Running a business in Nigeria can be tough. Cash flow issues, unpaid invoices, or large orders can slow you down. Kuda business loan can help in this regard. It’s fast, flexible, and doesn’t need collateral.
This guide will show you how to get a Kuda business loan easily. Let’s dive in!
What is a Kuda Business Loan?
Kuda Bank offers business loans to freelancers and SMEs in Nigeria. These loans help you manage cash flow, pay vendors, or fulfill big orders. They come in two main types: Invoice Financing and Purchase Order Financing. Both are designed to fit your business needs without stressing your finances.
- Invoice Financing: Unlock cash from unpaid invoices to keep your business running smoothly.
- Purchase Order Financing: Get funds to complete large orders without dipping into your savings.
Loan amounts range from ₦1,000,000 to ₦5,000,000, with repayment terms of 6 to 12 months. Interest rates are around 30-35% per year, and no collateral is required for qualified businesses.
Why Choose Kuda Business Loan?
Kuda stands out because it’s simple and transparent. Here’s why it’s a great choice:
- No Collateral Needed: Qualified businesses can get loans without assets.
- Fast Approval: Loans are approved in just a few days.
- Flexible Repayment: Terms match your cash flow to avoid stress.
- Easy Application: Apply through the Kuda Business app in minutes.
- No Hidden Fees: You only pay what’s clearly stated.
Requirements
Before applying, make sure you meet these requirements:
- Kuda Business Account: You need an active Kuda Business account (Freelancer or Full Business account).
- Registered Business: Your business must be registered with the Corporate Affairs Commission (CAC) for a Full Business account.
- Valid ID: A government-issued ID like a driver’s license or national ID.
- Business Documents: For Full Business accounts, you may need a Board Resolution naming the account admin.
- Active Usage: Regularly use your Kuda account for transactions to boost eligibility.
Steps to Get a Kuda Business Loan
Follow these simple steps to apply for Kuda business loan:
1. Download the Kuda Business App
- Get the Kuda business app from the Google Play Store or Apple App Store.
- Sign up using your personal Kuda account or email.
- If you’re a freelancer, you can open a Freelancer account. For larger businesses, choose a Full Business account.
2. Set Up Your Business Account
- Provide your business details, like company name, address, and contact info.
- Submit your CAC registration documents and Tax Identification Number (TIN) if required.
- Complete facial recognition to verify your identity. This step can sometimes be tricky, so ensure good lighting and follow prompts carefully.
3. Use Your Account Actively
- Make regular transactions like bill payments, transfers, or airtime purchases.
- Active usage increases your chances of qualifying for a loan.
4. Apply for the Loan
- Open the Kuda Business app and go to the “Credit” or “Business Loan” section.
- Choose between Invoice Financing or Purchase Order Financing.
- Enter the loan amount (between ₦500,000 and ₦10,000,000).
- Submit verified invoices or purchase orders to support your application.
5. Track Your Application
- Check the app for updates on your loan status.
- You’ll get push notifications or emails at each stage.
- Approval usually takes a few days after submitting all documents.
6. Accept the Loan Offer
- If approved, you’ll receive a loan offer letter with terms and conditions.
- Review the repayment terms, interest rate, and monthly payments.
- Accept the offer in the app to get funds disbursed to your Kuda Business account.
How to Repay Your Kuda Business Loan
Repaying your loan is stress-free with Kuda:
- Flexible Terms: Repayments are spread over 6 to 12 months, based on your cash flow.
- Monthly Payments: Pay both the loan and interest monthly.
- Automatic Deductions: Kuda may auto-debit your account for repayments, so keep it funded.
- Track Payments: Monitor your repayment progress in the app.
Use Kuda’s loan calculator in the app to plan repayments. It shows your monthly payments based on the loan amount and term.
Final Thoughts
A Kuda business loan is a great way to keep your business moving forward. It’s fast, doesn’t need collateral, and fits your cash flow. By following the steps above and keeping your account active, you can get the funds you need in just a few days. Download the Kuda Business app today, apply, and take your business to the next level!
Have questions? Drop a comment below or contact Kuda’s support at help@kuda.com. Let’s grow your business together!
