Kuda Bank – online loan Nigeria
Kuda Bank offers an overdraft feature with a daily interest rate of 0.3%. Your limit starts small and grows as you use your Kuda account more actively. Disbursement is instant.
Applying does not commit you to a loan agreement.
Kuda describes itself as the bank for the free, and its overdraft product is built on that idea. Once you qualify, funds are available in seconds inside the app, with no forms, no branch visits, and no waiting.
The pricing is transparent. Kuda charges 0.3% per day on whatever you borrow, with no additional fees. If you borrow ₦10,000 for 10 days, you pay ₦300 in interest. New users start with a modest limit, typically between ₦1,000 and ₦5,000, but this grows steadily if you deposit regularly and repay on time.
Long-standing Kuda users with consistent transaction history can access up to ₦150,000. The repayment period ranges from 30 to 90 days.
Who qualifies for Kuda overdraft?
Any active Kuda account holder is eligible. Kuda evaluates your account activity, including how regularly you receive deposits and spend, to determine your limit. There is no manual application process.
✓ Pros
- Instant access, no waiting period
- Transparent 0.3% daily rate with no hidden fees
- Limit grows automatically with account use
- No paperwork or collateral required
- Available 24 hours a day
✗ Cons
- Only for Kuda account holders
- New users start with very low limits
- Repayment period is short (30-90 days)
- Maximum limit is ₦150,000
Loan requirements
- ✓ Active Kuda bank account
- ✓ Regular deposits and transactions on the account
- ✓ BVN linked to account
Frequently asked questions
Instant after submitting your application.
The minimum amount at Kuda Bank is ₦1,000.