Kuda instant short-term loan when you need it.

No paperwork, no embarrassment, just 0.3% daily interest.Kuda Overdrafts are short-term loans you can take anytime as long as you use your Kuda account regularly.

Sign up on Kuda and upgrade your account with your BVN (Bank Verification Number) and a valid ID.

Use your account regularly – buy airtime, pay bills, make transfers etc.

Kuda will automatically offer you an overdraft!

Kuda will only offer you an amount that does not exceed the amount you are eligible for. If you opt into the overdraft, you agree to do so subject to the terms and conditions of this letter. We are extending this overdraft to you on the condition that we get a satisfactory credit report on you as well as additional verification checks. We reserve the right to take back our overdraft offer if the previously mentioned checks aren’t satisfactory. As long as you haven’t used the overdraft, you may reject this offer within a period of three (3) business days. You will not be charged any fee for this.

You must repay the overdraft and the Interest on or before the Maturity Date, and Kuda is authorised to automatically debit your account on the Maturity Date to settle the overdraft and any accrued interests i.e. the Outstanding Balance. If you don’t pay the Outstanding Balance in full by the Maturity Date, the overdraft will be treated as being in arrears and any credit in your Account will automatically be debited by Kuda to settle your Outstanding Balance. In addition to the above, in some instances, Kuda might require you to repay the Outstanding Balance in full (or in part) on demand by issuing a repayment notice of at least seven (7) business days.

Kuda will charge you interest on a daily basis at the rate of 0.3% of the amount overdrawn during the duration (Tenor) of the overdraft. This interest will only be applicable and begin to accrue if you don’t pay back by midnight on the Disbursement Date.

Kuda represents and warrants that we are duly incorporated and licensed under Nigerian law and have taken all necessary actions to authorise our entry into this Offer Letter. You represent and warrant that: You are not in default under any obligation in respect of any other loan that the acceptance of this Overdraft will be or result in breach of or default under any provision of any other agreement to which you are a party; The information/documents you have provided to Kuda, via email or other electronic medium or in other form of writing as well as documents submitted in support of the Application Form for the Overdraft is true, accurate and complete; You are in paid employment or have other verifiable means of repayment of the Overdraft and the Interest and that should there at any relevant time (before or after the approval and draw down of the Overdraft Facility) be a change in the your employment status, you shall notify Kuda immediately and without delay of such change.

If any of the following events occurs, the outstanding amount on your overdraft become immediately due and needs to be paid: Where you fail to make any payment on the Outstanding Balance prior to the Maturity Date; Where you fail to make full repayment of the Outstanding Balance prior to the end of the Tenor; Where you breach any of the terms and conditions of this Offer including any representation or confirmation given by you in this Offer Letter; Where a bankruptcy petition is filed against you; Where fraud is detected at any time during the lifespan of this Offer Letter; Where you are not able to pay any other party within the meaning of Section 1 of the Bankruptcy Act (Cap 30) Laws of the Federation of Nigeria; Where a situation arises which, in Kuda’s opinion, makes it inappropriate to continue to extend this Overdraft to you; Where you default in the performance or observance of any other term, condition or covenant in this agreement and you let breach or default go unremedied after the ten (10) days’ notice we give you. If you do not repay the overdraft as expected and Kuda chooses to impose a default charge, Kuda will notify you on the first day of default that the default charge will be applied to your account after three (3) days from the date you should have repaid the Outstanding Balance. If you do not repay the Outstanding Balance within the Tenor, Kuda may take legal action against you and all expenses incurred in recovery (including legal fees) will be added to the Outstanding Balance.

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