FAQs

Frequently Asked Questions

How do I apply?

Please, visit our website www.sonoracredit.com.  You can also visit our office at 90, Awolowo Road, Ikoyi, Lagos.

What documents do I need to apply for a loan?

*You need your 6 months salary bank statement till date.

*A government issued id card.

*Work id card.

*Employment letter if there is no official e-mail address.

How much can I borrow?

Our minimum loan amount is ₦200,000 and maximum of ₦2,000,000

Why does Sonora Credit need my BVN?

This is a CBN policy applicable to financial institutions as part of KYC requirements.

Does Sonora Credit perform a Credit Bureau Check?

Yes, we do.

Why can you no longer proceed with my application?

Based on the information provided by you, you do not meet the minimum requirements to access a loan.

How does Sonora Credit calculate interest rate?

Sonora Credit uses Risk Based Pricing model which estimates the risk of lending to each applicant and prices accordingly.

How long can I pay back my loan?

Our maximum loan repayment tenure is 12 months.

When will I get credited, if my application is approved?

Once your application is approved, you will receive funds within 24 hours.

I receive my salary in cash, can I apply for a loan?

We will require your salary bank statement to process your application.

Why was I blacklisted?

You may have been black listed because you contravened our business policies.

I am self employed with a good cash flow; why was I declined?

Based on the documents provided by you, you do not meet the full requirements to access a loan.

Why was I offered less than what I applied for?

Your Debt-To-Income ratio may not be able to accommodate your loan request.

How do I get confirmation that my loan has been approved?

Your account officer will inform you once your loan is approved.

How do I make repayments?

You can either pay directly at the bank or make an online transfer to our account details below:

Bank: FCMB

Name: Sonora Credit Limited

Account Number: 6009699011

Kindly state your name and account number clearly as the depositor and ensure you notify us by email to: customer@sonoracredit.com

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