Sokoloan Personal Loans: 2020 Reviews and How to Apply

Sokoloan personal loan

Life comes with different situations where unexpected or needed expenses may arise and exceed your income and savings. Getting Sokoloan personal loan can fill the financial gap.


About Sokoloan

Soko lending company, also known as sokoloan is a microfinance institution in Nigeria that gives short time loans up to N100,000 without collateral to low income entrepreneurs, Grassroots employees of SMEs, women with entrepreneurial needs, students, traders and small scale farmers and shopper's with consumer needs for a period of 3 to 6 months.

Table of Contents
  • Things Needed before seeking for a loan from sokoloan
  • How it works
  • Pros and Cons
  • How to apply
  • Interest Rate
  • Loan Limit
  • Sokoloan Review
  • Repayment
  • Is Early Repayment Allowed?
  • Head Office
  • Customer care Number
  • Sokoloan App Download
  • How we review Sokoloan
  • Conclusion.

Things Needed before Seeking for a loan with Sokoloan

Sokoloan do not require any collateral before granting you loans their process is entirely paperless. Here are they basic requirements:


• Means of identification

In other to confirm your identity as a Nigerian citizens, you have to provide any of the requirements means of identification such as National ID, Voters card or Driving Lincense


• Bank Verification Number (BVN)

To show that you are the verified owners of the bank details you submitted.


• Bank Account

For loans disbursement


• Android phone with Data Connectivity

Since soko lending company is an online credit provider and it's loan application can also be done online through the sokoloan app. You need your mobile phone with data connection to download and install the app.

How Sokoloan Personal Loan Works

Sokoloan personal loans

Here is a brief overview of how sokoloan personal loan works
  1. Download and install the sokoloan app from Google play store
  2. Register by creating an account
  3. Apply for loan
  4. Upload your documents
  5. Receive your loan within 24 hours
  6. Increase your loan limit each time you repay your loan.

Pros and Cons of Sokoloan Personal Loans

Here's a breakdown of some of the benefits and drawbacks of Sokoloan personal loan.

The Pros

  • Sokoloan app is easy to use
  • Sokoloan app is fast, secured and reliable
  • It offers good customer support 24/7
  • It does not require any collateral before applying for loan
  • They uses world class standard security and encryption technology to protect your data/informations.

The Cons

  • You can't borrow up to N500,000
  • Sokoloan does not have a loan USSD code unlike Migo.


How to Get A Loan From Sokoloan

Follow these steps in other to get a loan from sokoloan:
  1. Download the sokoloan app from Google play store
  2. Click on the "sign-up button to register
  3. Fill in out a form (personal details, bank details, BVN)
  4. Apply for a loan and choose it's repayment term
  5. Upload your means of Identification
  6. Receive your loans within 24 hours directly to your bank account.

    Sokoloan Nigeria Interest Rate

    Sokoloan Nigeria interest rate ranges from 4.5% - 34% with an equivalent monthly interest of 3% - 29% and APR of 29% - 365%.


    Loan Limits

    N5,000 - N100,000 with terms from 3 - 6 months.

    Sokoloan Review


    Sokoloan personal loan

    Sokoloan is one of the fastest short term loan company in Nigeria that provides quick and instant loan within 5 minutes to Nigerian consumers through the sokoloan app.

    More Useful Information

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    How to pay-back your Sokoloan Loan

    Soko lending company has made it easy for you to repay your loan through it's Auto debit system. On your loan due date(s), your payment will automatically be deducted from the account linked to the debit card you provided when applying for loan.


    Is Early Repayment on Sokoloan Allowed?

    Yes, you can choose to repay your loan before it's due date(s), click on the "make a repayment" option found on the "my loan" page on the sokoloan app.

    Note: making an early loan repayment does not guarantee that the terms of your loan obligation will change. Your loan repayment terms are fixed at the term of loan application and the total amount to be paid will not be changed because of an early repayment.


    Sokoloan Nigeria Head Office



    Sokoloan lending company, 9, Acme Road, Agidingbi, Ikeja, Lagos, Nigeria.


    Customer Care Number

    For issues, or complain, please dial +2348148799371 or 01-4536792. Or you can send a mail at info@sokoloan.com or sokolending@gmail.com


    Sokoloan App (APK) Download


    Sokoloan personal loan

    To download and install the sokoloan app from Google play store, click here to proceed.


    How Loansnigeria.com Reviews Sokoloan

    Overall Score - 4.9
    Availability - 4.8
    Affordability - 4.7
    Customer Experience - 5.0

    Please note: All reviews are prepared by loansnigeria.com, opinion expressed therein are solely based Loansnigeria.com and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review.


    Conclusion

    When applying for a loan with Sokoloan Nigeria, please note that all the personal details you should to share with them are secured and can never be revealed to any third party.