As the economic condition of Nigeria continues to deteriorate, Nigerians are constantly on the lookout for financial support from loan apps to cushion the effects of the harsh economy on them.
There are several loan apps in the Nigerian fin-tech market with claims of excellent service delivery but only few live up to this promise. This is why it is pertinent to look up loan apps before doing business with them.
Today we are going to review the Kobogo loan app. We will talk extensively about the features of the app and their loaning processes.
What is Kobogo Loan App?
The kobogo loan app is a lending platform available for download on the Google play store. Kobogo loan app is specially dedicated to just lending money to the Nigerian populace. The loan app was released earlier this Year, precisely June 2023.
Kobogo loan app boasts of being able to approve and dispense loans in under one minute. Not only is their loan approval presumed to be instant, the application process is also quick and simple without much requirements.
How Does Kobogo Loan App Work?
It is quite simple, just like every other loan app, Kobogo loan app works in a systematic manner. The loan app works with procedures and due process.
It first starts with registration or sign up on the app; every Kobogo loan app user is required to be registered on the app. After registration and provision of necessary and requested information, you can now apply for a loan on the platform.
Kobogo will assess your creditworthiness based on the information you provided, this will help them decide whether you can be trusted with their loan or not. If found worthy, your loan will be approved and dispensed to you minutes within approval.
Is Kobogo Loan App Legit?
Yes! The Kobogo loan app is absolutely legit. Although the lending app has not pulled as much attention as its bigger competitions, it has been able to service the financial needs of its users since its inception.
How to Download and Get Started on Kobogo Loan App
Of course, the first step to get started on the Kobogo loan app is to install the app on your phone. The kobogo app is available on the Google play store and you can have it on you phone through these easy steps;
1. Open the Google play store on your mobile phone
2. Search for “Kobogo loan app”
3. When the search results come up, scan through it and locate Kobogo
4. Hit the ‘install’ button and wait for the app to download and automatically install on your phone.
How to Sign up on Kobogo loan app
To have full access to all features on Kobogo after download, you must be signed up or registered on the app. The following is a detailed guide on how to sign up on Kobogo loan app;
1. Open the app on your phone
2. Enter your phone number
3. Copy the OTP code sent to your phone
4. Input the OTP on the app and click on the arrow by the right hand side
5. Provide any other requested information.
How to Borrow Loan on Kobogo Loan App
Borrowing loans from Kobogo.com is as easy as ABC through these easy steps;
1. Open the kobogo loan app on your phone
2. Sign up if you are a new user or login if you’ve visited the app previously
3. On your home screen your loan offer will be displayed, you can decide to reduce the loan amount if it’s too much but you can’t increase it.
4. Choose the loan amount you want to borrow and your loan tenure
5. Click ‘get cash’
6. You will be required to add your bank card on the next page
7. Your loan will be processed and your account will be Credited immediately.
How to Repay Loans on Kobogo Loan App
To repay your loan on Kobogo loan app, you need to be logged in to the app. Locate the repayment button, click it and follow the on screen prompt.
You can repay the money using a bank card through your personal account. You can repay your Kobogo loan in part or in full.
Pros of Kobogo Loan App
The following are the advantages of Kobogo loan app;
1. Kobogo gives instant loan
2. The sign up process on the app is easy, fast and does not require much time
3. Kobogo does not ask for much information of users during sign up
4. The app is transparent with no hidden fees.
5. Kobogo gives ample repayment time and flexible repayment options for users
6. It does not take income level and employment status into consideration while processing loan applications.
Cons of Kobogo Loan App
Kobogo’s interest rates on loans are considered quite exorbitant.
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Frequently Asked Questions and Answers
How much can I borrow on Kobogo and for how long?
KoboGo offers loans from N5000 to N100 000 for a period of up to 30 days+. The better your lending history and positive behaviour, the more you can access and the longer the period!
What is the interest rate on Kobogo Loans?
The minimum interest rate on Kobogo is 3.711% and the maximum interest is 438% all per annum
Is Kobogo Loan App available on IOS Devices?
No! The kobogo loan app is unfortunately only available on Google play store
Who can borrow loan from Kobogo Loan App?
Anybody that resides in Nigeria between the ages of 18-60 years can borrow loans on Kobogo
What will happen if I don’t pay my Kobogo Loan?
You might not be allowed to borrow feature loans on the app. You might also be reported to the credit bureau and you might be barred from borrowing on other apps.
Final Verdict
Although Kobogo is not as popular as the big names in the Nigerian Fintech market, it is legit and has been able to cater for the financial needs of its customers. If you are looking for where to get micro loans, try Kobogo and see how it goes.
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