent shopping experience for its customers. The company has since diversified its operations to not only online shopping, but other aspects.
Jumia One Loan is one of those diversifications. It is a lending platform that is fully automated, provided by Jumia. They created the platform with a focus on making credit facilities accessible to all and sundry; especially those that are not necessarily eligible for standard Bank loans. Interestingly, this is a large portion of the African population.
What type of loans can you get from Jumia One?
Jumia One Loans are in different categories. This is because Jumia has loan products to meet everyone’s needs. They are;
- Payday loans – the payday loan is a loan that is created to provide financial assistance for the working class. It works like an overdraft would, and is expected to be paid back upon the next paycheck of the borrower. It is eligible for employees of any functional organisation, from companies to ministries and other establishments.
- Education – available to anyone for use in pursuing their academics. Meant to aid educational expenses.
- Business – These loans were created to help businesses cover cash flow payments and aid overall transactions.
How long does it take to get a Jumia One Loan?
The loan processing on Jumia One is one of the fastest in the auxiliary credit facilities space. The loan options are provided to the applicant within a space of 15 seconds, and loan approval and disbursement is secured within 5 minutes.
How accessible are Jumia One loans?
Jumia One loans are some of the most accessible loans you can get. They are available on the Jumia One platform for 24 hours a day and 7 days a week. This means whenever you press for financial help, you can access the platform to begin your loan process right away. You can conduct the loan process on the Jumia One mobile app.
How much is available for loans?
First-time borrowers can borrow the sum of 10,000 naira. You can get as much as 100,000 naira based on your credit scores built up over time.
How long does it take to pay back the loans?
Loans like the Jumia One loans are loans regarded as money lender loans. They are short-term loans that provide financial help until the next paycheck comes in.
Pros and Cons of Jumia One loans
pros:
- The loan process is fast
- There is no need for a collateral
- There is no need for guarantors
Its cons are;
The maximum amount eligible for borrowing is low.
What is required to apply for a Jumia One loan?
These are the requirements that make you eligible for a Jumia One loan:
- Your bank details
- Bank verification number
- A mobile phone with an internet connection
- The Jumia One app
- Your application
Conclusion
Jumia One loans are the best option for those looking to get an unsecured loan; that is, loans that do not require collateral or have long and tedious application processes.
It is especially great if you do not have an existing credit profile which would typically render you ineligible for a loan from a bank.
