How To Borrow Money From Kuda Bank

Kuda Bank is one of the oldest online only banks in Nigeria that has become popular due to its innovative and customer centered financial services.

One of the services offered by Kuda Bank is the provision of loans to help customers meet their financial needs.

If you are in need of financial assistance, this guide will take you through the steps required to borrow money from Kuda Bank.

Download the Kuda Bank App

To request a loan from Kuda Bank, you must first download the Kuda app from the Google Play Store or the Apple Store.

It is a free app that can be downloaded within a few minutes. After downloading the app, you must register with your name, phone number, email address, and other necessary information required by the app.

Create a Kuda Account

Once you have downloaded the Kuda app, the next thing you need to do is to create an account.

The process is straightforward as all you need to do is follow the prompts on the app.

You will be required to provide your full name, phone number, email address, and other necessary information.

Kuda Bank will verify your identity by requesting your BVN (Bank Verification Number) during registration.

Apply for a Loan

To apply for a loan, navigate to the “Loans” tab on the Kuda app. Here, you will be presented with a list of loan options available to you.

You can choose from options such as Personal Loans, Salary Advance, or Business Loans.

When you select a loan type, you’ll be prompted to provide information about the loan amount, repayment period, and purpose of the loan.

You’ll also be asked to provide some personal information and financial details.

Wait for the Loan Approval

After submitting your loan application, you will receive a notification from Kuda Bank informing you of your loan application’s status.

Kuda Bank is known for its fast loan approval process. Therefore, it won’t take too long to know whether your loan application has been approved or rejected.

If your loan application is approved, you will receive your loan within a few minutes. The loan will be deposited into your Kuda account, and you can immediately use it for any purpose.

Repay the Loan

Kuda Bank provides flexible repayment options for its customers. Once you receive the loan, you will be asked to select a repayment plan that suits you. You can choose to repay the loan either weekly or monthly, depending on what’s best for you.

The loan repayment is usually automatic since it would have been set up during the application process.

The app usually requires you to select your preferred repayment date and mode of repayment.

Once this is done, the deductions will be made automatically from your Kuda account.