You might have pressing issues that might be personal or for business and you are short of funds. You have no option but to borrow a loan.
But most people no longer consider this an option, due to one or two experiences they have encountered during the process of trying to get a loan in the bank before.
Getting a loan from a bank is not as easy as it seems. You need to pass through a tedious screening process and a guarantor and collateral are likely to be required.
A guarantor is someone who “guarantees” someone else’s loan or mortgage by promising to repay the debt if they can’t afford to.
Meanwhile, collateral is pledged as security for the repayment of a loan, to be forfeited in the event of a default.
Not everyone can provide this. As they might not have enough capacity or time to source for this and other requirements due to time and other additional factors.
But most people have failed to realize the world is revolving and technology has made it better. Making it possible to borrow loans online and carry out other activities on the internet with ease.
With Kuda Bank now offering something similar and innovative. Achieved this by introducing the Kuda Overdraft Loan feature years back.
Kuda Overdrafts are short-term loans you can take any time as long as you use your Kuda account regularly.
No paperwork, no embarrassment, just 0.3% daily interest. Start accessing quick and suitable loan plans.
So I decided to use this blog post to educate people on how they can qualify and apply for the Kuda bank overdraft. With just the help of their smartphone.
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So let’s get started on this article on how you can qualify and apply for the Kuda Bank Overdraft Loan.
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Benefits Of Borrowing A Loan From Kuda Overdraft
Stress-Free
With just your smartphone, you can apply for a loan and get it within minutes. Saving you the energy you would exhaust when trying to get a loan from the bank.
Less Time Consumption
You might need the loan for something urgent. Kuda bank does not spend much time disbursing your loan when you are qualified for the overdraft.
Saving You Additional Costs
When applying for a loan in the bank you need to transport and foot other bills till your loan is guaranteed. But with Kuda Bank Overdraft you can get a loan with your phone.
Enough Information Provided
Kuda Bank Overdraft has enough information to guide you on the process required for qualifying and also applying for a loan, among others.
Favorable Payment Schedule
The payment schedule is quite favorable compared to most loan sharks out there. They offer you enough time to pay up and the interest that adds is not that high.
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How To Qualify For Kuda Bank Overdraft
- Sign up on Kuda and upgrade your account with your BVN (Bank Verification Number) and a valid ID.
- Use your account regularly for transactions.
- Buy airtime, pay bills, make transfers, etc, on a steady basis.
How To Check Kuda Bank Overdraft Eligibility
- Open the borrow button with an L icon.
- Now click on borrow on the overdrafts section.
- Click on the Next button.
- Click on the Next button again.
- Now tap on check eligibility.
- You will get a message stating if you are eligible or not.
- You will be eligible for a Kuda Bank Overdraft loan when you follow the steps listed above on how to qualify for Kuda Bank Overdraft.
Also Read: Also Read: How To Earn N1000 Signup Bonus And N10000 On Kuda Bank App Weekly
Methods To Apply For Kuda Bank Overdraft
- Via Kuda Bank Mobile App
Procedures To Apply For Kuda Bank Overdraft Via App
- Download the Kuda Bank mobile app on Playstore/Appstore if available.
- Open the borrow button with an L icon.
- Now click on borrow on the overdrafts section.
- Click on the Next button.
- Click on the Next button again.
- Now tap on check eligibility.
- You will get a message stating if you are eligible or not.
- On your dashboard tap on the application for loans.
- If you are eligible, follow the prompts on your screen.
- When done you will successful message stating your loan application has been successful.
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How To Check Kuda Bank Overdraft Balance
- Open the borrow button with an L icon.
- Now click on borrow on the overdrafts section.
- Click on the Next button.
- Click on the Next button again.
- Your Kuda Bank Overdraft balance will be displayed on your screen.
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How To Pay Back Kuda Bank Overdraft Via Kuda Bank Mobile App
- Open the borrow button with an L icon.
- Now click on borrow on the overdrafts section.
- Click on the Next button.
- Click on the Next button again.
- You will see an option to re-pay your loan.
- After every successful repayment, your loan balance will be deducted.
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Hope you found this article amazing and fun to read. Let us know about your experience trying to qualify and apply for the Kuda Bank Overdraft Loan.
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