What Do You Need to Get an Online Loan in Nigeria?
Although getting an online loan is a simple process that requires only a few documents, you must still meet specific criteria. In this brief guide on taking an online loan in Nigeria, we’ll look at the key factors determining whether you qualify for a loan and how to get one through the KoboGo app.
Step 1: Get a Nigerian payment card and a BVN
Let’s start with the basics: to qualify for a loan, you need a valid payment card from one of the Nigerian banks. Note that neither social security nor credit cards with a used limit are accepted. Although you don’t have to submit any documents to verify your personal information, you do need to provide your BVN, first and last name, and phone number.
What’s a BVN? It’s a bank verification number that is a unique 11-digit number verifying your identity. Unlike more conventional approaches to bank data safety, like passwords and PINs, BVN helps protect data from fraud through biometrics.
If you don’t have a BVN yet, you must visit a local bank. Typically, you will need to complete an enrollment form, provide biometric data (fingerprints, a facial image), and demonstrate a valid ID, like a Nigerian international passport, driver’s license, or national identity card.
Step 2: Install the KoboGo app
If you already have a payment card and BVN, it’s time to set up your account. You’ll have to follow some steps. After downloading the free KoboGo app from Google Play, fill in your name and surname, confirm your identity by providing your phone number linked to your BVN, and answer a couple of questions.
Step 3: Get a loan
After you have set up the account, it’s time to apply for a loan. In the app’s loan calculator, you can choose the preferred amount, ranging from 5,000 to 100,000 ?. Typically, you can borrow money for up to 30 days, although the timeframe will depend on your previous loan history. The better the loan history, the longer the loan period you can expect to get.
One of the advantages of KoboGo is a swift loan approval process. Overall, submitting an application and receiving money to your card are fast and straightforward processes that usually take up to five minutes.
Taking a loan is a simple process that requires minimum time and effort, especially if you already have a BVN. Just download the app, create an account, choose the preferred sum, and get your first loan in less than five minutes!