Kuda Bank Loan: How to apply for Loan and Borrow Money From Kuda Bank App

When it comes to loans, there are several options available to Nigerians. You can choose from an abundance of lending applications, money lenders, and traditional banks as your loan provider.

Kuda Bank is a digital bank that provides financial services such as loans. One of the benefits of Kuda Bank loans is its accessibility. You can apply for a loan from the comfort of your own home with the Kuda Bank App.

In this post, we'll look at how to use the Kuda Bank App to apply for a loan and borrow money.

What is Kuda Bank?

Kuda Bank is a digital-only bank that provides financial services via its mobile app. The bank was founded in 2018 and is headquartered in Lagos, Nigeria. Kuda Bank is licensed by the Central Bank of Nigeria and operates under the regulations set out by the Nigerian Deposit Insurance Corporation.

What is Kuda Bank Loan?

Kuda Bank Loan is a loan product offered by Kuda Bank, a digital bank that provides a range of financial services. Kuda Bank loans are designed to provide quick and easy access to credit for eligible borrowers. The loans can be used for various purposes, such as paying bills, making a large purchase, or covering unexpected expenses

How Does Kuda Bank Loan Work?

Kuda Bank loan enables you to obtain simple short-term loans from Kuda Bank with no documentation. The caveat is that you must use your account on a regular basis to be eligible for the overdraft. According to Kuda Bank's overdraft policy, an overdraft is a short-term loan offer to help you keep your life running smoothly.

As a Kuda Bank customer, if your Spend account balance becomes too low, you can always borrow money from your Borrow account to assist cover your expenses and pay it back at any time. The daily payback interest rate is set at 0.3%.

How to sign-up on the Kuda-app

Follow these procedures to register for the Kuda application:

●        Download and run the application.

●        Since you are a new user, tap the sign-in option.

●        Complete the required fields. Included will be your email address, password, and referral code.If you were referred to the platform, you can use a referral code to register.

●        Provide your first and last name on the second page.

●        Enter your gender, date of birth, and phone number on the following page.

●        Verify your phone number using the OTP you will receive via the supplied number. On the following page, please provide your street address, city, and state.

●        Finally, you will be required to snap a selfie. You become a legitimate user of Kuda Bank.

How to Apply for a Loan with  Kuda Bank

Due to Kuda Bank's overdraft, it is possible to take out fast, paperless short-term loans online. Additionally, you can repay the loan at any time with only 0.3% daily interest. Here's how to apply for an overdraft at Kuda Bank:

●        Launch the Kuda application and swipe to your loan account.

●        Select borrow.

●        Click the Get Overdraft button.

●        Click next.

●        Enter the amount you wish to borrow, then select the button.

●        Verify your PIN, your face ID, or your biometrics.

●        Once you click okay, you are free to use up money from your account.

What are the Requirements for Borrowing Money From Kuda Bank?

Kuda Overdrafts is only available to individuals who have met certain requirements. To be eligible, your account must be upgraded with your Bank Verification Number (BVN), a valid ID, and you must have used your Kuda account actively for a few months.

How to Repay Your Loan With Kuda Bank

Repaying a loan from Kuda Bank is as easy as having the amount automatically deducted from your Spend account. Kuda bank also noted that if you don't have enough money in your Spend account to repay the entire overdraft when it's due, repayment will be made in bits every time money is added to your account until you've paid off your loan in full.

FAQs

Can I get loan on Kuda app?

Yes, you can get a loan on the Kuda Bank App. The process is simple and can be completed within minutes.

How do I qualify for a loan on Kuda Bank?

Kuda Overdrafts is only available to individuals who have met certain requirements. To be eligible, your account must be upgraded with your Bank Verification Number (BVN), a valid ID, and you must have used your Kuda account actively for a few months.

How much can Kuda borrow me for a start?

The amount you can borrow from Kuda Bank depends on various factors, such as your creditworthiness, income level, and loan repayment history. The maximum loan amount can be more than ₦50,000 for now. 

What is another name for Kuda bank?

Kuda, which is also called Kuda Technologies, is a financial technology (fintech) company that works in Nigeria and the UK. 

How much is the highest money Kuda can receive?

A Tier 1 Kuda account can receive up to 50,000 at once and up to 300,000 per day. While a Kuda account that has been fully verified can get as much as it wants. 

Is Kuda loan legit?

Kuda Microfinance Bank is a fully licenced Nigerian bank that is controlled by the Central Bank of Nigeria and serves over 1.4 million Nigerian consumers. Kuda Bank was founded in Lagos and is insured by the Nigerian Deposit Insurance Corporation (NDIC).

Conclusion

In conclusion, Kuda Bank Loan is a quick and easy way to access credit for eligible borrowers. With the Kuda Bank App, you can apply for a loan and receive a decision within minutes. The loans are designed to meet various financial needs and can be repaid over a period of 1 to 12 months.

However, it's important to borrow only what you can afford to repay and to meet the eligibility requirements to increase your chances of getting approved. Kuda Bank also charges interest rates and fees, which can add up over time. Therefore, it's important to read the terms and conditions carefully before applying for a loan.