As of 2024, Kuda Bank, a digital bank in Nigeria, does offer loans to its users. These loans are typically referred to as "Kuda Overdrafts," "Kuda Personal Loan," and "Kuda Salary Advance Loan." The overdraft facility allows eligible users to borrow money directly from their Kuda account without any collateral, which can be repaid over time with interest. The loan amount you can access depends on your credit score, transaction history, and how you use your Kuda account.
To check if you're eligible for a Kuda loan, you'll need to update your Kuda app to the latest version and follow the instructions in the app to apply for an overdraft. The approval process is usually quick, and if approved, the funds are credited directly to your Kuda account.
Is Kuda still giving Loan?
Kuda Bank continues to offer personal, salary and overdraft loans in 2024, providing customers with quick access to funds. Here are the key details regarding their loan offerings:
- Loan Amount: Customers can borrow between ₦50,000 and ₦200,000, with the possibility of receiving funds within minutes after approval.
- Interest Rate: The loans come with a competitive interest rate of 2.5% per month, and repayment terms range from three months to 24 months.
- Eligibility Requirements: To qualify for a Kuda personal loan, applicants must be Nigerian citizens or residents aged 21 to 55, have a regular income, a good credit history, and an active Kuda account with a minimum balance of ₦1,000. Required documents include a valid ID, a passport photograph, and a six-month bank statement.
- Application Process: The application can be completed through the Kuda app, which involves filling out personal details and submitting the application for review. Approval notifications are sent via email.
Kuda Bank's approach to lending emphasizes a user-friendly process with no collateral required, making it accessible for many users seeking personal loans. Here, you can learn more about Kuda Loan.
Does PalmPay offer Loan in 2024?
Yes, PalmPay still offers loans in 2024. However, PalmPay provides these loan services through a third-party partner called PalmCredit. PalmCredit is a digital lending platform that allows users to borrow money directly through the PalmPay app. The loans are unsecured, meaning no collateral is required, and they are available to eligible users based on their creditworthiness, transaction history, and usage of the app.
When you apply for a loan on PalmPay, the request is processed by PalmCredit. The loan amount, interest rate, and repayment terms depend on the individual's profile and credit score. Once approved, the funds are disbursed directly to the user's PalmPay wallet, from which they can be used or transferred to a bank account.
PalmPay's partnership with PalmCredit allows it to offer flexible and quick loans to its users while leveraging the lending expertise of PalmCredit. Here's how to extend PalmPay Loan if you cannot repay on due date.
In conclusion, both Kuda Bank and PalmPay continue to offer loan services in 2024. PalmPay offers loan through its partnership with PalmCredit, a digital lending platform. This collaboration enables PalmPay to provide users with quick and unsecured loans based on their creditworthiness and transaction history, making it a convenient option for those in need of financial assistance.
