How to borrow a loan from kuda – Kuda Bank is a Nigerian digital bank that offers a range of financial services, including loans. If you need to borrow a loan, Kuda is one of the many online lending platforms you may consider.
In this article, I will walk you through the steps by which you can borrow a loan from Kuda.
To start using a Kuda bank account, You have to obtain the Kuda App and set up a brand new account.
Follow the steps below:
How to open a Kuda bank account
1. Download Kuda on Google Play or the App Store.
2. Open the app and follow the prompts on your screen to open an account.
3. Fill in the required details, as this will include your email address, password, and also your referral code.
4. Take a selfie, that is it. You become a bonafide Kuda Bank user.
5. Add money to your account and start your new life of freedom from fees.
KUDA offers two account opening options: Basic and Full KYC account types. The information required for the Basic account includes
1. Name
2. Phone number
3. BVN
The information required for the Full KYC account includes
1. Name
2. Phone number
3. BVN
4. Valid ID(National ID Card, Voters Card, Drivers Licence, and National Passport)
Kuda Account Level
Kuda operates three types of accounts, and they include:
- Lite
- Basic
- Premium
Please Note: For the Lite account, you only need to submit your name and phone number; however, for the Basic account, you also need to supply your name, phone number, and BVN.
The top tier is the premium account. It would be best if you had a name, phone number, legitimate ID, and BVN to register.
Kuda bank loan {Overdraft}
You can get an instant short-term loan from Kuda Bank when you need it as long as you use your Kuda account regularly.No paperwork, no embarrassment, and just 0.3% daily interest.
Kuda will charge you interest daily at the rate of 0.3% of the amount overdrawn during the duration (Tenor) of the overdraft. This interest will only be applicable and begin to accrue if you don’t pay back by midnight on the Disbursement Date.
How do Kuda bank overdrafts work
1. Sign up on Kuda and upgrade your account with your BVN (Bank Verification Number) and a valid ID.
2. Use your account regularly – buy airtime, pay bills, make transfers, etc.
3. Kuda’ll automatically offer you an overdraft.
How to get a loan from the Kuda Bank app
To get an overdraft from the Kuda bank app kindly follow the steps below.
1. Open the Kuda app and swipe to your borrowed account.
2. Click on borrow.
3. Click on Get your Overdraft.
4. Touch next.
5. Input the amount you want to borrow and then click on done.
6. Verify your transaction PIN, face ID, or fingerprint.
7. Click okay and you’re free to spend from your account.
FAQs
How do I qualify to receive a loan from Kuda Bank?
Here is what to do to qualify for a Kuda bank loan. You need to upgrade your account through your Bank Verification Number (BVN), a legitimate ID, and you must regularly use your Kuda account for a few months.
Can I Borrow From Kuda Bank?
Everyone is eligible to borrow from kuda bank as long as they have a verified kuda bank account.
Users of Kuda Bank may borrow up to 50,000 at a set daily interest rate of 0.3%.
In conclusion, borrowing a loan from Kuda is a simple process. By following these steps, you can apply for and receive a loan from Kuda in no time. Just remember to make your repayments on time to avoid any penalties or additional fees.
