Obtaining a loan from traditional banks often proves to be a challenging task due to their rigidity, stress, and extensive paperwork requirements. However, Kuda Bank loans offer a refreshing alternative. With Kuda Bank, accessing a loan is easy, stress-free, and does not involve cumbersome paperwork. The information below provides a comprehensive overview of Kuda Bank loans and how it can benefit you.
An Overview of Kuda Bank
Kuda Bank, also known as Kuda Technologies, is a renowned fintech company operating in Nigeria and the UK. It was founded in 2019 by Babs Ogundeyi and his co-founder, Musty Mustapha. Initially launched as an online platform called Kudi Money, the company provided short-term soft loans to individuals and businesses. Through continuous efforts and growth, Kuda Bank has emerged as one of Nigeria’s leading fintech companies.
Kuda Bank is known for its commitment to providing financial services at no cost to its customers. Additionally, it offers collateral-free loan services, making it a convenient choice for borrowers. The bank has established partnerships with reputable organizations such as Target Global, VISA, and SBI Holdings. As a digital-only bank, Kuda aims to provide banking services to every African, regardless of their location.
What loans does Kuda Bank offer?
The loan package Kuda bank offers primarily is called Kuda overdraft. This is discussed indetail at the latter part of this article.
What is Kuda Overdraft Loan?
Kuda overdrafts is the Kuda bank loan package. Basically, they are short-term loans available to only active Kuda customers. As a customer, you can get it in just a few steps with ease, zero paperwork, and no collateral.
Note that for you to obtain a Kuda bank loan, you need to download the Kuda bank app, create an account, activate it, and be very active on the app.
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How can I Apply for Kuda Bank Loans?
If you want to take out Kuda overdrafts, follow these steps:
- Download and open the Kuda bank app. Then create your personal Kuda account on the app. Make sure you are always active as this qualifies you for the loan.
- Next, open the app and navigate to your borrowed account.
- Thereafter, tap on “borrow” and then on “Get Your Overdraft”.
- Enter the amount of Kuda loan you would like to collect and tap on “Done”
- Go ahead to complete the transaction verification process and tap on “Okay”. You are free to spend from your account after this.
What documents do I need to get Kuda Overdraft Loan?
To get a Kuda bank loan (Kuda overdrafts) you need to provide your basic information during the account opening process. Also, you need a valid ID and your BVN (Bank Verification Number) for verification purposes.
What is the loan Tenor and interest rate on Kuda Overdraft Loan?
Kuda overdrafts offer customers a loan tenor of 90 days after which they will deduct the loan from your available balance. The interest rate is 0.3% of the amount of loan you borrowed.
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Customer Reviews and Feeedback on Kuda App (August 2023)
Positive Reviews
Seun Adeleke Said “Nice, safe & secure. You can give it a shut, a trial will definitely convince you. This guys aren’t doing bad at all. These guys are doing wonderfully well. My sister introduced me to Kuda, If you have not tried this app you are missing a great deal. I have tried the app and it has been awesome. I just have to increase the stars from (3)🌟 🌟🌟 — (5)🌟 🌟 🌟 🌟🌟.”
Omorogbe Osagie – “My financial transactions with this app are just awesome. Ranging from the sure, free transactions and notifications to security, savings and more. Their banking services are just top-notch. I will download the app again and again.”
Chiamaka Florencegrace Dan-Igogo Said – “I think one thing I must commend Kuda for, is the swift response in reversing debited declined transactions. Like you never have to send in a mail or put up a notice before it is done. That alone fascinates me! I’ve has a seamless experience for close to 2 years now since I started using it.”
Makanjuola Oluwatobi S Said – “The app is really great and working perfectly. I’m 101% that your money is safe without removing ₦1 from it’s. You even get free transfer to other’s bank every month but I prayed you don’t have problems or issues with them because there customers services are really poor, you might not get replies 2days, but anything from that is really excellent. I recommend this..”
Negative Reviews
Sodiq Ahmed – “It’s so bad of Kuda, the only reason why I opened this was because of the virtual card! I requested for the card, I got it. But what’s the essence of getting a card that’s not working?! I’ve tried multiple times to use for payment online and I keep getting request failed! Please you guys should just go and remove that virtual card option abeg!”
Saviour Miracle – “Very bad. I can barely send money with hope if it getting to its destination in time. Even after failed transactions, refund is a problem. This is currently the worst banking system I’ve encountered. Since you won’t refund either of my transactions, best u shutdown my account cos I can’t continue with Ur kind of poor banking management.”
How can I contact Kuda Bank?
Below are the various ways to contact Kuda bank:
Office Address: 151 Herbert Macaulay Way, Yaba, Lagos, Nigeria
Website: www.kuda.com
Email Address: help@kuda.com
Final Thoughts
Kuda bank loans are only available to active users of the Kuda mobile app. Hence, if you want to qualify for the Kuda loan, you have to download the app and become an active user. Nevertheless, borrowing the loan is not as stressful as borrowing a conventional bank loan.
