Introduction to Sofri Loans Q&A
Sofri Loans Q&A: Is this your first time hearing about Sofri loans or have you heard about Sofri, but you have little or no idea about how its works. Sofri is a digital bank that provides easier payments, loans, savings, deposits, and investments to all Nigerians. Sofri is taken from the Pidgin English expression ‘SofriSofri’ which translates to ‘take it easy and is poised to make the financial journey of Nigerians hassle-free. Sofri is powered by Links Microfinance Bank which is a subsidiary of DLM Capital Group. We’ve decided to put these frequently asked questions and their corresponding answers together for you as well as everything you need to know about Sofri loans.
Question 1: What kinds of loans can I access on Sofri
Answer: With Sofri, our different loans include the Sofri Salary express loan, the Sofri car loan, Sofri rent loan, and the back 2 school education loan.
Question 2: How long does it take to access a loan?
Answer: Loans are processed in under two hours. If your application is approved, the loan will be deposited into your Links MFB account within two hours.
Question 3: What collateral do I need to secure a sofri loan?
Answer: There is no collateral required to secure a Sofri loan.
Question 4: How much can I borrow?
Answer: The lowest loan amount for a new customer is N100,000, while the maximum loan amount is N5,000,000. These are based on the borrower’s capacity to pay back the loan, as well as other credit evaluations.
Question 5: Does applying for Sofri loans require a credit check?
Answer: Yes, before final approval and disbursement of funds, your application will be subject to a credit check.
Question 6: Can a loan application be rejected?
Answer: Yes, it is possible. Your application will be reviewed, and if it does not meet the set criteria, the loan request will be denied.
Question 7: How do I make repayments on my loan??
Answer: Our primary repayment channel is via Direct Debit Mandate (DDM) for ease of repayment and reconciliation. However, we have secondary repayment channels like REMITA, online repayments, and cheques.
Question 8: How can I apply For a Sofri Loan?
Answer: Download the GoSofri app from your google play store OR the apple store, sign in or sign up to identify yourself and this will take you to our brief registration/application forms. Complete an application with valid information and click on “apply for a loan”, then state how much you would like to borrow. We will then display your available loan offer in the app and you can view your expected repayment(s). Submit your application and we will typically notify you of the loan decision within minutes.
Question 9: When Will the Repayment Be Due?
Answer: Loan repayment will be due on your salary payday
Question 10: What Are the Approved Identification Documents?
Answer: We only accept valid government-approved identification cards, and this includes:
- International passport.
- Permanent driver’s license.
- Permanent voters’ card (PVC).
- National ID card, plastic, and slip (NIMC).
Question 11: Do I have to be in paid employment to get your Sofri loans?
Answer: Yes, you must be a salaried employee to be eligible for our various loan programs.
Question 12: Who can access Sofri loans?
Answer: Sofri loans are currently available to only salary earners living in either Lagos or Abuja.
Question 13: Why is my BVN required?
Answer: Your BVN is required to verify your identity and assess your creditworthiness. It is also a standard CBN KYC procedure. We keep your information very secure.
Question 14: What is Sofri’s loan interest rate?
Answer: A loan does not have a fixed interest rate. The interest rate is determined by several factors, including the loan amount, tenor, current salary, and so on.
Question 15: Can I pay down my outstanding loan before the end of the loan tenure?
Answer: Yes, you have the option to pay down or liquidate your current facility at any time.
Question 16: How Do I Make a Complaint?
Answer: If you have any complaints concerning your loan process, you can send us an email at info@sofrisofri.com or hello@sofrisofri.com.
Let’s assume you started this session with us as a beginner, you are now qualified as an expert on Sofri. Yay!
Now that you have digested this load of information about us, you can give your new knowledge a test drive by visiting Sofri to see how it works.
