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Kuda Loan It’s a short-term cover to help you keep your life running smoothly. If your Spend account balance is ever too low for comfort, you can always take some money from your Borrow account to cover your expenses and pay it back whenever you get paid.
Kuda Overdrafts are a hundred percent free of shame, they also come at a low daily interest rate of 0.3% (of the amount you borrow).
How To Qualify
That’s how many people we added to the Kuda Overdrafts pilot program this week and we’re adding 50,000 more next week. 🎉
Just like that, we’ve gone mainstream as the bank that gives easy loans.
Don’t forget, using your account regularly will give you access to an overdraft whenever you need one
How can I get an overdraft?
If you use Kuda actively as your main bank account, you’re automatically qualified to get an overdraft.
If you qualify for an overdraft, we’ll add it to your Borrow account and you can use it whenever you need to.
Also Check: How To Get a Loan From Gtbank
How To Borrow kuda loan
1. Open Kuda and tap or swipe to your Borrow account.
2. Tap Borrow.
3. Tap Get Your Overdraft.
4. Tap Next.
5. Type in the amount you want to borrow then tap Done.
6. Confirm with your transaction PIN, fingerprint or Face ID.
7. Tap Okay and you can spend from your account.
How much overdraft can I take?
The app will show the maximum overdraft you can take.
Will I pay a fee to get an overdraft?
No, but if we need to run a credit check to be sure that you qualify for an overdraft we may charge you a fee for that service.
Will l pay interest on my overdraft?
Yes, we’ll charge you a daily interest of 0.3% of the amount you borrow till you pay back the entire overdraft.
Interest counts if you do not pay back before midnight on the day you borrow.
What happens if I don’t spend what I borrow?
If you don’t spend your overdraft or you spend just a part of it, we’ll move the money back into your Borrow account.
How do I pay back an overdraft?
Overdraft repayments are made automatically from your Spend account.
If you don’t have enough money in your Spend account to repay the entire overdraft when it’s due, repayment will be made in bits every time money is added to your account until everything you owe has been repaid.