How to get a business loan from Numida - We tried it

Numida is probably the most common business loan app out there. They promise to give you unsecured business loan apps in 24 hours.

According to Numidda, you can get a business loan from the Numidda app in 4 simple steps as in the picture above

1. Download the Numida app from the Google Play Store
2. Provide your National ID photo
3. Share basic details about your business
4. Receive the loan within 24 hours

After downloading the mobile app, the first screen you see i one where you put the phone number.
then you enter the business name and agree terms and conditions, select how you found Numida
Then comes a form which asks about your business.
They ask the following

• The type of business(products or services)
• If product the type of products you sell
• How long you been in business
• Total sales you made the last week
• Total sales you did in the week before last week

Based on the sales you did the week before and week before last week, its is the loan amount they give you. For me i entered 215,000 as the sales for last week and 650,000 as the sales for the week before last week and the numida app told me i qualify for 310,000.

After completing the initial steps, you will be directed to a screen where you can proceed with the loan application. If you decide not to continue with the application, the home screen will appear. It's important to note that if you do not take the loan and return later to apply, you will be asked to provide sales figures for the previous week and the week before. These new sales figures will be used to determine the amount of the loan you will receive.

You can then continue with your loan application by filling in the following

• Gender, date of birth, level of education, language preference
• Next of kin – This involves allowing numida to access your contacts and you're required to add two next of kin who are supposed to be family members
• Next upload photos of the front and back of your national ID.
• Next, Fill in the names as they appear on your national ID, and also provide a phone number registered in your name.
• Next, you are required to submit photos of your business. This includes a photo of your stock, a photo of you in your business, and a photo of the outside of your business. If you are not at the business premises, your application will be saved, and you can try again later.
• Then you will be asked if you made any of the following, these are not a must but increase your chances of getting a bigger loan. A receipt book, a signpost, a trading licence and for each of that you select you will be asked to take a picture of it
• Then you will be asked to share the location of your business
• After this step, you will a summary, and when you agree to the terms and click next your loan application will be submitted

• After submitting the application, you can also view the loan agreement on the home page for the loan you are taking with Numida.

Conclusion

Numida can provide you with a business loan based on your sales from the past week and the week before that. The interest rate is approximately 13% per month and the loan term is one month. You can increase your loan limit by logging your daily sales transactions in the Numida app. By recording your expenses, sales, and purchases daily, you can increase your limit for the next loan.

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Ooh, if you are interested in obtaining low-interest loans from savings groups, you can download the Pesasave app from the Google Play Store