The ‘Overdraft’ feature on Kuda is a short-term loan available to Kuda bank users. This means you can borrow money from your Kuda Bank app to cover your expenses. If you are a Kuda bank user, we will be showing you how to apply for the Kuda Overdraft.
How to be Eligible For the Kuda Bank Overdraft
Kuda Overdrafts is only available to those who have been pre-qualified to use it. To be eligible, you need to make sure your account is upgraded with your Bank Verification Number (BVN), a valid ID, and you must use your Kuda account actively for a couple of months.
How to Open a Kuda Bank AccountKuda Bank: How to Request for a Debit Card Online
How to Apply for the Kuda Bank Overdraft
Open your Kuda appTap on Borrow from your app dashboardTap Borrow.You’ll then need to check your eligibilityIf you are eligible, you should then see the option to ‘Get Your Overdraft’.Tap Next.Type in the amount you want to borrow then tap Done.Confirm with your transaction PIN, fingerprint, or Face ID.Tap Okay and you will be credited in no time.
You should note that while the Overdraft does not have a maximum amount, the amount you see on your overdraft will depend mainly on the inflow and outflow of money in your account.
Conclusion
To pay back your loan, you need to fund your Kuda wallet and Kuda will automatically deduct it from your account at right time. Also, Kuda Bank’s Overdraft comes with an interest rate of 0.3% daily on any amount you borrow, and this interest will keep accumulating until repayment is complete.
