Financial burden is way more common than it seems and almost every third person is facing it in some way. Fortunately, we have banks now that provide loans to people and such organizations stay afloat mainly because of these loan transactions. Earlier, banks were the only ones you could get financial help from, and that changed after the entry of loan apps. Contrary to the system of traditional banking, these kinds of loan apps do not ask for collateral and you are given the safety of your property. Amongst thousands of apps that you’ll find, exists Kmimk, one of the best and leading options. If you wonder what it is about, get along with this article where we have discussed more on the platform:
Kmimk is a newly launched loan app in the market that has yet to even complete a year of service. Regardless, they are said to have disbursed several personal loans to people in need. For now, they run their operations in the whole of Nigeria and nowhere outside the country. It is also worth noting that this loan app-only offers personal loans and does not specifically cater to business loans or others. However, individuals are free to use their loans for different purposes.
Other Details on the Kmimk Loan
- Loan amount withdrawn: Between N 5,000 and N 50,000
- Service and Interest Fee: Between 2% and 35%
- Maximum Annual Percentage Rate (APR) — Between 66.21% and 2740.44%
- Late fee: 8.8% cut of the outstanding amount
- Minimum repayment: 61 days
- Maximum repayment: 180 days
Eligibility Criteria for App Download
Because this website is about loans and money, it was obvious for them to follow up with strict eligibility criteria. So presently, applicants will have to mandatorily catch up with the following:
- Make sure you have a working bank account and a BVN that will let them monitor your credit score.
- Your age should be at least 18 years or above and not more than 60. This age criterion corresponds to the fact that Nigerians are supposed to retire by 60, above which citizens are seen to have no valuable income source. Likewise, individuals below 18 are minors and aren’t given the right to make legal decisions.
- You must be employed and a salaried individual.
- You must be a resident of Nigeria and possess a valid ID to prove the same.
Kmimk loan app download process
Assuming you have gone through the eligibility criteria and met all of them, here is the complete loan app download process:
- The app is available on the Google Play Store, so you’ll only need to launch it and then use the search bar to find the relevant app.
- Once downloaded, open it and register using a working phone number and email address, both of which are important for account verification.
- Since you’ll also need to link your BVN, we suggest using a phone number that’s already associated with it.
- Provide your KYC information, and residential address, and pay N 40 to bind your atm card successfully.
- Most people don’t consider binding the ATM card, but doing so betters the chance of getting a loan.
- Confirm your registration by providing the OTP and submit your application.
- Your credit score will be simultaneously evaluated and the result shall appear right away on your phone screen.
- Eligible applicants will then be redirected to the bank account and asked to take a clear-face selfie at the end.
Applying for a Loan on Kmimk
Applying begins by completing the Kmimk loan app download process, after which you’ll find the rightful option on the dashboard itself. Once you have successfully applied, keep checking on the status and the amount will automatically be released once your profile has been reviewed. When paying back the debt, you will have to use the ATM card that you had previously used. Otherwise, you can also transfer directly to their bank account. Do note that the maximum amount you can avail is #100k, and no amount beyond that number will be provided.
The KMI MK Interest rates on loans range between 5% to 15% depending on the borrowed amount and for how much time, you are taking the loan amount. The repayment time is between three months to seven days as well as the loan amount requested.
How much amount can be borrowed On KMIMK Loan Application?
In one transaction, the KMI MK loan app might provide you with an amount of N1,00,000 without collateral or any guarantor. You might not be able to borrow this much as a beginner borrower. But, once you continue to repay and borrow, the borrowing amount increases.
Don’t Pay Back Scenario On KMIMK
If you are unable to pay back the amount, you will be finalized with late fee, either if you opt not to pay it back in full, your name might be reported to the credir bureaus as delinquent prevents you from obtaining loans in Nigeria until you submit your previous loans.
Is Kmimk Legit?
Users need to know that this website has yet to be approved by CBN, which is an important regulatory body in the country. Regardless, the app is said to be clean and has not received any foul or negative feedback that’s also concerning. You’ll also be surprised to know that this app, although it is less than a year old, has already disbursed amounts in high numbers.
this website is unapproved, despite which it is regarded as the leading money lender, where loan processing is way faster and does not charge any upfront fee. In addition, the app does not believe in hidden fees and the least you’ll be asked for is loan repayment and interest rate. The app can be your best buddy for fast loans and so far, it seems like a legit place for financial help. But again, the app is a newly launched service, so that gives us a benefit of doubt.
Kmimk has become a dominating name in Nigeria and many are looking after it for instant loan aid. Besides, their loan processing takes place conveniently and individuals aren’t even asked to visit any office, but a simple phone with an internet is enough. The best aspect whatsoever is the fact that it asks for no guarantor or collateral as such; so you aren’t supposed to risk your property. This app will eventually be the biggest support you’ll find in financial turmoil. Also, bank loans are almost always uncertain, making the app a great alternative for emergencies.
Faqs About Kmimk
Ans. Individuals who cannot pay back can try negotiating for a better term by calling the app before the due date has arrived. In case you don’t keep them informed, you will likely be penalized according to the interest rate set by them.
Ans. To contact the executives, you can dial them at +234 8754340760 or mail your issues to KmimkLoanApp@gmail.com. If needed, you can also visit their office located at 42 Adekoya Adeola Street, Opebi Lagos.
Ans. Individuals who miss out on repayments will be required to pay a 2% daily fee, which does not seem like a big sum but eventually becomes a huge sum after a few days have passed.
Ans. Individuals are not eligible to apply for a loan twice and to avail of a second loan, you’ll likely have to pay the outstanding loan first.
Ans. Start with the kmimk loan app download, then use the dashboard to apply and keep checking for the loan status. Make sure that you have a bank account and BVN, possess a good credit score, own a device to support the app, and are a resident of Nigeria.