How to Borrow Money from Kuda Bank [Step Guide]

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Kuda Bank Nigeria
Kuda Bank Nigeria

How to Borrow from Kuda Bank: A Step-Step Guide

Kuda Bank offers a variety of options tailored to meet the diverse needs of its customers. Whether you need a quick overdraft, salary advance, or personal , Kuda Bank makes borrowing simple and hassle-free. This is a detailed guide to borrowing from Kuda Bank in Nigeria.

Key Takeaways

  • Loan Options: Kuda Bank offers overdraft loans, salary loans, and personal loans.

  • Eligibility: This varies by loan type but generally requires KYC verification and regular account usage.

  • Application: Done through the Kuda app, with quick and hassle-free processing.

  • Repayment: Depends on the loan type; overdrafts require funds in your account, while salary and personal loans have fixed monthly installments.

Types of Kuda Bank Loans

1. Kuda Overdraft

Kuda account holders can apply for a short-term loan at any time. A low daily interest rate of 0.3% and no paperwork are required.

2. Kuda Salary Loan

This larger loan option is available through your employer and can be applied for via the Kuda app, simplifying the process by eliminating paperwork.

3. Kuda Personal Loan

This loan option is available directly through the Kuda app for amounts up to $150,000 and has a quick approval process.

Qualifying for Kuda Loans

Kuda Overdraft requirements

The following requirements must be met:

  • You will need to complete KYC verification using your , , and proof of address.

  • Use your Kuda account regularly to buy , pay bills, and transfer .

Kuda Salary Loan Requirements

Eligibility hinges on your employer offering this loan through Kuda. You need to:

  • Ensure your employer is signed up with Kuda.

  • Apply through the Kuda app using your and ID.

  • Have your monthly earnings reviewed to determine your borrowing capacity.

Kuda Personal Loan Requirements

To be eligible,

  • Your account must pass an automated loan eligibility check.

  • A good transaction history in your Kuda account increases your approval chances.

Steps to Borrow Money on the Kuda Bank App

  1. Login to your Kuda Bank App.

  2. Tap on “Borrow.”

  3. Scroll down and tap on “Get a Loan.”

  4. View available loan types suitable for your account.

    • For a quick loan, tap on “Overdraft” for a quick loan.

  5. The app will automatically check your account's credibility and offer you an eligible amount.

  6. Tap on “Get Loan” to deposit the funds into your Kuda Bank Account immediately.

How to Repay Kuda Bank Loans

Kuda Overdraft Repayment

Make sure you have sufficient funds in your Kuda account to cover the overdraft. When funds are deposited into your account, Kuda will automatically deduct the overdraft and any accrued interest (0.3% daily).

Kuda Salary Loan & Personal Loan Repayment

These loans come with fixed monthly installments. Kuda may:

  • I will ask you to add a debit card to your account.

  • Explore other payment methods, like your Kuda Bank account balance.

  • Automatically charge your card or deduct from your Kuda account balance for the installment amount when due.

Ensure sufficient funds are available on the debit card and in your Kuda balance to avoid late payment fees.

Frequently Asked Questions

1. What types of loans does Kuda Bank offer?
Kuda Bank offers overdraft loans, salary loans, and personal loans.

2. How can I qualify for a Kuda Overdraft?
You need to complete KYC verification and regularly use your Kuda account for transactions.

3. What do I need for a Kuda Salary Loan?
Your employer must offer the loan through Kuda, and you need to apply via the Kuda app with your and ID.

4. How much can I borrow with a Kuda Personal Loan?
You can borrow up to ₦150,000, subject to passing an automated loan eligibility check.

5. How is Kuda overdraft repayment handled?
Kuda will automatically deduct overdrafts and interest from your account when funds are available.

6. What happens if I don't have enough funds for my loan repayment?
Ensure your debit card and Kuda balance have sufficient funds to avoid late payment fees. Kuda will automatically charge the installment amount when it is due.

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