Sokoloan is a quick online loan lender that serves borrowers in immediate need of money to solve an emergency or settle bills. The loan can be applied for and obtained in minutes. The loan lender is quite reputable and allows borrowers to repay their loan within 2 to 6 months.
You can transfer the loan to your conventional bank account within a day once the loan has been deposited in your Sokoloan account. No paperwork is involved and the entire process can be completed on your mobile devices.
One of the benefits of Sokoloan is the fast disbursement period and the loan durations span from 91 to 180 days, with amounts ranging from ₦5,000 to ₦100,000. With an equivalent monthly interest of 3% - 29% and an annual percentage rate (APR) of 29% - 365%, interest and service fees range from 4.5% - 34%.
With the quick application process, which notifies you of your status within minutes, you can apply for a Soko quick loan app any time of the day or night, seven days a week, without any hassle. The monthly interest depends on the amount of money borrowed; the larger the loan, the higher the interest.
After your Sokoloan login, you will be required to put in more details to get access to a loan. This lets the loan lender verify your identity. The requirements are also similar to that of other loan lenders in Nigeria. Here are some requirements you have to meet to obtain a loan:
You can easily create a Sokoloan loan account and login on to the Sokoloan mobile app. The website is not available for completing login sessions and obtaining loans. See the steps below for registering on Sokoloan and getting loans.
The mobile app for Sokoloan has gathered a lot of positive reviews and it is clear that users are impressed with the speed of disbursing funds and how easy the app is to use. However, some users complain about a security breach where Sokoloan reaches out to the borrower's contacts when they have failed to repay the loan.
They are professional and provide your money without delays while allowing you to transfer the funds to a normal bank account.
Sokoloan is a Nigerian loan lender registered under the Central Bank of Nigeria. Hence, a safe option for borrowers looking for emergency loans.