Thursday, June 13, 2024

Does SoleWaka Require Collateral or Guarantor?

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If you’re in need of financing, but don’t have the necessary collateral or guarantor, then you might want to consider applying for a loan with SoleWaka. Here, we’ll discuss whether or not SoleWaka requires collateral or guarantor for their loans.

What is SoleWaka?

SoleWaka is a peer-to-peer lending platform that offers loans to individuals and small businesses in Nigeria. The platform connects borrowers with investors who are willing to lend money for a certain period of time. The loans offered by SoleWaka vary from ?10,000 to ?100,000, and the repayment period ranges from 2 to 6 months.

Unsecured Loans

One of the main advantages of taking out a loan with SoleWaka is that the loans are unsecured. This means that you don’t need to provide any collateral or guarantor to be eligible for a loan. Instead, SoleWaka uses your credit score and other relevant information to determine your creditworthiness.

Eligibility Criteria

To be eligible for a loan with SoleWaka, you must meet the following criteria:

– You must be between the ages of 18 and 60 years old.

– You must have a bank account.

– You must have a valid means of identification (e.g. National ID, Driver’s License, Voter’s Card).

– You must have a source of income.

Loan Application Process

To apply for a loan with SoleWaka, you need to follow these steps:

1. Visit the SoleWaka website and create an account.

2. Complete the loan application form and provide your personal and financial information.

3. Wait for your loan application to be reviewed and approved.

4. Once approved, the loan amount will be disbursed to your bank account.

Interest Rates and Fees

SoleWaka charges a fixed interest rate of 15% on their loans, with no hidden fees or charges. This means that you know exactly what you’ll be paying back before you even apply for the loan.

Conclusion

In conclusion, SoleWaka does not require any collateral or guarantor for their loans. Instead, they use your credit score and other relevant information to determine your creditworthiness. This makes it easier for individuals and small businesses to access financing without having to provide any additional security. However, it’s important to note that the eligibility criteria must still be met in order to qualify for a loan with SoleWaka.

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