Kiakia Reviews – Getting loans, Kiakia Interest Rate 2022 – Chiemeziem Anyadike and Olajide Abiola launched the moneylending fintech startup Kiakia in the year 2015. They are been joined in the company’s founding by Olajide Abiola. The objective of the startup was to broaden access to credit in Nigeria and bring about greater financial inclusion for individuals who might not otherwise qualify for loans through traditional banking channels.
Kiakia provides borrowers, both individuals and companies, with access to speedy loans through its web platform. Borrowers who have never taken out a loan before have a maximum repayment period of one month. As a result of the user’s growing creditworthiness, the amount of time they have to make their payments is lengthened. The loans range from 10,000 to 200,000 baht, and they are ideal for people who need to get their hands on loans quickly and have to pay them back in a short amount of time.
Kiakia makes it possible for people to obtain loans quickly even if they are not eligible for loans from traditional financial institutions such as banks or cooperatives.
Additionally, KiaKia functions as a platform for peer-to-peer loans. Those individuals and companies who want to lend money as an investment are matched with those individuals and businesses from the pool of people who want to borrow money and are matched with the best possible match. The new business enterprise employs a credit scoring algorithm to analyse the histories of potential customers in order to establish whether or not they are creditworthy.
Getting loans on Kiakia
To begin, the maximum amount of a loan that an individual can receive from KiaKia is N200,000. Only borrowers who can demonstrate responsible financial management are eligible for loans greater than N200,000. People who have been able to borrow a significant amount of money and repay it on time are considered to be in this category.
When it comes to loans over #200,000, the terms regarding the startup repayment period and interest rates are more flexible.
In the Nigerian financial technology sector, there are a number of other startups that offer the same service. In Nigeria, there are a number of new businesses that provide equivalent services, including Fairmoney, Aella Credit, Carbon, Renmoney, and Branch.
The amount of grace time provided for loan repayment is one area in which Kiakia stands apart from other online lending platforms. However, other loan providers, such as Renmoney and Carbon, lend money to users within the same range and give borrowers a repayment time of more than 30 days. KiaKia allows first-time borrowers a maximum of 30 days to repay their debt, as was stated earlier. Other loan providers, such as Renmoney and Carbon, lend money to users within the same range.
Therefore, if you desire a longer period of time to repay a loan, KiaKia might not be the best option for you because other platforms offer a longer period of time for repayment.
KiaKia’s chatbot, known as “Mr. K,” provides assistance in accessing Kiakia’s services in an approachable and humane manner, in contrast to the typical robotic demeanour of most artificial intelligence (AI) bots. A user is granted the ability to do a variety of things, including creating an account, registering as either a borrower or a lender, and acting as a guarantor for another borrower.
At this time, there is no app available for borrowers to use on the Kiakia platform; the only way to apply for a loan is through the chatbot.
Considering Both Processing and Interest Rate
The processing fee for each loan is set at N800, and the interest rate ranges from 15% for loans that will be paid back within 14 days to 20% for loans that will be paid back within 30 days. The interest rate for loans that will be paid back within 30 days is 20%.
On the first loan, Carbon may charge an interest rate as low as 5 percent; however, on subsequent loans, the interest rate may range anywhere from 1.75 percent to 30 percent, depending on the level of risk associated with the loan. When it comes to loans, Renmoney has an interest rate that ranges between 4% and 5%.
When it comes to loans that customers obtain through Aella Credit, the interest rate can range anywhere from 4% to 29%. The interest rates that can be obtained from Kiakia and other fintech borrowing platforms are still quite high when compared to the rates that are charged on loans by traditional financial institutions. For instance, Guaranty Trust Bank provides customers with the option of receiving quick credits at an interest rate of 1.33 percent per month, with a repayment period of either six or twelve months.
Before the Central Bank of Nigeria (CBN) announced in May that it would be lowering the MPR (Monetary Policy Rate), the annual percentage rate at which banks lend money to each other in Nigeria was 14.92 percent. The marginal production rate (MPR) was lowered with the goal of bringing about a corresponding reduction in the bank’s lending rate. Although there are other economic factors that may render the MPR reduction moot, the interest rates that are charged by Kiakia and the majority of other lending platforms are relatively high.
Before gaining access to the platform’s services, users are required to provide identification documents, just like on other online moneylending platforms. A photograph of the individual taken with their passport, a work ID, a BVN, and screenshots of up to three months’ worth of work income are required as part of the required documentation. The borrower must be over the age of 21 to qualify for the loan.
With the assistance of the bot, acquiring loans is simple, and the processing of loans takes place in a matter of minutes once the necessary documents and answers are supplied. The processing of the loan is subject to a fee, while the loan itself is subject to interest.
Loans for investments available to individuals and companies
People can use their own money to fund loans through the mobile app developed by the startup, and they will earn interest on those loans. The proposed investments by Kiakia fall somewhere in the range of N50,000 to N10,000,000. The funding can be done through a bank transfer or with a debit card for an unlimited number of times, depending on the investor’s capabilities.
The maximum loan amount is N10,000,000, and the loan can only be invested in a single transaction for a maximum of 18 months. When the maturity date arrives, the funds are deposited back into the bank account that was designated by the investor.
The user-friendliness and efficiency of Kiakia’s app come from the company’s emphasis on lending and investing. Babatunde Akin-Moses, a user, is quoted as saying that he likes ” that it is strictly for lending and so that it keeps the user-focused. The user interface is elegant, uncomplicated, and straightforward; there is absolutely no need for instruction.
“One of the aspects that most impressed me was how quickly and painlessly a loan could be funded. along with a variety of choices for how to make payments. “As someone who works in the realm of fintech lending, I can say without a shadow of a doubt that this is an app that does the job in an excellent manner!” he exclaimed.
Another user named Endurance Joseph commented that Kiakia offers “the perfect alternative to just letting your money lie wasting in the bank with little to no interest being remitted.” This application is a huge help to me in terms of budgeting my money, and the payments are always on time. The customer service is excellent, and the remittance has never been even the slightest bit late.