Want to learn more about KiaKia loan? In this article we’ll share with you details of borrowing money from this amazing lending platform.
Securing funding when they need it most is a challenge for many small business owners. Getting that money through a traditional bank loan is increasingly difficult.
That’s why alternative Lending services like KIAKIA loan has become a saving grace for small businesses.
KIAKIA loan offers a wide range of funding options, including working capital loans, merchant cash advances, equipment financing, invoice factoring, and term loans.
With so many alternative lenders to choose from, figuring out the best option can be a tough task for a small business owner.
So, this article will enlighten you on KIAKIA loan, one of the top ten online loans in Nigeria, and all it entails.
What Is Kiakia Loan?
Founded in 2016, KiaKia (a trading name of KiaKia Bits Ltd RC:799552), is a licensed non-banking financial technology company.
One of Nigeria’s pioneer digital lenders and also the leading peer-to-peer marketplace, KiaKia offers secured and unsecured loans and also participates in well-structured profit-sharing business transactions.
They focus their efforts mostly on Micro, Small, and Medium Enterprises with huge growth potentials, with no access to credit from traditional financial institutions..
In 2019, KiaKia clinched the InFINCA Award for Best Peer-To-Peer Platform in Nigeria. A testament to their pioneering effort, sustained creation and delivery of value to the supply and demand end of the service.
Related: Top 10 Oldest Nigerian banks.
Frequently Asked Questions About KiaKia
How do I register/create a borrower account?
You can create a borrower account by selecting the “CREATE AN ACCOUNT” button on Mr.K’s menu, then answering the next few questions that follow to validate your identity, and other personal and employment information.
Does Kiakia have an app?
No, Kiakia currently does not have a borrower app at the moment. Kiakia deploys all borrowing services through their mobile/PC web platforms for customer engagement and use, to enable users with utility phones to access ALL their services.
How do I get a loan?
To apply for or make a loan request, simply click the “GET A LOAN” button from the home page and engage Mr. K in the conversation and answer all the relevant questions.
It is that simple.
How long does it take to review a loan?
The loan review process is completed within a few minutes of successfully submitting a Kiakia loan application.
What are the loan requirements?
To successfully submit a loan application, you have to fulfill the following requirements –
- An applicant must be resident in Nigeria
- An applicant must be above 21 years of age
- An applicant must possess a Bank Verification Number (BVN) and be an account holder with any of the mainstream commercial banks in Nigeria.
- An applicant must have evidence of verified source(s) of income (employed in the public/private sector or runs his/her own business)
- An applicant must provide a valid means of Identification (Work ID for employed applicant, and Government-issued ID for self-employed) applicant
- An applicant must provide proof of income (sms or email screenshots of monthly income alerts or electronic bank statement (in Pdf format) for the 6 most recent months)
- Alternatively, an applicant can authorize KiaKia to view his/her bank transactions by connecting his/her bank account to the Mr. K software ONLY for the purpose of obtaining bank transaction details.
What is the loan application process?
To successfully submit a loan application, this is how you have to go about it –
- Create an account by providing all required details
- Start an application chat
- Upload work ID or government-issued ID
- Enter the desired loan amount
- Select duration/tenure
- Upload a Screenshot of SMS alerts or PDF statement of your last 3 salaries or Business income
- Accept loan terms and conditions (IF APPROVED)
- Authenticate your submitted bank accounts
- Get credited
What are the maximum and minimum amounts I can apply for?
The maximum and minimum amounts that can be accessed at any time depends on the applicant’s income level, employment type and loan request.
What are the types of loans you give?
KiaKia currently grant quick short-term business and personal loans.
Related: The 10 best loan apps in Nigeria.
What is the loan tenure?
The maximum loan tenure for first-time borrowers is 30 days. However, loan tenures can be increased based on your credit score and trust points to a maximum of 18 months.
How much can I apply for?
You know your earnings more. So, take your income and expenditure into consideration before applying for any amount. KiaKia don’t want to constrain you by an amount and also do not want to indulge you in reckless borrowing.
Borrowed money should go into meeting your needs. Apply for an amount based on what your fixed or business income can conveniently repay.
What is a loan offer?
A loan offer is an estimate of the loan funds Mr.K can grant you based on your creditworthiness.
Mr.K makes you that offer with the understanding that you can easily and conveniently repay that amount within the stipulated tenure. You reserve the right to accept or reject a loan offer if it does not meet your financial needs.
Can I get a loan from anywhere in Nigeria?
Yes, please. KiaKia is everywhere there is internet access and the law of Nigeria governs.
Do you give loans to students?
Mr.K does not grant Students a loan at this time. Sorry about that.
Why do you need my BVN?
KiaKia need your BVN (Bank Verification Number) to establish your identity within the financial system and to furnish us with enough data/information about you to act on in the event of a breach of contract.
Your BVN (bank verification number) is 100% safe with Kiakia. It is important to note that the BVN is a unique identification number for authenticating your identity and securing against fraud within the Nigerian financial system. It also makes it impossible for anyone to steal your identity or use it for any illicit purposes.
Why was my loan declined?
What next after account authorization?
How do I authorize bank?
How to repay a loan?
- Bank Transfer to Kiakia Bits Limited
- 0025273484 | Guaranty Trust Bank
- 1016013383 | Zenith Bank Plc
- Card Payment
- Monnify – BANK TRANSFER TO YOUR UNIQUE ACCOUNT (Via Monnify unique account)
Related: Kuda Bank app review – All you need to know
Interest rates range from as low as 12% and as high as 40% based on 6 to 18 months tenure.
There a 4 interest and profit pay-out options ranging from quarterly, Bi-annual, annual, and 18 months.
Users do not need to make requests for withdrawal as interest payments and capital is automatically credited to account details in the profile. This is also an added security layer.
KIAKIA Loan Summary Notes
Going through this post, you can see that we just made your decision to apply for a loan through the Kiakia loan platform easier.
We’ve given you a step by step guide on how to successfully apply for a loan without any collateral, guarantors or any of the headaches banks put you through just to obtain a loan.
If you enjoyed reading this post and you feel it helped you get a good loan, consider sharing it with your friends who might be looking for collateral-free loans in Nigeria.
Ensure you go through their terms and conditions, check the interest rate and plan on how to pay back before accepting the loan. This is very important so as to know everything the loan entails before accepting to take one.
If you have any comments, additions or subtraction, feel free to get across to us through the comment box provided below. We sure would like to hear your opinion.
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