In this article, I will give you details on how to borrow money from Kuda Bank. Kuda Bank has been the trending bank online and you know online banking has made it very unique and attractive to the majority of the youths in Nigeria.
However, this bank has lots of exciting features which make it a good substitute for the conventional banking system in Nigeria. You don’t have to visit any physical bank to make a transaction or resolve any problem which may arise.
Why is it so? Because of the stress people go through in physical banks. As a Nigerian, you understand this thing, most of us have gone through this stress. Like standing in queues and under the sun, it is really bad.
Requirement for Kuda Bank Loan
You do not need collateral, paperwork, or property documents to secure a Kuda loan. However, you will be charged 0.3% interest daily until the loan is repaid. Before you can obtain a Kuda bank overdraft, the following should be done:
- First, you must sign up on the Kuda bank app.
- you need to make sure your account is upgraded with your Bank Verification Number (BVN), and a valid ID.
- You must use your Kuda account actively for a couple of months.
How to Get a Loan From Kuda Bank
You can take a quick short-term loan online without doing any paperwork. Additionally, you can decide to pay back at any time with just 0.3% daily interest. Here are steps on how to learn from Kuda Bank:
- Take your smartphone and visit the Kuda app and swipe to your borrowed account.
- Now, click on borrow
- Click on Get your Overdraft.
- Touch next.
- Input the amount you want to borrow and then click on done.
- Verify your transaction PIN, face ID, or fingerprint.
- Click okay and you’re free to spend from your account.
Kuda Bank
Who is the owner of Kuda Bank? You don’t have to worry as the owner is an Africa. However, Babs Ogundeyi is the CEO of Kuda Bank. He studies at the University of Brunel located in London.
He is engaged in working within the boundaries of finance for the majority of his career. This CEO was previously of the PricewaterhouseCoopers advising bank, including acting as a senior special adviser about finance to the federal government of Nigeria.
Additionally, he was a part of the creation of the first classified car magazine known as the Motor Trade Nigeria. Which Financial Standard purchased later, a reputable Nigerian newspaper firm.
What is Kuda Bank App?
You have to know all this little info about the bank so that when you apply for a loan, you won’t be confused. So, what is Kuda bank app?
This bank app is an app where all transaction is done. However, these banks don’t have physical branches anywhere, which is why this app is made for all transactions. Furthermore, the bank is solely online and carries out online finance operations with a legitimate banking license from CBN.
So, anyone with a smartphone can download the Kuda Bank app. However, the app offers a fast-loading feature that will therefore allow quicker transactions. Due to the power of digital technology, using Kuda doesn’t attract any service fees. Its mission is to create the best bank for every African on the planet.
How to Download Kuda App for iOS and Android Users
The Kuda app is very easy to download once you are connected to the internet. However, below are steps to follow:
- Open your smartphone and navigate to App Store (iOS) or Google play store (Android)
- Click on the search bar and type in Kuda App
- Once it appears, click on it and download it.
- Once download install and wait for complete installation.
How Does the Kuda App work?
The Kuda Bank app allows its users to check their accounts for free, just like other conventional banks, including free financial transfers to other Nigerian banks, free debit cards, and loan services.
Because conventional banks charge exorbitant fees for identical services such as transferring funds to other banks, issuing debit cards, and maintaining ATM cards, these are incredible offers to prospective consumers. It is also vital to understand that any savings produced using the app will be used to make loans to borrowers with certain interest rates.
Savings can also be invested in other businesses, with the money earned going to the bank.
This is not cause for concern because conventional banks earn money in the same way. The main distinction is that Kuda Bank charges significantly less than other conventional banks. Because Kuda Bank does not create physical branches, the proceeds from these investments are sufficient to maintain the bank.
How to Sign Up on Kuda App
Follow the steps below to sign up for the Kuda app so far:
- Install and run the app.
- Because you are a new user, select the sign-in option.
- Fill in the blanks with the necessary information. This includes your email address, password, and referral code. If you were referred to the site, you can register using a referral code.
- Input your first and last name on the second page.
- On the next screen, provide your gender, date of birth, and phone number.
- Verify your phone number with the OTP sent to the number you supplied. Give your street name, city, and state on the following page.
Finally, you will be required to take a selfie, and that is all there is to it. You officially join Kuda Bank.
Kuda Account
Once you have signed up, you will be sent an account number. However, there are three types of unique accounts that you can use. They include:
- Lite
- Basic
- Premium
To access this account, you have to provide your name and number to register on the lite account. while you need your name, phone number as well BVN to register on the basic account.
However, the premium account is the highest tier. To register, you need a name, phone number, valid ID, and BVN.
Bonus and codes for Kuda Referral
To receive the referral bonus, you have to refer a new customer to open an account by downloading and signing up on the app. You receive N200 for every person that you successfully refer to create a new account on the Bank app.
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