How to Borrow Money From Kuda Bank

Kuda bank remains one of the prestigious banks in Nigeria. With the Kuda bank app, you can perform different actions, of which borrowing money is one.

If you wish to know the step-by-step guide to borrowing money from the Kuda bank app, read this article to the end. We will also answer some of the frequently asked questions. Read on.

Overview Of Kuda Bank

Babs Ogundeyi and Musty Mustapha in 2016 conceived the idea of Kuda bank. Presently, Babs Ogundeyi is the Chief Executive Officer of Kuda.

The bank, formerly known as Kudi money and Kuda Microfinance Bank, was licensed and approved as Nigeria’s first mobile-only bank by the Central Bank Of Nigeria in 2017, with its headquarters in London, United Kingdom.

It has proven since its operation that it is worth the tag of one of the best conventional banks in Nigeria.

How Does Kuda Bank Loan Work?

Like other conventional banks, Kuda provides hassle-free banking services to their customers without charges. Kuda bank allows people to perform transactions anywhere they are and anytime.

All their activities are done online through smartphones and laptops from the bank’s mobile app.

One can conveniently pay bills and other banking activities with a debit card provided anywhere for free.

Kuda generates revenue from the interest on the loans offered to borrowers. This means you can take a loan from the bank. Also, they make money from the investment made from the people’s deposits, which the government of the country backs.

Kuda Bank Loan App

The Kuda bank app is a mobile application that allows people to carry out digital banking activities conveniently, no matter how busy and where they are. It was released on 19 August 2019.

Both Android and IOS users can access the app. Also, it is highly rated with over 1,176 reviews, over 5 million downloads, and a portable download size of 27 MB on the Google Play store.

With the Kuda bank app, one can save, pay bills, borrow money, and invest without fear of anything.

It has good features and an interface that makes navigating easy for users.

This bank app ensures the following;

  • People controlling their finances
  • Being able to plan and save for the future.
  • It helps people to make wise and fruitful financial decisions for the future.

Kuda Bank Loan (Overdraft)

One of the burning questions people ask about Kuda bank is, “does Kuda bank offer loans or lend money to people?”

The answer is simply YES. Kuda bank offers loans to people. This type of loan is known as Kuda Overdraft.

Generally, an overdraft is a credit facility that helps people withdraw more than their credit account balances.

This means the Kuda bank loan is a short-term loan offered to people to help them meet emergencies and needs. With Kuda overdraft, users can withdraw more than their account balances and repay when due.

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How Kuda Overdraft Works

You do not need collateral, paperwork, or property documents to secure a Kuda loan. However, you will be charged 0.3% interest daily until the loan is repaid.

Before you can obtain a Kuda bank overdraft, the following should be done:

  • First, you must sign up on the Kuda bank app. You will be requested to submit your details like name, phone number, email address, and other essential information.
  • Also, you have to upgrade your account by linking it with your Bank Verification Number (BVN) and National Identification Number (NIN).
  • Ensure that you use the Kuda bank app regularly, as it increases your chances of being granted your desired loan.
  • The platform offers you the overdraft service automatically based on your consistency.

How To Borrow Money From Kuda Bank App.

To borrow money from the Kuda app, follow the steps below;

  1. Open your Kuda app and tap “Borrow” you can also swipe if you wish.
  2. Proceed to tap on “Get Your Overdraft.”
  3. Then click on “Next.”
  4. You will be allowed to enter the amount of money you want. After that, click on “Done.”
  5. Confirm your application with your transaction PIN, fingerprint, or face ID.
  6. Click on “Okay,” and that is it.

Kuda App Loan Interest Rate

The interest rate of Kuda overdraft is 0.3% daily of the amount borrowed until the full payment is made.

For instance, a loan of N20,000 has N60 daily interest. If the loan tenure is 30 days, a total interest rate of N1,800 would be made. That is, N21,800 is to be repaid to Kuda.

Kuda Bank Loan Tenor.

The duration of the Kuda overdraft is 90 days which is roughly three months, while the maturity date is 30 days after loan disbursement.

How To Contact Kuda Bank

For complaints, questions, or clarifications, you may reach out to Kuda through any of the following means;

Head Office: 151 Herbert Macaulay Way Yaba, 101245, Lagos State.

Customer Care Line: 01-6335832, or you can send an email to: or

WhatsApp Number: 0700022555832.

Frequently Asked Questions

Can Kuda bank borrow me money?

Yes, Kuda bank can offer loans to you if you regularly use the Kuda app as an overdraft with a 0.3% interest rate until you repay your loan.

How do I qualify to borrow from Kuda?

To qualify to borrow from kuda, ensure the following;

-Upgrade your account by linking it with your BVN and NIN.

-Provide a valid means of identification. This could be your passport, voter’s card, or driving license.

-Be consistent on the Kuda app.

How much can Kuda borrow me?

You can borrow as much as N50,000—however, your credit score and consistency on the app.

How can I borrow from the Kuda account?

To borrow from a Kuda account, do the following;

  • Open your Kuda app and tap “Borrow” you can also swipe if you wish.
  • Proceed to tap on “Get Your Overdraft.”
  • Then click on “Next.”
  • You will be allowed to enter the amount of money you want. After that, click on “Done.”
  • Confirm your application with your transaction PIN, fingerprint, or face ID.
  • Click on “Okay,” and that is it.


Borrowing from Kuda is easy if you apply everything we outlined in this article. No embarrassment, collateral, or property document, just a 0.3% daily interest.

We believe that this article was helpful. Feel free to ask your questions in the comments section. Good luck!