Kuda is one of the most popular online banks in Nigeria. Kuda currently has more than 3 million across the country. However, Kuda has a lot of interesting features that make banking services easier and better. The latest feature Kuda introduced is Kuda Overdraft.
Kuda overdraft is a short-term loan accessible to only Kuda bank users. This means that you can now borrow money from Kuda via the Kuda bank app to finance your needs. If you are interested in applying for a Kuda overdraft, you need to know how you qualify for a Kuda overdraft. We will discuss this and other related topics.
How do I Qualify for a Kuda Overdraft
The Kuda bank overdraft feature is available to only those that have been prequalified to have access to it. For you to qualify for a Kuda Overdraft here are some of the things you need:
- Your account should be linked to your Bank Verification Number (BVN).
- You must be able to provide valid identification.
- Your Kuda account must have been active for at least 3 months.
Here are some of the requirements need to qualify for a Kuda Overdraft.
What is the maximum overdraft get from Kuda?
There is no maximum amount of overdraft you can get from Kuda. The amount of overdraft you can get from Kuda depends on the inflow and outflow of cash from your account.
What is the interest rate on an Overdraft from Kuda?
The Kuda overdraft makes use of daily interest rates. The daily interest rate charged on a Kuda overdraft is 0.3% and it is independent of the amount of money you borrow.
How long does it take for my overdraft to be paid?
When you apply for a Kuda Overdraft, your funds will be paid to your Kuda account immediately.
How do I pay my Kuda overdraft?
The way to pay your Kuda overdraft is quite simple. The repayments for your Kuda overdraft are deducted from your spending account. If you do not have enough funds in your spending account, the debt (overdraft) will be deducted in bits until the debt has been fully paid.
Why is Kuda not giving me overdraft?
If you are unable to get the Kuda Overdraft, it might be because your account is not yet upgraded. You need to upgrade your Kuda account by confirming your BVN and a valid ID. Also, make sure you actively make use of your account.
How long do I use Kuda before I can borrow?
If you actively make use of your Kuda account, you can get access to the Kuda Overdrafts short-term loans anytime. You can borrow from the available amount shown to you.
Can Kuda bank borrow me money?
Yes, Kuda borrows money to its users who regularly make use of their accounts. The repayment is a daily process, you get to pay 0.3% interest on the money you borrow. And note you need to pay back before midnight to avoid paying interest.